Large businesses have to contend with various limiting factors daily, and although challenges such as employee attrition are inevitable at all companies, an unsustainable level of turnover can cause significant barriers to growth.
Businesses should be prepared to see surges in attrition rates this year. A Harris Poll showed that one-third of U.S. hiring managers are anticipating an increase in employee turnover this year. Three-quarters of employees are also considering leaving their jobs by the end of 2025.
In a competitive job market, compensation will be a critical factor in how satisfied an employee is at their job, but an increasingly prominent issue lurking under the surface of productivity is employee engagement. The enthusiasm and commitment a team member has for his or her work is often linked with their productivity, and this article will unpack three ways in which businesses can de-risk their company from increased attrition and develop an effective model for the engagement of their employees.
Upskilling
A recent Gallup poll showed that just one-third of U.S. employees are currently engaged in their work, with disengagement contributing to, on average, $500 billion worth of losses each year. The skills gap is a decisive factor in the decline of engagement, with companies relying too often on handbooks and onboarding documents to comprehensively increase the skills level of new and existing employees.
Each employee has a different way of learning, and companies that implement a diverse, mentorship, and personalized training-led program of upskilling can increase the brand loyalty of the people they rely on most. Through tangible learning opportunities, employees will see their employers as partners in their career development while attracting top talent.
Businesses should also pay attention to the multi-generational profile of most teams at work today. The skills gap in the efficient use of new technologies is stark when comparing the newer generation of employees to more experienced ones. We have seen younger workforces become more willing to accept newer technologies as businesses digitally transform. This means more focus could be placed on upskilling experienced employees on remote connectivity tools to remediate issues arising from a breakdown in internal communications.
Employee-led Programs
Businesses emphasizing employees’ well-being will also reap the rewards of a more engaged workforce. The spotlight shone on essential issues such as mental health in recent years has encouraged people to be more open about their vulnerabilities. This can be cultivated in initiatives such as Employee-led Resource Groups (ERGs)
ERGs can be important in involving their team in their company’s decision-making processes. Creating a feedback loop between employees and their managers can lend a voice to those who often feel like their opinions are not heard. Businesses can create a culture of inclusivity, whereby employees are interwoven into the fabric of their company by bonding with those who have shared identities. Employee resource groups (ERGs can also be a great way to attract talent through referral systems, allowing ERG spokespeople to become ambassadors of their organization, utilizing their network to help like-minded people find an opportunity that is right for them.
Metrics-led approach to disengagement
As data becomes the driving force of decision-making at most large companies, not taking a metrics-led approach to engagement will put businesses at a competitive disadvantage in 2025. Companies can act on this by quantifying engagement and investing in software such as embedded business intelligence or company-wide surveys. This can provide managers and talent acquisition stakeholders with key data indicators on, for example, the user experience of certain technologies they use. Identifying this can be the first step towards technology teams building out platforms more intuitively.
Increased data can also give employees information about where they are most productive, which can be particularly valuable for contingent labor forces that often work virtually. For example, with enough data on their team’s behavior, a manager could identify an employee exhibiting a sudden withdrawal from group activities, which could be attributed to unclear expectations in their assignment.
Utilizing metrics to power employee engagement can also effectively remove human bias from decision-making, allowing for a fairer work environment. Acknowledging the significance of employee engagement is an essential first step to preparing for a rise in attrition, but it alone is not enough. Just as financial departments monitor expenditures, balances, and each dollar in and out of their business, engagement must be a key indicator for success in 2025. Otherwise, the domino effect of disengagement can rapidly turn empathy int
