When it comes to maintaining operations, what resources do you and your company prioritize? The immediate answer to this question should be your employees. Without a team of skilled, engaged and productive staff members, your business has no product or service to provide. Therefore, you have no method of attracting customers and acquiring revenue.
Unfortunately, this resource is also the hardest to predict and manage. It can leave at any time, and workplace issues like low engagement mean productivity varies from one day to the next.
According to daily research from Gallup, employee engagement has reached and remains at at historic lows. For the past few years, these levels have hovered around 30 percent worldwide. In addition, people are more compelled to switch jobs than ever before. This trend is especially evident among younger workers. Separate Gallup research found 60 percent of millennials are open to new job opportunities if their current position doesn't provide what they need. What's more, 21 percent have already switched jobs within the past year. This latter figure is over three times that of other demographics.
Complicating this situation is the fact that talented employees are increasingly hard to come by. According to a survey by Manpower Group, 40 percent of employers across the globe report talent shortages. This is the highest since 2007.
"A skilled employee is one you want to keep forever."
High turnover, low engagement and talent shortages combine to create a maelstrom of bad news for businesses. A skilled employee is one you want to keep forever, but such a valuable person is likely to leave at any given moment for a better opportunity. The only way to combat this deadly trio is to treat employees like they're your business's scarcest, most valuable resource.
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Investing with Continuous Performance Management
Your business invests in resources like finances and technology, so why shouldn't you invest in your employees? Making such an effort shows your staff you're dedicated to their development. This has the positive effect of getting them engaged in their work and the business as a whole, inspiring productivity and minimizing the threat of job turnover.
The best way to invest in your employees is through continuous performance management. Goal-setting and frequent check-ins turn employee evaluations from a single event into an ongoing process. Your employees feel supported and know that their development is at the front of your mind rather than an afterthought.
In addition, to combat a talent shortage, your business can incorporate continuous performance management into a new training and development initiative. Employee training programs were the primary solution suggested by Manpower Group, and they provide fresh new goals for employees to strive for. The additional challenge of learning and the evolving objectives keeps your staff invested and engaged.
Your employees are your most valuable resource, and they're more likely to leave for a new job than ever before. Committing to their success ensures has the talented staff necessary to achieve its goals.