When considering the retention and engagement of employees, it is also important to consider your growth strategy and some of the factors that make it effective. Why? Because employees want to feel invested and that they’re part of something important. You’ll also find that investing in things like reporting and education go a long way in raising the effectiveness and morale of your team.
A Real Focus on Growth
Do you want your business to grow?
Assuming that you’re reading this and are aware that the nature of good business is to grow, then you need to make sure that your focus and investment is in the right places.
Some of the best places to assess when making sure that your money is in the right places are your reporting and your education, two things that are not always approached on the best foot.
Knowledge is power in business. Do you know your markets? Do you know your consumer? Do you know the upcoming trends? Do you know your employees?
Invest in good reporting, whether that’s developed internally or systems that you pay for, good reporting makes a difference in doing business blind and being confident in your decisions. There are multiple options out there and you can discover which ones fit your business best by doing a needs assessment before begin shopping.
The important part about reporting is making sure you measure the things that you need to and that is important to your business.
Some things to consider:
- Inventory tracking
- Employee time tracking
- Employee retention
- Customer satisfaction
Also, remember to keep an eye on things that are outside direct business with your company as well. Those could be:
- Evolving industry technology
- Health trends (yes, there were businesses that had a head’s about the impending pandemic and could begin preparing ahead of time)
- Pay and benefit trends
One of these most important things to consider in your growth strategy is the education of your employees. An employer who does not invest in the continuous education and growth of their employees is not investing in the growth of their business.
Make sure your leaders are trained and not just with vague leadership seminars that may or may not target the aspects that your supervisor actually needs growth. Again, do assessments to see what your leadership needs to do and what skills are valuable. Then look at where your leadership is actually. Look for pieces of training that fill in the gaps and growth opportunities within your team members.
Then keep the ball rolling and make sure that you aren’t favoring leadership with training. All your employees need the training to continue to grow, especially your front-line workers who do the work that brings in the revenue. Do the same assessments for them.
Education does not have to be expensive. Look for resources already at their podcasts (we’re only one example and they’re free!), YouTube videos (also free! More and more companies are joining the platform), and skilled employees you already have onboard (you may already have the skills you need amongst your group. Not everyone can teach, but you may be pleasantly surprised).
What Does This Have To Do With Retention and Engagement?
Everything! If you have a good reporting system and can make more confident and effective decisions then your employees will likely be better able to see the impact of their work. You’ll also be able to make sure that what they’re doing is the best thing for them to be doing.
As far as why education is concerned, the answer is more straightforward. If you’re investing in the education of employees, you’re investing in them and that will make them feel more confident and appreciated.