Many employers are beginning to transition their staff back into the office in an attempt to return to normality. However, given the unique opportunity presented by the current global shake up, should we be taking more time to carefully consider: What we would like the new normal to be and how that may benefit society, the economy, and the environment.
There is a growing tide of people shifting their perspective towards purpose over pay cheque when considering a position (theguardian.com), and this global shake-up has undoubtedly expedited that yearning. So much so a recent survey in the US found that 39% of employees would consider leaving their role if their employers weren't flexible about remote work; the number jumps to approximately 49% for Millennials (bloomberg.com).
So, the stakes are high! If it is assumed, a good business is about having good, happy, hard-working, productive employees. Then some considerations and accommodations might need to be made to ensure your team is engaged and operating at maximum efficiency.
Training and Recruitment
According to the Society for Human Resources Management (SHRM), it takes on average $4,129 and 42 days to fill a vacancy within an organization (source). Then factor in the time required for training new team members and staff turn-over starts to get expensive. Granted there is variability in time and expense depending on the roles being filled. Still, these figures should be eye-opening, for any organization with a large, skilled workforce, particularly within complex and fast passed industries where businesses rely on agility and corporate intelligence to get ahead of the competition.
Talent Retention
Financial and time costs are obviously factors to consider in the recruitment process, but another significant expense is losing your best staff to your competitors. If an employee decides to leave, a lateral move to a competing organization is frequently the most efficient and sensible option.
When an employee moves on from an organization, it's not just the person who leaves. They take knowledge of your business processes, your best practices, your procedures, your products, and sometimes other members of your team!
Some staff turnover is expected and is healthy for a business, provided rates aren’t too high, and the business procedures and processes are retained and well known within the business. Good process documentation and practices can help insulate your businesses from these kinds of losses, but there is no substitute for taking care of your team.
"Treating employees benevolently shouldn't be viewed as an added cost that cuts into profits, but as a powerful energizer that can grow the enterprise into something far greater than one leader could envision" - Harold Shultz, founder and former CEO of Starbucks.
Simply put, your staff should be your primary priority, above all else! Your people are what will make or break your business. Keeping your team motivated and engaged could be the defining factor in your success.
If you’re looking for ways to keep your staff engaged, challenged and reward your team, either in-person or virtually, we've got you covered!
