Keeping a firm grip on every budget dollar continues to be crucial in the challenging business environment. Until recent glimmers of improvement in the economy become a reliable upward trend, employers continue to produce more with fewer staff.
Being part of a strong recovery will require three crucial accomplishments:
- Retention of superior performers to achieve current goals.
- Strategies for bringing out the best in everyone on the team.
- Selection of new talent as you ramp back up.
When your business is ready to grow, will your employee value proposition motivate star performers to join your staff and convince the ones you have now to stay on board? Will they be raving fans?
High turnover is equated to low stock value, with a proven connection (up or down) of 30%. Losing key staff now will cost you tens of thousands of dollars! It’s vital to create an employment experience that inspires talented employees to stay on board long after the downturn has passed, and you can manage this without breaking the bank.
If your staff is like many others, widespread job losses and other economic fallout have deeply affected their personal and professional lives in ways they can’t control. Now more than ever, leaders must clearly communicate the plan for moving the company from survival to growth mode in the post-recession economy. Staff needs to understand in very specific terms, how their individual actions in the coming months can lend traction to the company’s financial turnaround.
Guide employees to access new levels of performance in a supportive, energizing environment. It starts by maximizing productivity and minimizing potential loss of talent with the use of behavioral and values assessments. Validated assessment tools insure that you have each constituent in the right seat on the bus where they can make their best contribution to the bottom line.
Offer opportunities for professional development that move them through specific steps to the next level of effectiveness. In addition to boosting earnings, it gives employees a much-needed shot of optimism. Staff recognize that professional development offerings are a concrete ‘vote of confidence’ from the employer. With budgets for raises and bonuses curtailed, they are acutely aware that this is evidence of an employer’s will to provide professional advancement despite a down economy.
Human capital is the backbone of your employer brand. Inspire them to spread good word of mouth about the company by examining your employer brand appeal from their perspective. Access to superior performers outside your company will also require a strategy that appeals across generations including Gen X, Gen Y, Baby Boomer, Traditional, and Linksters. Leverage everyone’s communication style.
Take care of your people and they’ll take care of your customer. Taking care of your people is good for business. In the end, your customer will say they’d be out of their mind to do business with anyone but you.