Recruiting and retaining quality employees is a major obstacle for 21st century businesses and organizations. Understanding the ever-changing workforce, their needs and their skillsets is becoming more difficult in today’s fast paced world. Additionally, with the influx of companies utilizing remote work forces and employees it can even be more challenging to find the right people and train them adequately. This is especially true for small businesses and nonprofits competing with larger businesses, and larger budgets, for top talent. Benefits play a large role in employee retention, and employees want benefits personalized to their needs.
Companies that understand the importance of providing employees modern and innovative benefits that employees are actually looking for are the businesses that will control the future. One key benefit that the current and upcoming generation of workers will be demanding is mental health education, tools and benefits. Companies that fail to embrace this new paradigm of training and development will become obsolete and those that make it a priority and a benefit will be the ones that shape the new economy and business landscape.
Insights: Did you know?
The inability to retain employees is extremely costly. Some studies (such as SHRM) predict that every time a business replaces a salaried employee, it costs 6 to 9 months’ salary on average. For a manager making $40,000 a year, that’s $20,000 to $30,000 in recruiting and training expenses.
But others predict the cost is even more—that losing a salaried employee can cost as much as twice their annual salary, especially for a high-earner or executive-level employee.
Turnover seems to vary by wage and role of employee. For example, a CAP study found average costs to replace an employee are:
- 16 percent of annual salary for high-turnover, low-paying jobs (earning under $30,000 a year). For example, the cost to replace a $10/hour retail employee would be $3,328.
- 20 percent of annual salary for midrange positions (earning $30,000 to $50,000 a year). For example, the cost to replace a $40k manager would be $8,000.
- Up to 213 percent of annual salary for highly educated executive positions. For example, the cost to replace a $100k CEO is $213,000.
Why is it happening?
1. Toxic company culture
Corporate communication and company culture go hand in hand. A company
that fails to effectively communicate goals, expectations and impending changes
to current and future employees can undermine its own effort to improve the
quality and productivity of both individual employees and teams. Poor
communication can ruin employee morale and create a toxic work culture that can
leach into customer interaction. Companies where this occurs will lose
customers and eventually fail.
The larger the organization, the larger the potential problem. An organization is always well-served to invest time and money on training programs and workshops that elevate verbal and writing skills, presentations, listening skills, dispute resolution skills, and [the ability to] provide and accept feedback; systems for addressing complaints or dissatisfaction; and the like.”
2. Lack of Time management training
Recruiters and HR generalists are responsible for finding and hiring the right people, screening resumes, scheduling interviews, documenting feedback and writing offer letters, training new hires and reinforcing the organization’s culture. Time management is a top priority.
The problem is that the HR staff typically is mired in everyday tasks and can’t carry the banner of the company’s brand or focus on big-picture items.
HR professionals wear so many different hats that they do not have the time to focus on company culture, strategic initiatives and supporting future plans. Rather, they get stuck doing payroll, basic office management and reactive tasks.
Boost training provides your employees with the benefits they want and need in order to succeed in your workplace. Our training helps them develop personally and professionally by improving.
Benefits and Advantages of incorporating Boost training into your company to increase recruitment and retention
- Next generation workers will be expecting legitimate accessible mental health tools and education from their employers
- Utilize our Boost MTLA Assessment to prescreen and/or evaluate employee potential
- Motivation-high EI/EQ translates to better control of our motivation, and perhaps even more motivation for our coworkers!
- Common vision-those high in EI/EQ are able to more effectively understand and communicate with others, which makes it easier to develop and maintain a common team vision.
- Change-highly emotionally intelligent people can handle the stress, uncertainty, and anxiety that comes with working in business.
- Communication-clear communication is a telltale sign of emotional intelligence, and it contributes to better relationships, an easier time getting help from others, and more effective persuasion and influence of others.
- Leadership-self-leadership, leading others, influencing others-all of these are vital for those in business; more on this later (Elite World Hotels, 2018).
*data is from Boost MTLA pre-post assessments 2018
- Boost training reduced staff disengagement by 25%
- Improved confidence by 40%
- Increases sales by 39%
- Motivation increased by 20%
- Improved Focus by 30%
- Mitigates risks and liabilities within the organization