The Importance of Valuing Your Existing Workforce

23 Jan

Value-happy-workforceThe unemployment sector has seen significant movement in the last few months, and some companies see this as a prime opportunity to recruit new personnel. Some companies are still in the midst of reducing overhead and cutting staff, so acquisitions like Apple scooping up Texas Instruments IT personnel after a recent mass layoff have been lucrative moves for organizations poised to make them. On the other hand, employee engagement may suffer in entities where focus is placed on bringing in new staff members rather than investing in the ones already working for a particular company.

Return on employee investment is a huge part of the planning that human resources management software is meant to assist with, as talent and performance management tools allow businesses to monitor individual and group progress. This in turn helps HR personnel pinpoint those doing the best and others slowing the company down, as well as ensuring that adequate training is being given to workers who need it most. By investing in existing personnel, businesses stand to see better engagement, productivity and customer returns.

Plans For The Future

Engagement strategies are an integral part of retaining and improving on top talent, as well as fostering an internal workforce of people specializing in that entity’s corporate culture. Building up those already familiar with how the business is run and its values will make them easier to cultivate in terms of what the business wants specifically.

A recent review of the 50 best small and medium-sized businesses in Canada showed that top companies in the nation experienced engagement scores of more than 80 percent, while less successful organizations saw less positive reviews. Much of this good feedback is tied to the level of interest businesses show in their workforce, the study revealed, as well as extending both full-time and permanent positions to their employees. By treating staff members well, they in turn will speak well of the corporation they work for and take pride in their effort, producing superior products and service in exchange for the service they feel their employers deliver to them.

Overcoming obstacles to engagement and retention are essential in order to boost morale and perform better as an organization, but finding methods to achieve that goal are more clandestine. There are a number of ways of doing that, and many of these can be accomplished without an additional expense to businesses that might already be having a hard time balancing finances.

Steps to Better Engagement

Assessing how employees are doing in their assigned positions is the first task to address with human resources management software, as this can indicate serious issues with basic functions within the corporate structure. It may be a simple matter of assigning additional training to those who exhibit the need for improvement, or it’s possible that placing them in a new capacity or different department could make for a better fit. Helping employees feel comfortable in their job functions will make them feel happier about the company they work for, and it will better serve the organization as a whole.

On top of that, supplying input and feedback as to employee performance will help workers know if they’re doing what they must and if it’s at a satisfactory level. Employee engagement requires that communication lines remain open, and offering regular performance assessments can be a critical part of this equation. Management should initiate these chats, and they must be a regular occurrence, or staff members may not feel that their employers take any general interest in them as individuals.

By encouraging more communication and an amicable environment, organizations can increase retention and employee engagement by making everyone feel like part of the equation. If people think they are essential to the everyday operations of the business, they will take more pride in the jobs they perform, knowing that their efforts are genuinely appreciated.

Despite what some may see as optimism and opportunity in the unemployment market, balancing the cost of hiring and training a new employee versus the return on investment that can be realized by focusing on the existing workforce has showed many institutions the value of the assets they already have. Expanding on internal options and building a better rapport with personnel could be the key to retention and engagement strategies.

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