Be Thankful â€“ Proforma/On Target Promotions
Nov 20, 2018
While most Americans have family, food and football (not necessarily in that order) on their minds for the upcoming Thanksgiving holiday, it is important to remember the spirit of being thankful. If you are a business owner or are in a management position, it’s a good time to be thankful for the hard work and loyalty your employees have demonstrated throughout the year. After all, a company’s greatest assets are its employees.
Employee churn can be expensive but is often overlooked because there is a lack of understanding as to the true cost and impact it has on a company. The overall effect on morale from employee turnover is qualitative in nature but can affect productivity in a very quantitative manner. To get a better understanding of quantitative impact, a recent article Huffington Post (Jan 2017) posed the following formula to try to calculate the actual cost of turnover:
(Hiring + Onboarding + Development + Unfilled time) x (# of employees x Annual Turnover%) = Annual Cost of Turnover
It’s a significant number for any organization and surprisingly goes unchecked by many companies.
So, what do you do to mitigate employee turnover?
While the first, knee-jerk response may be to provide greater compensation, it does not ultimately balance an unhappy employee in an unsatisfactory work environment. Instead, focus should be place on employee growth and recognition.
Employees need to feel personal growth both in training and advancement. They also associate more with organizations that are growing. Ask yourself, what are you doing to train employees on new skills and is there a clear path of advancement in the organization? Is the company growing in sales, personnel, locations, technologies, etc.? Does the organization support charities and engage in the local community? These are areas which will give employees a sense of belonging.
Without recognition, employees have no compass of their impact on the company. One way of demonstrating recognition is through promotional products. In a survey conducted by Promotional Products Association International (PPAI) of attendees at the Society of Human Resource Managers (SHRM) Show, human resource professionals find promotional products very effective components of awards and recognition programs. 75% percent of respondents who have rewards and recognition programs in place report using promotional products in those programs.
The top three most commonly cited uses of promotional products in awards and recognition programs are:
- Employee Service Awards, 62%
- Anniversary Recognition Programs, 54%
- Motivating Specific Behaviors, 43%
Creating a work environment where employees feel they are growing with the company, have an impact and showing that the company cares about them is the best strategy for keeping them long term. When your employees are arguably your most valued assets, take the time this holiday season to recognize and thank them for the hard work they have done all year.