But how has HR become so significant?
1/4 of newly hired employees tend to leave the organisation within six months. From rank & file to C-suite, a first day of work matters as it always makes a lasting first impression. A successful on-boarding programme will have positive effects on engagement, retention and performance.
That question can send a chill down the spine of many young and aspiring engineering managers, and prompt a jaded sigh from old and weathered ones. “Here we go again.” “Well, we can’t” is the most common reaction. “At least not in any meaningful way”, another interjects.“Or in ways that aren’t counter productive”, someone adds. “It’s complicated.”
A well-defined employee retention methods will have a positive and significant impact on the turnover rate of your organization.
According to the Leigh Branham, the Strategic Planning Consultant, more than 70 percent of the managers tend to think that it is the pay that causes an employee to leave. On the contrary, about 88 percent of the employees tend to leave respective jobs not only because of pay but also other factors that may include:
- Employees often feel the workplace or job doesn’t match their expectation before joining the firm.
- A mismatch between the job and the skills held by the employee.
- Minimal coaching with no feedback for the same.
- Minimal advancement or growth opportunities.
- Employees feel devalued or unrecognized.
- Minimal work-life balance that causes stress.
- Loss of confidence or trust in the senior leaders.
From the military to start-ups, leaders always want to know the secret sauce to help their teams perform better. This has driven the birth and evolution of performance management systems.
But what is a performance management system?
Why is it important?
Why do people seem to hate existing ones?
And, how can we build one that employees will love?
Today’s workforce looks less and less like it used to. 95% of TAFEP’s 2014 survey said that they work in multi-generational teams, that has members aged anywhere between 18 to 70.
In an earlier post, I covered the potential of pulse survey data to unlock the secrets of employee motivation and retention. Google, Amazon, and Adidas, among others, have already reported making strides in this direction.
The concept of employee engagement is nothing new -- it’s been floating around for decades. Most firms know that engaged employees stay longer, strive to work harder and produce more.
When it comes to creating employee engagement, 87% of organizations cited it as being one of their top priorities. An estimated 66% of companies survey their people regularly. Yet, in their 2017 global study, Gallup finds that only 15% of employees are engaged at work.
You might find it difficult to believe, but the annual employee survey is almost a hundred years old! In the 1920s, big industrial companies began the practice of asking employees, once a year, about their job satisfaction to search for ways to improve productivity. One time a year was how frequent employee surveys were sent.