“Retention has that engagement point. It doesn’t matter if you have a full staff if they’re not engaged, they’re not helping you grow the business.”
In episode #113 of Mission to Grow, the Asure podcast that serves as small business owners’ guide to cash, compliance, and the War for Talent, VP of HR Compliance and Learning and Development at Asure Software, Mary Simmons, sits down with host Mike Vannoy to discuss significant differences between zero-growth and fast-growth firms concerning employee engagement and retention strategies. Mary shares the importance of career path coaching, employee recognition programs, and company-wide meetings in driving growth and retaining talent.
Takeaways:
- Only 44% of zero-growth firms conduct employee engagement surveys compared to 83% of fast-growth firms. Showing the importance of conducting surveys anonymously to get honest feedback and the need to act on the survey results.
- A massive 40 percentage point difference between zero growth (38%) and fast growth firms (78%) in providing career path coaching. Talking about the role of career path coaching in retaining ambitious employees and helping them skill up.
- 49% of zero-growth firms have employee recognition programs compared to 79% of fast-growth firms. Best practices for employee recognition, including low-cost or no-cost initiatives like “Superstar of the week.”
- A 16 percentage point spread in conducting company-wide meetings between zero growth (74%) and fast growth firms (90%). The importance of these meetings is in keeping employees informed and engaged with company changes and initiatives.