A holiday designed in appreciation of America's workers seems like an ideal, and for many it represents the beginning of the fall, the school year and a change to the retail climate, with Black Friday and Christmas looming ever nearer. This Labor Day, though, it should be noted that employers and consumers are still struggling with economic hardship nationwide, and figures remain pessimistic despite some inroads into the lingering recession.
Businesses of all sizes should be focusing on keeping the people they have right now, as the unemployment rate hovers steadily around 8 percent nationally. It's more expensive to replace an existing employee than it is to train and maintain a worker, so finding ways to engage troubled individuals and assuage misunderstandings is well worth the time and attention.
Keeping your assets
A part of any good financial plan is making the best use of the things your company already has. You would never go out and buy a whole new fleet of corporate cars unless every last one you currently owned was beyond repair, any more than you would fire an entire passel of workers just to train a new batch.
Acknowledging the accomplishments and contributions of individuals is one of the best ways to hang on to current employees, My Digital FC wrote. That's because people enjoy getting a big paycheck, but the old adage is correct – money isn't everything. Offering consistent pay incentives doesn't hurt, but it's a strategy that must be combined with additional communication methods in order to be completely effective. Failing to do so could render the impact of a monetary bonus moot.
Keeping them engaged
You can't marry all your employees to the business the way an owner ideally will be, but finding ways to make them care is a good way of making them more active participants and more willing to completely apply themselves.
"Communication is paramount," said Saundra Bush of Destination Rewards. "If you communicate your company's goals and vision, employees will have direction. Employees with direction can align their goals with those of the company, and that synergy will lead to success."
To that end, offering constant feedback and open channels to reach supervisors and managers makes employees feel more connected. When they feel integral to the process, Bush pointed out, they are more likely to take personal ownership of corporate messages and goals.
Keeping it appealing
One of the biggest detractors from the appeal of a job is outside opportunities. It may seem impossible to keep other companies from looking at your employees, but by offering internal advantages, you can make it more enticing to stay with your organization.
Providing training and advancement programs will show how much you value every individual in the company, as well as granting them the ability to progress in their chosen career paths. This makes them more valuable corporate assets while enhancing engagement, a double-win for a company.
Finding solutions like these will remind employees this Labor Day that their bosses and company truly do care about them. That feeling may help increase employee engagement and bolster retention strategies, both crucial parts of highly successful businesses. Offering advancement opportunities, increasing communication and working to keep people in their positions will ensure increased growth and productivity, as well as better engagement and care for the organization as a whole by every staff member.