What makes a winning culture?
According to the Bank of America Fall Small Business Owner’s Report, the war for talent is intensifying as small business hiring ramps up, and millennial SBOs are experiencing significantly more employee turnover than average (53% of millennial SBOs have had employees leave over the last year, vs. 24% national average).
But this isn’t just a small business problem. According to O.C. Tanner’s 2018 Global Culture Report, only “16% of employees said they felt ‘connected and engaged’ by employers” and 55% of employees would take a job at a different company, even if there was no improvement in role, pay or benefits.* So how can employers better engage and retain their employees? According to O.C. Tanner Institute, there are 4 key pillars:
- Make sure that you have a clearly defined purpose that is articulated in an inspiring way.
- Provide employees with opportunity. Even if your staff is small and opportunities for role changes are limited, you can provide your employees with the ability to grow, develop, and contribute through special projects and continuous learning.
- Provide frequent one-on-ones tied to employee goals and desires, where you provide employees with mentoring and support to help them grow and succeed.
- “Appreciation is essential” and can “improve engagement, inspire innovation, and build loyalty.” Show your appreciation through employee recognition in the moment — don’t wait for an annual event — and be sincere.
Bottom line, there’s nothing more frustrating than seeing valued employees leave. And while there are many valid reasons why you might need to say goodbye to a key employee, there’s a lot you can do to help reduce churn.
Contact your Small Business Specialist for ideas to help grow your business — including HR and payroll solutions from ADP®.
*Source: 2018 Global Culture Report, O.C. Tanner Institute; https://www.octanner.com/insights/articles/2018/9/14/_2018_global_culture.html
*Source: 2018 Global Culture Report, O.C. Tanner Institute;