At a time when turnover rates are expected to grow along with a strong job market, keeping the lines of communication open is critical to retaining your skilled employees.
According to the third quarter 2016 ADP Job Vitality Index, wage growth among full-time workers who switched employers increased by an average of 5%. In some industries, information technology for example, the increase was closer to 7%. As wages rise, so do employees’ temptation to leave existing jobs for higher pay or other factors that contribute to overall job satisfaction.
It’s not all about the money
Paying staff more goes only so far, apparently. Despite earning the biggest premium for staying in their current position, ADP found that the 24-and-under crowd’s turnover rate exceeded 50% in the first quarter of 2016.
Communicate, communicate, communicate
The Employee Satisfaction and Engagement Study recent published by the Society for Human Resource Management (SHRM) found that communication between employees and senior management ranked in the top 10 factors leading to overall job satisfaction. Forty-eight percent of those surveyed said it was “very important” but only 25% indicated there currently employer is doing it “very well”.
How do the best companies do it?
The following are five best practices to increase positive engagement between managers and staff:
- Make It Personal: Understanding your audience allows you to craft a message aimed at crossing barriers and fostering smooth communication. For example, delivering your message in the recipient’s language of choice can help head off confusion while fostering feelings of goodwill.
- Be Precise: There’s no room for ambiguity of language or content. Mistakes are both unnecessary and costly. Craft a message that says precisely what you want it to say—no more and no less.
- Be Direct: The more people involved in the chain of communication, the more likely your message is to become distorted. Cut out the middleman by forgoing dated phone trees and instead consider more updated, direct methods of communication, like the latest message notification systems.
- Be Respectful: Deluging your constituents with message after message is not only unnecessary, but can lead to frustration on the part of recipients. Not only can this trim time and effort, but it can also help establish your organization as one that adds value, not wastes time.
- Account for Accountability: Are you even aware of which of your communication strategies are working, and which need some work? Soliciting feedback from constituents can yield valuable insights into how to make sure you’re meeting their needs.
While a culture of effective communication doesn’t happen overnight, cultivating it is not only an investment in your constituents, their engagement, and their loyalty, but also an investment in your bottom line.