6 keys of employee success

6 Keys of Employee Success: Why it matters for business growth Keys of Employee Success W H Y I T M AT T E R S F O R B U S I N E S S G R O W T H bamboohr.com wheniwork.com Keys of Employee Success: Why it matters for business growth Ben Peterson Chad Halvorson CO-FOUNDER AND CEO, FOUNDER AND CEO, BAMBOOHR WHEN I WORK JOIN THE CONVERSATION ON TW ITTER USING #BAMBOOHR bamboohr.com wheniwork.com Keys of Employee Success: Why it matters for business growth Why We’re Talking About Employee Success bamboohr.com Employee turnover is expensive Unhappy employees are dangerous Successful employees → business growth wheniwork.com Keys of Employee Success: Why it matters for business growth Employee Turnover Is Expensive For all jobs earning less than $50,000 per year, or more than 40 percent of U.S jobs, the average cost of replacing an employee amounts to 20 percent of the person's annual salary Among positions earning $30,000 or less, which includes more than half of all U.S workers, the typical cost of turnover is 16 percent of annual salary —Center for American Progress, 2012 bamboohr.com wheniwork.com Keys of Employee Success: Why it matters for business growth Unhappy Employees Are Dangerous UNHAPPY EMPLOYEES ARE: Unproductive Disengaged, unhappy employees cost the American economy up to $350 billion per year due to lost productivity —Gallup Disloyal 90% of employees are willing to consider changing jobs, and unsatisfied employees are 11 times more likely to move to a new organization in the next year —24 Seven Disengaged 63% of employees are "not engaged," meaning they lack motivation and are less likely to invest discretionary effort in organizational goals or outcomes And 24% are "actively disengaged," indicating they are unhappy and unproductive at work and liable to spread negativity to coworkers bamboohr.com wheniwork.com Keys of Employee Success: Why it matters for business growth Successful Employees = Business Growth! Research indicated a distinct link between employee attitudes and a company’s financial performance, employee retention and customer loyalty —Gallup bamboohr.com wheniwork.com Keys of Employee Success: Why it matters for business growth Things Your Employees Need to Succeed bamboohr.com Onboarding Mentorship The Right Position Training and Education Reward and Recognition Ownership and Purpose wheniwork.com Keys of Employee Success: Why it matters for business growth Onboarding G E O R G E B R A D T ’ S T H R E E ‘ A’ S O F O N B O A R D I N G : Accommodate Assimilate Accelerate bamboohr.com wheniwork.com Keys of Employee Success: Why it matters for business growth ac·com·mo·date 59 percent of employees say accommodations—like a company tour, equipment setup and review of procedures—are one of the most important things to receive in the first week on a new job —BambooHR Onboarding Study bamboohr.com wheniwork.com Keys of Employee Success: Why it matters for business growth as·sim·i·late Company expectations 23 percent of employees who left companies early on would have stayed if they had “received clear guidelines on what their responsibilities were.” —BambooHR Onboarding Study Company culture “People will typically be more enthusiastic where they feel a sense of belonging and see themselves as part of a community than they will in a workplace in which each person is left to his own devices.” ―Alfie Kohn bamboohr.com wheniwork.com Keys of Employee Success: Why it matters for business growth Keys to finding the right fit: bamboohr.com Exceptional, continuous communication Mapping skills and capacity Culture fit wheniwork.com Keys of Employee Success: Why it matters for business growth Employee Alignment: Linking of organizational goals with the employees' personal goals Requires common understanding of purposes and goals of the organization, and consistency between very objective and plan —Business Dictionary “An aligned organization gets things done faster, with less effort, and with better results, and is more agile and responsive to changing business conditions.” —Torben Rick bamboohr.com wheniwork.com Keys of Employee Success: Why it matters for business growth Training and Education Companies investing $1,500 or more per employee per year on training average 24 percent higher profit margins than companies with lower yearly training investments —HR Magazine bamboohr.com wheniwork.com Keys of Employee Success: Why it matters for business growth Companies that offer comprehensive training: • Have 218 percent higher income per employee than those with less comprehensive training • Generate a percent higher shareholder return if the training expenditure per employee increases by $680 —The American Society for Training and Development (ASTD) bamboohr.com wheniwork.com Keys of Employee Success: Why it matters for business growth Training increases retention: 40% of employees who receive poor job training leave their positions within the first year —Go2HR bamboohr.com wheniwork.com Keys of Employee Success: Why it matters for business growth Reward and Recognition “Whenever you’re recognized and praised for any accomplishment by someone whose opinion you hold in high regard, your self esteem goes up along with your eagerness and enthusiasm to an even better job.” —Brian Tracy bamboohr.com wheniwork.com Keys of Employee Success: Why it matters for business growth Reward and recognize the right things “We are what we repeatedly Excellence then, is not an act, but a habit.” —Aristotle bamboohr.com wheniwork.com Keys of Employee Success: Why it matters for business growth It’s not all about the money 44 percent of employees say financial rewards increase their engagement at work; while 63 percent said intangible (recognition) increases their engagement —“A SHRM Perspective on International Compensation” Hay Group bamboohr.com wheniwork.com Keys of Employee Success: Why it matters for business growth Ownership and Purpose 73 percent of employees who say they work at a "purposedriven" company are engaged, compared to just 23 percent of those who don't —Deloitte bamboohr.com wheniwork.com Keys of Employee Success: Why it matters for business growth Purpose increases financial performance 90% of people who believe their organization has a strong sense of purpose also report a strong financial showing in the business over the past year They also report high employee and customer satisfaction Only 65% of respondents who say they work for an organization without a strong culture of purpose report a good financial performance in the company —Deloitte bamboohr.com wheniwork.com Keys of Employee Success: Why it matters for business growth “Employees thrive when they are given a sense of ownership to accomplish their work with fewer approvals and checkpoints, and with a smaller degree of intervention and oversight Company leadership and workers both succeed when employees are allowed to own and solve problems in an innovative way Giving someone the opportunity to “break the mold” and create new ways to address a challenge is highly fulfilling.” —Josh Cohen, Forbes Contributor bamboohr.com wheniwork.com Keys of Employee Success: Why it matters for business growth Things Your Employees Need To Succeed bamboohr.com Onboarding Mentorship The Right Position Training and Education Reward and Recognition Ownership and Purpose wheniwork.com Keys of Employee Success: Why it matters for business growth What can I today to increase employee success? H R ’ S K E Y P E R F O R M A N C E I N D I C AT O R S bamboohr.com wheniwork.com Keys of Employee Success: Why it matters for business growth Thank you! Follow BambooHR and When I Work on social media: bamboohr.com/blog | wheniwork.com/blog bamboohr.com wheniwork.com Keys of Employee Success: Why it matters for business growth Questions? BambooHR Receive a free job posting on our ATS and full HRIS for one week We will contact everyone within the next few days to set this up When I Work Receive a two month free trial using promo code EMPSUCCESS bamboohr.com wheniwork.com ... wheniwork.com Keys of Employee Success: Why it matters for business growth Why We’re Talking About Employee Success bamboohr.com Employee turnover is expensive Unhappy employees are dangerous Successful employees... wheniwork.com Keys of Employee Success: Why it matters for business growth ac·com·mo·date 59 percent of employees say accommodations—like a company tour, equipment setup and review of procedures—are one of. .. wheniwork.com Keys of Employee Success: Why it matters for business growth Employee Alignment: Linking of organizational goals with the employees' personal goals Requires common understanding of purposes