6 Incentives to Scale your Employee ROI
Boost Employee Engagement
The outstanding qualities of good leaders are what ensure that our businesses are getting the maximum return on investments. When taking Carbon Co services free 5-voices quiz you'll quickly realize it helps leaders pinpoint where to expand their communication skills and master the qualities of a good leader. This is a great way to increase your impact and boost employee engagement. For now, I want to focus on boosting employee engagement and how it can drastically increase your ROI.
Employees are the number one investment in our business. They are crucial in daily productivity ultimately resulting in the amount of our ROI. Unfortunately, due to:
Inflation
Inadequate Compensation
Toxic workplace culture
Childcare Issues
Lack of Development Opportunities
employees are less engaged in their work than ever before. This has resulted in the highest turnover rates of the century. That’s why we are here today, to figure out how to increase employee retention in extension to increasing our ROI. I have compiled a list of 6 incentives that will boost employee engagement resulting in greater production and heightened retention. As you read on you will notice patterns as to why employee turnover rates are so high and how to neutralize them.
Schedule Flexibility
Problem: Inflation has had a major negative impact on employee retention. People can no longer afford to keep up with expenses that are attached to a standard 40-hour workweek. Minor expenses such as fuel and food have now become major expenses. As leaders, we can neutralize this threat through schedule flexibility. This contradicts the regular 9-5 work schedule which can be intimidating for most businesses, but a strong leader understands the opportunity for victory. There are a few ways to ensure productivity is still at large.
Solution:One way is shift work. By implementing schedule rotations we can assure that productivity remains stable or even transcends. This is due to the fact that employees are less stressed and eager to tackle their tasks for the day.
Another way is remote work. An abundance of businesses are transferring to remote work to help their employees battle inflation. According to View Sonic, this has proved to be extremely beneficial to businesses as it has
Reduced equipment costs
Improved productivity
Lowered turnover rates
Accessed a wider talent pool
Improvements to green credentials
Result: All these reduce our DTI ratio and increase employee retention resulting in a higher ROI. When we fight for the highest good of others they in return climb mountains and cross oceans for us.
Employment Benefits
Problem: Good employees value their worth just as much as you value their work ethic. They are not only trading hours for dollars. They are giving up precious moments spent with their family. In return, you can show your appreciation with some consideration of compensation for the sacrifices they are making.
Solution: By offering employees things like
Medical insurance
PTO
Profit sharing
Retirement benefits
you show them your company truly cares about them and their families. It shows them that you value them and have their best interests in mind.
Result:A good benefits program helps you attract and keep the best employees, leads to happier and more productive workers, and ultimately can help your business thrive. When you do unto others as they would do unto them you display characteristics that will allure passionate employees capable of manifesting a prosperous business.
Childcare Assistance
Problem: Some of your employees may be climbing mountains and crossing oceans just to find adequate and affordable child care. It’s hard to rely on a cheap babysitter that calls in last minute making you late to work or even worse not being able to show up at all. The average cost of center-based infant daycare ranges from $5,993 to $22,577 per year ($494 to $1,881 monthly) depending on which state you live in, according to Child Care Aware of America. Meaning, reliable daycare institutions may not be within their budget causing them to make very difficult choices.
Solution: As the amazing leaders we are, we know the value of good employees and can offer childcare assistance to help them overcome their obstacles. By helping them receive adequate care for their children we let them know we have their backs and truly care about them.
Result: When employees truly believe a company is sympathetic and supports them they will triumph over any obstacle for them. So, regarding your company, this one act of kindness will drastically improve employee retention and boost your ROI tenfold.
Recognition of Quality Employees
Problem: You hear it every day about ten times a day, good employees get paid the same as lazy ones and are tired of it. There is a high volume of turnovers due to the fact that employees feel unappreciated because of a lack of recognition.
Solution: A small gesture of gratitude never hurt anybody, but it sure does boost confidence and morale. Employees love a little friendly competition, to get better employees, challenge them to exceed expectations, and reward them for it with a little recognition. They will then see themselves as valuable and know you do too.
Result: When you reward employees for going above and beyond you will influence more employees to do so making a positive impact on your ROI. When you generate more employee engagement you are making an impact through influence resulting in a knowledgeable team of enthusiastic individuals.
Workplace Culture
Problem: It is already miserable enough having to leave your family for 40 hours a week, but a toxic work environment makes it 100x worse. According to MIT Sloan’s recent study, toxic work culture is the number-one reason people cite for leaving their jobs. The impact of this type of work environment is likely to be lower employee morale, high turnover, poor productivity, poor work quality, and even physical symptoms each day after going to work. There is a significant number of employees today who are exposed to unhealthy working conditions I challenge us as leaders to ask ourselves this one question, what is it like to be on the other side of you?
Solution: Ever heard the term happy spouse; happy house well it's somewhat similar in the workforce but sounds a little something like happy employee; more productivity. A very effective prevention of toxic culture is to implement leadership training for managers and supervisors. Efficient leadership training will allow supervisors to speak in a tone of voice that resonates with their employees creating clear communication and removing the toxic culture entirely.
Result: Addressing toxic culture will improve ovoverallorale concluding in a productive workplace. When employees feel at peace their performance improves dramatically resulting in the industrious execution of tasks.
Development Opportunities
Problem:If your workplace is toxic it may be time to find new managers and supervisors. Everyone wants to move forward:
The cashier at the front does not want to make that a career, I promise.
The sales assistance on the sales floor has been dying for a chance to run his department.
The janitor on night shift has great insights on how to efficiently stock products.
All I'm saying is we were not born leaders, we worked our butts off to get where we are, and all we needed was a chance.
Solution: Offer your employees that chance. Give them a way to reach their summit. Provide your employees with leadership training opportunities, who knows they may exceed your expectations, and triple the performance of your business.
Result: People are designed to grow. By allowing employees to grow as individuals you give your business the opportunity to flourish in its industry. This produces an indirect positive influence on your ROI.
As Kay from Carbon Co Services puts it “leadership demands honest self-awareness, true dedication, and a healthy dose of grit. That’s why you shouldn’t do it alone. You already have everything you need to become a leader worth following and once you start to lead instead of managing, you’ll probably start to enjoy your work again while building a truly legendary team.
You just need a way to learn abstract concepts like communication and leadership in a visual and plain-English way.”
Several successful leaders have taken her free 5-voices quiz and it’s an exceptionally insightful interpretation of the demands of leaders and how effective their leadership skills truly are. Many arrived at the decision to study her Workshops, DE&I Training, and Coaching Offers to excel in their positions. Teams from some of the biggest companies around the world are using the same GiANT platform we’ll be working in. Teams in Pfizer, Chick-fil-a, Delta Airlines, and even collegiate sports teams have seen the ROI as each individual becomes more self-aware and others-aware.
If you're looking to grow your leadership skills, increase your ROI, or looking to build a truly legendary team I would suggest looking into some of her Altitude training. It’s a simple, systematic coaching and development program that equips leaders at every level with the key tools they need to lead well and solve problems effectively.
Looking into these key incentives to give employees to improve engagement may seem overwhelming. Try implementing just two things off of this list to start. I can assure you it's not as complicated as it sounds, and the results will be astounding. Your business will truly scale when you show your employees that you are just as committed to them as you are to the business itself. Be sure to take the 5-voices quiz to see what skills you can improve or add to your (I'm sure) long list of qualifications. Also, make certain you check out the Workshops, DE&I Training, and Coaching Offers to get the upper hand on 99.9% of all other leaders by having the right tools for the job. Last but not least if you want to become a legendary leader or create a renowned team of leaders then look into Kays Altitude training. After all, no well-known leader ever said no to improving their expertise.
Sources:
https://www.business.org/hr/benefits/top-reasons-to-offer-employee-benefits/
https://www.carboncoservices.com/
Google search: toxic work environment affects productivity
https://sloanreview.mit.edu/article/toxic-culture-is-driving-the-great-resignation/
https://www.business.org/hr/benefits/top-reasons-to-offer-employee-benefits/
https://www.viewsonic.com/library/business/10-benefits-of-remote-work-for-businesses