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All industries are feeling impacted by workforce retention and actually finding quality employees to hire. With over four generations of individuals in the workforce today, many companies are struggling to appeal to, hire, and retain the employees they need. (For more information on this, visit our other blogs). One key area that helps to retain all generations of employees is making them feel valued and that they add value. This in turn increases ROI (return on investment) to the employees and to the company. While this might sound complicated, there are in fact some simple steps you can take to improve ROI regarding your employees. Read below to learn about three of those steps:
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Training
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Training, when done correctly, is a powerful tool for making employees feel valued and invested in by their bosses. Feeling “invested in” makes employees feel more invested in the company. This positive cycle generates employee retention and gives the employee new valuable skills. Often employees find they might not understand the role they play in the bigger picture, and therefore feel their work “doesn’t matter.” Training is an extremely effective method of helping them see their role clearly, and consequently, take more ownership and initiative. This also boosts their overall ROI.
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Mentorship
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Mentorship is an element that is crucial for the younger working generations, particularly Gen Z. If companies can provide the right type of mentorship (this is the challenge), it creates a cycle of success for all employees. Through mentorship, employees learn key skills they need to succeed at their jobs. This, combined with their own skills, adds value to them for the company, and as individuals. Again, once they feel this value by management, they become more invested in the company, and are more likely to remain with the company.
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Company Culture
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We know – company culture in some ways seems like such an over-analyzed element….but that is for good reason. Companies have to determine what the right culture is for their business. Once this is determined, you have to work hard to nurture it, support it, and maintain it. Employees react exceedingly positive to a company culture that aligns with their passions and work. It is one of the best ways to promote employee retention. More than that, when an employee feels connected and contributes to the culture of the company, and feels companionship with their fellow employees, it is proven they work harder and better. This adds tremendous ROI to them and to the company.
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The three examples above show that retaining and building ROI in your employees does not need to be a complicated task, however, it does need to be a dedicated focus for you and your company. The steps companies take do not need to be “grand,” they just need to align to company and employee goals. Our advice? Take the time to examine what will work best for you and the time spent upfront will provide a rewarding payoff.
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Interested in learning more about how to add ROI to your current employee base? Contact our team at Kim@QuantumMark.com today!
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