Employee Retention: Keep your top talent engaged with these fast-growth best practices - Mission to Grow: A Small Business Guide to Cash, Compliance, and the War for Talent - Episode #113

Mission to Grow: A Small Business Guide to Cash, Compliance, and the War for Talent

In this episode, we explore the significant differences between zero-growth and fast-growth firms concerning employee engagement and retention strategies. Our host delves into key questions to uncover what practices successful companies implement to foster a thriving workforce. We discuss 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.

Quote of the Show:

• “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.” - Mary Simmons

Links:

• LinkedIn: https://www.linkedin.com/in/marysimmonshrconsultant/
• Company Website: https://www.asuresoftware.com/

Ways to Tune In:

• Spotify: https://open.spotify.com/show/2XThTdn7YC1lkAm0PgZUkj
• Apple Podcasts: https://podcasts.apple.com/us/podcast/mission-to-grow-a-small-business-guide-to-cash-compliance-and-the-war-for-talent/id1725890976
• Amazon Music: https://music.amazon.com/podcasts/328dddd0-3c4f-4b07-a0d3-13bdcb418486/mission-to-grow-a-small-business-guide-to-cash-compliance-and-the-war-for-talent?refMarker=null
• Audible: https://www.audible.com/pd/Mission-to-Grow-A-Small-Business-Guide-to-Cash-Compliance-and-the-War-for-Talent-Podcast/B0CS71KQFM?qid=1706208857&sr=1-1&ref_pageloadid=not_applicable&ref=a_search_c3_lProduct_1_1&pf_rd_p=83218cca-c308-412f-bfcf-90198b687a2f&pf_rd_r=A1ME8MBECSVZ6K4D7CNT&pageLoadId=QBtg12mqKsuZPLGY&creativeId=0d6f6720-f41c-457e-a42b-8c8dceb62f2c
• Podchaser: https://www.podchaser.com/podcasts/mission-to-grow-a-small-busine-5591006
• Transistor: https://missiontogrow.asuresoftware.com/
• YouTube: https://www.youtube.com/@AsureSoftware