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As covered in Part 1 of this post, Heads of State and Government and High Representatives met at the United Nations Headquarters in New York and launched a set of 17 ambitious goals to achieve over a 15-year period, including goals for people, our planet and prosperity. How will these impact employee turnover in the remaining 8 years?
The plan is titled “The 2030 Agenda” and aims to stimulate action in areas of critical importance for humanity and the planet. Here are 3 that we’re focusing on in this 2-part blog post:
End poverty and hunger, in all their forms and dimensions. Ensure that all human beings can fulfil their potential in dignity and equality, in a healthy environment.
Protect the planet from degradation, including through sustainable consumption and production, sustainably managing its natural resources and taking urgent action on climate change, so that it can support the needs of the present and future generations.
Ensure that all human beings can enjoy prosperous and fulfilling lives and that economic, social and technological progress occurs in harmony with nature.
Reducing Employee Turnover
The “Great Resignation” is real. Over 4.5 million Americans quit their current jobs in March 2022. Turnover costs are crippling U.S. businesses. The average cost to hire a new employee currently averages $2792 to $4425 per employee – AFTER the ideal candidate is identified and hired. Once hired, that employee needs approximately 6-9 months to reach full productivity. It is now critical for employers to retain key employees. We discussed the People component in Part 1 of this post: how incentive, reward and recognition programs can build a culture of recognition and help employees to reach their full potential. Let’s look at how focusing on the Planet and Prosperity components of The 2030 Agenda can help companies retain their most valuable assets:
Employees are increasingly concerned that the companies they work for share their values – on sustainability, climate change, corporate responsibility, a healthy work environment and more. Company values and priorities can be communicated through effectively designed Performance Improvement and Reward & Recognition programs. Partner with an experienced firm to incorporate this information into your program structure and rules. People pay attention to what is measured. When companies show their priorities through measurement, significant changes can be realized and employees will understand what is important to the organization.
Company leaders ensuring that employees can enjoy prosperous and fulfilling lives in a safe and positive environment. Incorporated into this section are initiatives like safety and wellness programsthat take a holistic approach to employee wellbeing. More than a simple smoking cessation or weight-loss program, companies are incorporating stress-reduction and mental health resources for their workforce as well.
Turnover is expensive and disruptive for businesses, and not that much fun for employees either! Employees in today’s environment want to know that their employer views them as a whole person with a life outside of work. Employees stay longer when they feel valued as a person, are recognized for achievements and see a path to future personal and professional development.
To get started adopting these People, Planet and Prosperity principles into your employee engagement and retention initiatives, contact one of our experienced professionals today!