How Your Core Values Can Impact Employee Retention
Employee turnover is costly, and something businesses try to minimise by retaining key staff. A study by Oxford Economics found the average cost to employers of replacing a single member of staff is more than £30,000. In 2018, this cost is likely higher. Most of the cost of replacing an employee is attributed to loss of productivity caused by the time it takes for a new recruit to get up to speed. On average, this takes 28 weeks.
‘Eighty-seven percent of HR leaders consider improved retention a critical or high priority over the next five years.’ [1]
It’s not just the direct financial consequences that can harm a business. Losing key employees creates organisational issues, such as insecure co-workers, loss of knowledge, and unstable teams. Ultimately, these problems will affect the bottom line too. Successfully attracting and recruiting top talent is just one piece of the puzzle. Retaining your key staff is vital to the long-term health of your organisation.
‘Employees who are “engaged and thriving” are 59 percent less likely to look for a job with a different organization in the next 12 months.’ [2]
Engaged employees embody their organisation’s core values and strive to help the business achieve its mission and purpose. They have a personal connection with the core values of their employer that is both motivating and meaningful.
Their emotional investment leads to higher levels of loyalty. These employees are less likely to seek opportunities outside of your organisation, resulting in improved employee retention.
A global survey by Right Management found that out of 91 possible factors, personal commitment to an employer’s core values is the top driver of employee engagement.
Core values have gained increasing significance as a means for organisations to shape their vision and culture. Having a clear set of core values is a crucial tool for decision-making, educating clients and customers about a company’s identity, and attracting and retaining committed employees.
Whilst organisations are devoting increasing amounts of time to identifying and defining their core values, many are failing to successfully embed their values into their workplace. This makes the initial work in identifying them meaningless at best, and at worst, a waste of valuable resource.
Core values implementation is an investment that saves the greater cost of on-boarding new hires. Employees that embody your core values are your greatest ambassadors and assets.
However, core values cannot be successfully embedded via a slideshow or employee newsletter.
At Green Hat Games, we combine the latest technology and gamification mechanisms to excite your employees and create engagement with your core values at every level.
Our solution combines easily with your own Onboarding programme, and provides real-time progress to track how your values are being received and enacted. We support clients all over the world, with multiple sites, and no limit to the number of employees who can participate. From defining and evaluating your values, introducing them to your staff, and bringing your values to life, our interactive programme helps you reach your goals in a way your staff will love.
Organisations that are clear at the outset about the culture and nature of their business, are more likely to attract and retain like minded individuals.
[1] Kronos Incorporated – Employee Engagement Series
[2] Gallup – Engagement and Wellbeing
For a Culture First Onboarding Programmes, get in touch with us today or read more here.
