Halloween is this weekend, so let’s kick things off with a scary statistic.
According to the U.S. Bureau of Labor Statistics, more than 15 million employees have quit their jobs since April in search of better opportunities. Losing your best employees is terrifying, especially with the Great Resignation looming behind the Great Wait and the Great Reshuffle.
I know there’s a lot on your plate with employee productivity dropping, “Striketober,” and voluntary resignations spiking. These certainly aren’t the sweet treats you deserve this Fall. Many companies are trying to identify the best strategies to increase employee retention and profitability as we navigate this post-pandemic workplace.
To build an effective approach to solve these problems, it starts at the top. That’s why last month we introduced the 4 secrets to get executive buy-in so you can get the commitment you need to be successful. Once you’ve got your executives’ attention, it’s time to present the right solutions to achieve the bottom-line results you both want and bring employee loyalty back from the dead.
Ready to stop losing money like a hole in your candy bucket? Let’s go!
Part 1: Start with a Benchmark
Gaining executive-level buy-in is a two-part process. Now that you have their interest, you need to close the loop by presenting an actionable solution to reap the benefits of increasing engagement in your organization. You can’t manage what you can’t measure, and the first step is getting your employee engagement score to serve as a benchmark so you’re not flying blind as a bat. After all, on average a disengaged employee is costing your organization 34% in lost productivity!
Well, what if you could present a solution to identify where that 34% is disappearing and doesn’t cost your organization anything to get started? Would that seal the deal? Seems like a no-brainer, right?
Luckily for you, we’re the house you want to visit this year because we’re passing out those full-sized candy bars with a Free #BeHeard Report. Trick or Treat? No tricks here, just the good stuff! Click below to get started with your free survey!
The #BeHeard Survey will give you a FREE employee engagement score and rate the organization’s effectiveness within the key areas that drive engagement (including turnover risk). It’s a solution you can present that your executive team can’t say “no” to. Plus, the #BeHeard Survey is confidential and goes directly to the source – your employees – to gather specific data that will help you shape your employee engagement programs based on your survey results to increase performance and reap the financial benefits highlighted in your ROI Analysis Calculator.
Tip: If you haven't already, click HERE to download your ROI Analysis. It’ll save you a TON of time.
Need to Overcome Objections?
Whether you’ve done surveys before or this is your first time, there may be concerns about participation when you introduce the #BeHeard Survey to your leadership team. So, be prepared to overcome common survey objections with a clear Action Plan to show your executives how you will promote and implement the survey to capture employee commitment to participate.
An Action Plan is the perfect compliment to presenting your survey solution and gaining executive buy-in. If you’re interested in learning more about the survey process, be sure to visit our Employee Survey Toolkit to download a Free Survey Checklist!
Part 2: Share an Effective Solution
If you don’t want your organization to turn into a ghost town, turn employee engagement around by making recognition an immediate priority. Why recognition? Well, 90% of employees believe that recognition increases their commitment to the organization - can you believe that? Recognition is not only proven to energize employees but also maximize bottom-line results.
A recent study by Inspirus shows organizations see:
- 41% lower absenteeism
- 31% less turnover,
- 31% higher profitability.
This is sure to pique your executives’ interest, but they are certainly going to want to know what this is going to cost. Well, guess what? We have already done the research for you!
On average, US employers spend 1% - 2% of an employee’s annual salary on company rewards and perks for the year. To calculate an estimated annual reward budget, you can multiply 1.5% by the average salary in your organization to get the budget per employee. Then, multiply by the number of employees for the total budget. This will provide a ballpark figure to align with what works best for your organization.
Need a Calculation Example?
First, Calculate Reward Budget per Employee.
- Average Salary x 1.5% = Reward Budget per employee
- $83,350 x 1.5% = $1,250
Second, Calculate the Organizational Annual Reward Budget.
- Average Reward Budget per employee x No. of employees = Annual Reward Budget
- $1,250 x 290 employees = $362,500
The estimated organizational budget for this example is $362,500, or $1,250 per employee per year. If you’re using the ROI Analysis, this automatically populates in the Sparck Calculator.
Before we conclude, it’s important to note that the recognition experiences are just as special as the rewards. You don’t need the best decorated Halloween house on the block to pass out those full-sized candy bars. Trust me, word will spread!
How Sparck Can Help
So, are you ready? It’s time to present the solution to your executive team that’ll bring employee loyalty back from the dead. 2021 has had the greatest turnover since 2000, and your executives know that you can’t afford to lose your top employees and let disengagement take over. It’s all about moving solutions forward before it’s too late.
With the Great Resignation and the Great Wait threatening your strategic roadmap, the only answer they can have at this point can be “Yes.” If you’d like to learn more about how Sparck can help, feel free to access all the free resources in this blog or reach out - we’re here to support you! Let's Chat!
Otherwise, here are some links to free resources:
- Learn more about the Free #BeHeard Survey
- Access our #BeHeard Survey Toolkit to download the Action Plan, Checklist, or eBook: 4 Easy Ways to Optimize Employee Participation and Survey Results
- Download the ROI Analysis Bundle
- Catch up with last month's blog post: 4 Secrets to Get Executive Buy-In (That They Don’t Teach HR)