In the corporate workplace, employees are undeniably the most valuable resource. Their engagement, drive and performance are critical factors in the profitability and successful performance of the company. Hence, it is essential to keep current employees happy and engaged to reduce employee recruitment/talent acquisition costs and improve talent retention costs.
There are multiple ways of planning and strategising cost reduction. Employee engagement is one of the most efficient ways to help reduce talent acquisition cost. Truth be told, employee engagement can help cut costs better because keeping employees happy will multifold their input and boost the company’s overall growth. Boosting employee engagement also helps in proper expense/reward management. So, get your employee engagement game strong and enjoy the benefits.
WHY RECRUIT WHEN YOU CAN RETAIN?
The simplest and most efficient way to manage your company’s expenses is to keep your employees happy and motivated with the right perks. A pat on the back with the perfect reward not only lets your employees know that you care; it also results in growth and productivity in the workspace. A competent team manager would know the simple equation to efficient employee management: attract high caliber talent and retain them by giving them the recognition that they deserve. It is a strategic approach to cutting costs for the company, where keeping current employees happy is vital.
Merely choosing to recruit and fill vacancies is a lot of time and money wasted in the long run. Instead, the focus should be on building existing relationships based on mutual respect, trust, understanding and appreciation. Which is why managing employees’ expectations right from the very start can help your company climb up the industry ladder, faster; with a happy team to back you up. But how good is your rewarding system?
KEEP EMPLOYEES HAPPY AT WORK
Climb the rungs of expense management by starting with a strong strategic approach: cut down on talent acquisition cost and increase your profits by improving existing employee retention cost. Most employees feel dejected and underappreciated owing to an unorganised rewarding system. It could cost you your employees’ loyalty if you reward them with perks that are irrelevant and/or disliked by them. To keep your employees happy while keeping in mind the company’s expense management, you will be required to implement a successful rewarding system right from the beginning.
PERSONALISE THEIR PERKS
A personalised gift/perk/reward shows that you, as an employer, have taken the time out to think about each of your employees’ individual and specific needs. Customise their perks, and reward their hard work with suitable gifts tailored to each employees’ likes and preferences. Start by categorising your employees’ achievements under various heads and reward them accordingly. It could be a book by their favourite author, tickets to a good movie or simply a coupon to a soothing spa retreat. Keep it personal and meaningful. This is a great way to inculcate employee engagement and expense engagement at the workplace and lower talent recruitment and replacement costs.
PERK UP YOUR EMPLOYEES AND IGNITE PASSIONATE PERFORMANCES
When you get your employee engagement right, you win some, and you win some more! Start bettering your company’s reward management system and watch your company outperform the competition. Reward/talent management is key. Don’t underestimate the value of rewarding your employees right. Giving your employees the right perks can go a long way in keeping them happy and motivated. You will be able to chart down better performances, both qualitatively and quantitatively, from their end, and keep your company’s cost/expenses management in check. Remember, it all starts with your employees and the right kind of perks!