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Tag: Employee Retention

  • Zepeda: Why Millennial managers are burning out at work | Long Island Business News

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    In Brief:
    • Millennials became the largest managerial cohort in the U.S. in 2025, with growing workplace influence.
    • Nearly half of are part of the , balancing childcare and eldercare.
    • Lack of formal leadership training has left many unprepared for people-first management demands.
    • Burnout among Millennial managers threatens and organizational stability.

    The other day I was sitting in back-to-back meetings when two notifications hit at once.

    My son’s school called. He’d fallen and needed to be picked up immediately. At the same time, an email from my mom popped up asking for help understanding her prescriptions.

    Work was on fire, and I was supposed to be everywhere at once. This is the reality for Millennial managers right now. We became the largest managerial cohort in America mid-2025. Our influence on organizations has never been higher. Neither has our responsibility.

    The sandwich generation squeeze

    Millennials are managing teams while managing childcare and eldercare simultaneously. Forty-six percent of Millennials are now part of the sandwich generation, compared to just 18% of Gen Xers at the same career stage.

    Nearly 78% are providing physical, financial or emotional support to our parents. And 76% say caring for both generations feels like a full-time job.

    The kicker? Most are completely unprepared for this level of support.

    Organizations aren’t seeing this. Nearly half of sandwich caregivers are afraid to talk about eldercare responsibilities at work. There’s an unspoken rule that it’s okay to mention childcare, but not taking care of aging parents, and that silence weighs heavy.

    The leadership style that’s breaking us

    Here’s what makes this worse: Millennials are trying to lead differently.

    They’re attempting to be more transparent, vulnerable, authentic and collaborative than the managers we had. Millennials are trying really hard not to be like the Gen X and Baby Boomer leaders who managed them.

    And while this approach gets the best out of teams, it’s also the most taxing leadership style possible.

    You have to work harder, longer and in more varied ways with your team to make it work. The emotional toll on Millennial managers is higher than what previous generations experienced because we’re trying to be more human and people-first.

    They’re pressured from the top to deliver results. They’re pressured from the bottom by Gen Z employees who expect them to model the they champion.

    The problem? They can’t achieve that balance themselves.

    Research shows Millennials are the most stressed generation at work. Fifty-one percent report feeling highly stressed, compared to 37% of Gen X and older workers. They hit peak burnout at 25 years old—17 years earlier than the average American.

    The training gap nobody talks about

    Most Millennial managers report receiving little to no formal leadership training.

    They entered the workforce during the Great Recession when organizations cut leadership development programs because they thought we’d just job hop anyway. Those training programs and corporate ladders that helped previous generations advance? Gone.

    So, they’re figuring out this emotionally demanding leadership style on their own. Learning through bumps and bruises. Feeling pretty lonely about it.

    There are very few resources out there that help them be positive, people-first leaders while also delivering the results their organizations expect.

    What happens when the middle breaks?

    Here’s what organizations are missing: Millennial managers are the retention linchpin.

    Fifty-two percent of employees consider their direct manager their most trusted source for company updates. They turn to their manager first to understand how company changes affect their role and rely on their manager for career coaching and feedback.

    When middle managers disengage, it spreads like wildfire. Employees who were previously all in start clocking in and checking out.

    The pandemic showed organizations how hard people could work when pushed. Many decided to keep that pace as the new normal, so expectations are higher and pressure is constant.

    And Millennials came into this expecting work to be meaningful, purposeful and enjoyable. When they can’t get that — when there’s dissonance between what they value and what they experience — it’s hard to reconcile.

    They’re trying to create meaningful work environments for their teams while burning out.

    The people holding organizations together are quietly falling apart. And if we don’t address this invisible crisis, the cascading effect on employee engagement, attrition, and work culture will be significant.

    It’s crucial that all of us spend more time helping Millennials thrive. They are the massive middle that keeps most organizations running well. They are the middle that is most connected to the rest of the system they operate in. They are also the middle that is the most likely to break based on everything I’ve said. And when the middle breaks, everything breaks. Can your business handle that?

    Jaime Zepeda is principal consultant at Best Companies Group, which helps organizations build high-performing and highly engaged employees. He can be reached at: [email protected].


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  • How to Get Workers and Employers on the Same Page About Salary Negotiations

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    Workers negotiating their pay with their employer is always a sensitive topic. It’s tricky because it goes beyond raw dollar figures, touching on emotions, employee engagement and bottom line financial considerations. The results of a new study might prompt you to rethink some of the ways you hire new talent, and maybe even tweak your annual review processes.

    The data, from research led by Harvard, Brown and University of California Los Angeles, came from over 3,000 job seekers looking for roles in the technology sector. Some survey participants were “encouraged” to negotiate their salaries with employers, with phrases like “companies expect you to negotiate,” while a separate group was offered an alternative discounted coaching option to help boost salary discussion skills, HRDive explains. 

    The results are startling: among the people who were encouraged to discuss different salaries (and who then landed job offers inside a few months) 61 percent of people actually proposed a different salary level to their initial offer. This led to an average increase in pay of over 12 percent, equating to roughly $27,000 extra annually.

    But among the group who were offered merely a discount on a coaching class, very few people took up the offer… and among the 3 percent who did there was “no meaningful effect” on their interest or confidence in negotiating salaries.

    People participating in the study were still early in their careers, aged 31 on average, and they were paid around $220,000 a year on average — a figure that places them significantly higher than the U.S. average, which is about $75,000 annually according to the Bureau of Labor and Statistics.

    At this point you may be thinking that this means the data won’t reflect onto the larger labor market, where non-tech jobs dominate and the average worker is making only a third of the salary of the survey respondents. But where the tech world goes, other industries tend to follow. Plus, as HRDive notes, the study’s results surprised experts in the field. The researchers polled 117 academics and asked them to predict the experiment’s outcome: most predicted the coaching option would be more effective.

    What’s actually happening here is that the workers aren’t pushing for higher compensation because they feel like their employers simply won’t be open to the idea of a negotiation — not because they don’t feel like they have the right interpersonal skills to carry out the negotiation. If the latter were true, then the coaching option may have proven more popular. The fact that the encouragement technique worked simply suggests that people were wary of negotiating salaries, until it was pointed out to them that it was “normal.”

    What’s the takeaway for your company?

    Salary negotiation provides several indirect benefits beyond the obvious financial benefits to workers who successfully boost their earnings. First, if you’re seeking a new job and you handle these negotiations properly, it can signal that you’re a serious worker with confidence about your own skills — something that could boost your reputation with managers in the long term. 

    Second, being open to salary negotiation could contribute to your image as a good employer, among your current staff (possibly boosting your retention power) as much as incoming talent. A recent report suggests this may count more than ever when it comes to attracting top rank workers, with much more focus on a company’s reputation than before. 

    Another thing to be aware of as an employer is that AI hiring tools, which some people use to help them navigate the process of applying for jobs, are sometimes advising women and people of color to ask for lower salaries than for white men. It might be worth checking your HR processes to make sure your salary negotiations are fair and equitable.

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    Kit Eaton

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  • Remote Work Boosts Employment for People With Disabilities, Survey Shows

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    The language of DEI may be currently out of favor, but a new report from the country’s largest human resources trade association, SHRM, suggests that the American workforce is far more diverse since the Covid pandemic effectively ended in 2021. The surprising change happened almost by default, but SHRM’s data show that there’s been a huge surge in the numbers of people with disabilities participating in the workplace — partly thanks to the shift toward hybrid and remote working. 

    In fact, SHRM says the rates have hit a “historic high.” As of July this year “nearly 25 percent of people with disabilities participated in the labor force,” the organization notes, adding that the numbers represent a 30 percent surge since the beginning of the covid pandemic. The rising numbers are partly attributed to the shift to teleworking which has ”lowered traditional barriers to employment,” and SHRM also notes that research shows “workers with disabilities are more likely to work fully remote schedules compared to their counterparts without disabilities.”

    An interesting factor in the growth is that it may skew toward younger people with disabilities: labor force participation of people in this group aged 16 to 24 has grown by nearly 60 percent since February 2020, SHRM says, higher than the average growth. This may mesh smoothly with the technological skills of digital-first age cohorts.

    Of course the rising workforce participation of people with disabilities isn’t evenly spread, and the data show it’s lowest in jobs like “life, physical, social science and health care practitioners, and technical roles,” and high in work like building, maintenance and grounds cleaning. It’s possible this is linked, the report notes, to lower barriers to entry for these types of work. This may be a representation, SHRM says, of persistent societal challenges for people with disabilities, including “higher unemployment rates and lower educational attainment compared to those without disabilities.”

    Nevertheless, the positive note here is that the surge in participation numbers are a “a vital opportunity for employers to address ongoing labor shortages,” SHRM’s report suggests, and it also says the data should be a call for HR teams and companies to persist in recruiting and advancing workers with disabilities. The research shows that having inclusive hiring habits, along with flexible or remote working models can help “foster a more diverse and competitive economic environment.”

    The takeaways from this data for your company are very clear. SHRM’s report notes that workers with disabilities right now make up nearly 5 percent of the total employed workforce — that’s 1 in 20 people. If your company’s benefits and working models aren’t disability-friendly, then your recruitment process may be skipping potentially talented, valuable workers without addressing that pool of prospective job candidates.

    But there’s much more value in hiring people with disabilities, starting with presenting an image of a company that has a good reputation — a recent report says that this characteristic may be more important when hiring the right candidates than ever. 

    Meanwhile, a 2018 study of 140 American companies by consultancy giant Accenture found that companies that actively hire people with disabilities recorded 28 percent higher average revenues compared to companies without this policy, and their profit margins were 30 percent higher. Data also show that if an employee with disabilities is happy in their place of work they tend to remain with that employer for longer than people without disabilities. This can lead to cost savings over time, due to lower costs from reduced staff turnover.

    To support your workers with disabilities, it’s also important to remember that there’s more work to do. Reports show that one-third of people in this cohort experience workplace discrimination of one sort or another, including a quarter who say discrimination began with interviewers, and 12 percent who said they’ve had difficulty even accessing the interview.

    The other fact to remember is that there is much wider support for hybrid and remote working models than you may have thought. Offering this to your workers is known to be a good for business as well as a good incentive, and, as SHRM’s data show, it also has benefits for workers with disabilities.

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    Kit Eaton

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  • Retention Starts on Day One — And It’s on Leaders, Not HR | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Research shows that 70% of new employees decide whether a job is the right fit within their first month, including 29% within the first week. Despite this, the conversation around employee retention in many companies starts far too late.

    It often begins only after people have already disengaged and are considering leaving. At that point, HR may step in to address concerns and offer perks that were previously overlooked, but by then, it’s frequently a last-ditch effort.

    These late-stage actions have their place, but the decision to stay or leave is ultimately driven by the leadership people experience every day. Employees stay when they are led well, when they are hired into teams that work, when they trust the tone and consistency of their leaders and when what the company says matches what they live.

    It is observed that 70% of the variance in team engagement, which defines the employee experience, comes from managers. However, most often, leadership treats culture and retention as HR’s function instead of taking ownership of delegating trust.

    But if you want a team that people want to stay on, leadership has to build it every day from the very first hire.

    Related: This Is the Retention Strategy You’re Probably Overlooking

    Why companies get this wrong

    I’ve worked with countless leaders who want to build great teams. But wanting that and knowing how to do it are two different things. Most of us are never really taught how to create an environment where people choose to stay and do their best work. More often, we figure it out on the fly, after years of trial and error.

    And what ultimately shapes that experience is not a formal culture program. It is the everyday signals leaders send, who they choose to hire, how teams are built and how they respond when things go well and, more importantly, when they don’t.

    These are the cues people watch as they tell them what the company values and whether they can see themselves growing here.

    It took me years of pattern-spotting to see which leadership habits improve retention. Five, in particular, have stayed with me as practical ways to do that work. They might help you as well.

    Related: Your Retention Crisis Won’t End Until You Make This Shift

    Practice 1: How you hire determines who stays

    Hiring still relies too heavily on technical skills, which is the easiest part to measure. But it’s not a lack of skills that drives people out the door; it’s a poor fit for the role or the culture.

    When employees leave, they usually explain that the job was not what they expected or that they could not see a future for themselves. Those are hiring mistakes, not performance problems. The people who last see meaning in the company’s direction and feel the team is a place where they can grow. Skills may open the door, but alignment and motivation make people stay.

    Practice 2: How you shape the team determines how it performs

    Every new hire reshapes the team you already have. The wrong hire, even a skilled one, can weaken trust and make collaboration harder.

    A strong hire can lift the team by bringing balance and energy. The difference is not always visible on day one, but over time, it shows in how the team communicates and performs. That is why, before hiring, it’s important to examine the team’s state and ask whether this person will strengthen or disrupt its rhythm.

    Practice 3: What you allow becomes the culture

    The culture is defined by what you reward and tolerate, not what you say. You can talk about collaboration in any way you want. But if managers reward individual heroics and tolerate siloed behavior, that’s your culture.

    You can include “innovation” in your values. But if people are punished for small failures or if leaders tolerate endless risk-avoidance, the real culture is fear. If you want to build a culture worth staying in, be honest about what you are rewarding and what you are letting slide.

    Related: Don’t Underestimate the Power of Company Culture — It Matters.

    Practice 4: Leadership attention drives retention

    As companies grow, the distance between leaders and the rest of the organization grows with them. If you do not close that gap with intention, trust begins to fade, no matter how strong your culture looks on paper.

    You will not hold alignment with a memo or an all-hands. What matters are the signals where you spend time, and how you show up when pressure is high.

    People watch most closely in uncertain moments and leave when the leadership they experience no longer matches what they were promised.

    Culture is held together less by proximity and more by deliberate presence. It drifts when leaders stop showing up in ways that keep people connected to the mission and one another.

    Practice 5: Your energy sets the tone

    One thing that took me years to fully appreciate is that your energy is contagious as a leader. What you project through tone, attention, body language, and behavior directly shapes how people around you feel and perform.

    Calm steadiness builds confidence, while restless energy spreads just as quickly. The people who carry your culture most strongly are usually the first to feel it. They pick up on your tone, and their reaction influences the rest of the team. When they sense balance and clarity, they magnify it.

    Therefore, before stepping into a room, decide how you want people to feel and bring that energy with you. Your tone matters as much as your decisions in moments of change or pressure. When people feel steadiness from you, they find it in themselves and give more of their best.

    Related: Keep Your Top Talent with These 3 Employee Retention Secrets

    Retention is earned or lost in leadership

    Perks and HR policies play a role, but can’t compensate for weak leadership. Retention is built in leaders’ everyday work, including who they hire, what they reward, where they show up, and the tone they set.

    If you want teams, people want to stay on; lead them in a way that makes staying the natural choice.

    Research shows that 70% of new employees decide whether a job is the right fit within their first month, including 29% within the first week. Despite this, the conversation around employee retention in many companies starts far too late.

    It often begins only after people have already disengaged and are considering leaving. At that point, HR may step in to address concerns and offer perks that were previously overlooked, but by then, it’s frequently a last-ditch effort.

    These late-stage actions have their place, but the decision to stay or leave is ultimately driven by the leadership people experience every day. Employees stay when they are led well, when they are hired into teams that work, when they trust the tone and consistency of their leaders and when what the company says matches what they live.

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    Bidhan Baruah

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  • Here’s the Real Reason Your Employees Are Checked Out — And the Missing Link That Could Fix It | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Only 21% of employees are engaged at work, according to a global Gallup study. That means most people are physically present but emotionally checked out, simply going through the motions.

    It’s easy to blame burnout or post-pandemic fatigue. But a big part of the problem lies in how organizations communicate — how they welcome new hires, train employees, run meetings and celebrate success (or fail to).

    Think about it:

    • We create lengthy culture decks without explaining why those values matter.
    • We overwhelm new hires with info dumps labeled as “training.”
    • We run meetings on autopilot.
    • We throw around buzzwords like “empowerment” and “alignment” without making people feel truly seen or connected.

    And then we wonder why engagement is so low.

    The truth? Engagement starts with connection — and connection starts with better communication.

    That’s where storytelling comes in.

    Storytelling isn’t just for marketing or TED Talks. It’s one of the most powerful ways to build trust, share values and spark genuine human connection. If you’re not weaving a story throughout the employee journey, you’re missing one of your strongest levers for engagement.

    Related: Quiet Quitting Is Dividing the Workforce. Here’s How to Bring Everyone Back Together.

    Where storytelling makes a difference

    1. Recruiting: Share the story, not just the specs
    Recruiting shouldn’t feel like filling out a resume checklist. Instead of leading with pay and perks, lead with why your company exists. What problem are you solving? What inspired you to start? When candidates hear authentic stories — especially from founders or early team members — they don’t just see a job. They see a mission they want to join.

    2. Onboarding: Make it stick through a story
    Most onboarding feels like drinking from a firehose — policies, procedures, manuals — that quickly get forgotten. But stories are up to 22 times more memorable than facts alone, according to research. Wrap your onboarding content in stories: how your product changed a customer’s life, challenges that shaped your culture, lessons learned along the way. Think of onboarding as the opening chapter in an employee’s personal work story — make it compelling so they want to keep reading.

    3. Engagement: Keep the story going
    New hires start excited, but that enthusiasm often fades when storytelling stops after onboarding. Engagement isn’t a one-time event; it’s a rhythm. Make storytelling part of your team culture. In meetings, invite people to share wins, challenges, or moments they felt connected to their work. Sharing stories builds empathy, energy, and belonging — even over Zoom.

    4. Recognition: Celebrate with heart
    “Great job” is nice, but “Great job, and here’s why it mattered” is powerful. Recognition tied to stories shows the whole team what behaviors and values are truly important to the company. It shows what “great” looks like, making appreciation tangible and meaningful. For example: “James stayed late to fix a customer issue, followed up the next day and turned frustration into loyalty. That’s living our value of going the extra mile.”

    Related: Are You Recognizing Your Employees? If Not, They’re Twice as Likely to Quit

    Engagement is built one story at a time

    Humans are wired for story. It’s how we understand the world, remember lessons and connect with each other.

    If only 21% of employees are engaged, maybe it’s time to stop relying solely on policies, programs and PowerPoints — and start speaking to the human side of people.

    Storytelling isn’t fluff or extra. It’s a strategic communication tool that transforms how employees relate to their work, their teammates and your mission.

    So whether you’re hiring, training, managing or recognizing — start with a story.

    Your people will thank you for it.

    Only 21% of employees are engaged at work, according to a global Gallup study. That means most people are physically present but emotionally checked out, simply going through the motions.

    It’s easy to blame burnout or post-pandemic fatigue. But a big part of the problem lies in how organizations communicate — how they welcome new hires, train employees, run meetings and celebrate success (or fail to).

    Think about it:

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    LaQuita Cleare

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  • Unlock the Strategy to Building a Thriving and Scalable Sales Team | Entrepreneur

    Unlock the Strategy to Building a Thriving and Scalable Sales Team | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Success in sales isn’t just about meeting quotas. It’s about fostering a culture where teams thrive, customers are delighted and growth is sustainable. Yet, many organizations struggle to strike the right balance between scaling their sales operations while ensuring the happiness and effectiveness of their teams.

    So, how do organizations cultivate happy, scalable sales teams and strike the right balance for success? Some core elements contribute to a fulfilling and successful sales environment.

    Related: Don’t Scale Your Sales Team Until You’ve Done These 4 Things

    Defining “happy” in sales processes

    All too often, when we meet with prospects, we encounter salespeople who feel overwhelmed by the pressures of their roles. The stress of meeting quotas and generating leads can take a toll on their well-being and effectiveness. Salespeople without clear direction and support from leadership cannot succeed. They may struggle to navigate these challenges effectively without guidance. Happiness in sales extends beyond hitting targets and growing the bottom line. Here are some of the competencies we’ve seen in happy, successful sales teams:

    Individual/team effort and efficiency: How much effort does it take to get the deal done? Minimizing manual tasks and streamlining processes can help alleviate stress and improve productivity across the organization.

    Transparency and support: Are sales reps given the direction and support they need to succeed and maintain traction? Obtaining clear guidance and resources from leadership is crucial to growth.

    Sales cycle length: Is the sales cycle overly prolonged and unnecessarily complicated? By shortening the cycle through efficient processes and effective lead management, companies can reduce stress and increase success rates.

    Leadership satisfaction: Are leaders equipped with the insights they need to make informed decisions? Having visibility into the sales pipeline and performance metrics is essential for effective planning and resource allocation.

    Related: 4 Ways to Stop Getting Distracted and Start Hitting Goals

    Addressing common sales pain points

    We work across a very wide range of industries, everything from manufacturing, distribution, SaaS, finance, healthcare, environmental, professional services and a long list of many others. My company has visibility into multi-departmental and cross-departmental alignment (teams from 1 to 500-plus people), and let it be known — no two sales processes are the same, even when it is within the same industry targeting the same personas. The irony is regardless of size, there is this misconception that because an organization is large, they have everything organized, mapped out and process-driven. Simply put, that’s not always true. Think of it this way: more people, more moving parts, more risk — more room for error.

    We see sales teams structure across territories, business development representatives (BDRs) versus account executives, and sales teams focused on channel versus direct, all of which influence the sales process, hand-off and efficiency for the likelihood to close. One of the best parts is because we are exposed to so many business models and processes, we get to see the best of the best and also easily identify how to improve someone’s process through automation.

    When we get down to the root of the issue, many sales teams face common challenges that hinder their ability to reach their full potential. The most common ones we see are:

    Sales and marketing misalignment: Miscommunication and friction between sales and marketing teams can lead to missed opportunities and finger-pointing, and no one wants that. Open dialogue and collaboration are key to bridging this gap.

    Lack of transparency and reporting: Without robust reporting systems, sales teams may struggle to track progress and identify areas for improvement or clear trajectories for closing deals faster. Transparency in reporting fosters accountability and enables data-driven decision-making on both the marketing and sales sides.

    Resistance to automation: Some sales teams resist adopting automation tools for fear of added complexity or a belief that it will replace human interaction. However, automation can streamline processes, free up time for more meaningful interactions with customers and focus on things a machine cannot do, like close the deal.

    Strategies for scaling sales success

    It saddens me to see talented individuals facing such challenges because they are good salespeople. There is something special about sales. I love their ability to connect with others, come from a place of help in the sales process, and sell collaboratively as a team. They have a super special people-focused gift, and I love to see them flourish and thrive in their roles.

    The concept of success is to remove any frustrating friction points or manual tasks that suck the life out of that salesperson’s main focus, closing the deal. They are measured and paid for this. If you want to lose a great salesperson, watch them continue to miss quotas, become frustrated because they aren’t reaching their financial targets and leave to go to another organization. Things like updating properties in a CRM, manually adding a new lead, sending a reminder email without automation, follow-up documentation, enrolling them in your marketing materials, and so, so many other things that quite frankly distract and wear down a salesperson.

    I’ve seen thriving salespeople succeed in one organization with structure and move to another and miss quotas monthly because they were not given access to the same tools. To build a happy, scalable sales team, organizations should consider the following strategies to keep everyone focused on the big picture —happiness.

    1. Start with setting clear goals: As an organization, defining clear, measurable goals and regularly communicating them to the team is by far the most common misstep we see in organizations. Many times, it can seem like two organizations are functioning within one organization if this is not followed. Teams should break down larger objectives into smaller, actionable steps to keep everyone aligned and on track.
    2. Openly embrace technology: Teams and individuals should leverage automation tools and CRM platforms to streamline processes, improve efficiency and enhance visibility into the sales pipeline. This is not designed to replace humans but to augment activity.
    3. Encourage cross-departmental collaboration: Foster a culture of collaborative team selling between sales and marketing teams. By encouraging open communication, knowledge sharing, and alignment on goals and objectives, organizations can reach goals faster, with less stress and greater rewards. Some examples include adding infrastructure that encourages shared reporting, dashboards, and weekly alignment meetings across teams.
    4. Invest in continual training and development: Organizations should provide ongoing training and development opportunities to empower sales reps with the skills and knowledge they need to succeed. These can be done through internal resources or a third party. Training should not be one-and-done.
    5. Prioritize personal well-being: It’s crucial to recognize the importance of work-life balance and prioritize the well-being of sales team members. Companies can do this by celebrating successes, providing support and offering resources for managing stress and maintaining mental health. It goes a long way in finding happiness inside and outside of work.

    Remember, building happy, scalable sales teams requires a combination of clearly defined goals, effective ongoing communication, technological innovation and a supportive, open culture. Organizations that face addressing common pain points head-on and implementing proactive strategies can create an environment where sales teams thrive, customers are delighted, and business growth is sustainable (while still tracking up). It’s time to unlock the full potential of your sales team and drive success in the competitive marketplace.

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    Jennelle McGrath

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  • How to Tell Employees You’re Selling The Business | Entrepreneur

    How to Tell Employees You’re Selling The Business | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    The process for exiting a business is about so much more than numbers and contracts; it’s about the people in your organization, from the front-line employees and executives who have created the business’ value to the leadership team that lands the deal at the most favorable terms. Your people have been at the heart of your organization, but their involvement in the exit process needs to be thoughtful and delicate – requiring trust and discretion. Here’s how to support them throughout the transaction.

    Before the sale — say nothing

    When should the owner inform employees that the business is being sold? Not until the sale is final and the buyer has officially taken possession. That’s the number one rule: Only the owner, their transition team and possibly one critical team member should know about it until after the transaction is complete.

    Prematurely revealing this information can have several adverse results:

    • Early departure: Hearing about a pending sale can cause fear and uncertainty. Employees often assume the business is for sale because it’s failing, or they worry that they’ll be let go by the new owner. They may leave before the sale is finalized, hurting the company’s value.
    • Legal challenges: The seller must certify to the buyer that the staff is in good standing. Early departures could make this look like a misrepresentation, and the buyer could sue, try to back out or otherwise undermine the transaction.
    • Delayed transition: A strong, stable team can be a significant value driver. Buyers often write contingencies into the transaction to ensure key staff members stay. If there isn’t a strong team, the owner might need to stay on temporarily to facilitate the transition.
    • Demand for compensation: Knowing their value in the deal, employees who learn of the sale might demand bonuses or raises as inducements to stay. Granting them can affect profitability and sale value, not to mention the discomfort of feeling like the deal is being held hostage.

    Without adequate precautions, keeping your plan under wraps could be easier said than done.

    Related: 7 Preparation Essentials for Selling a Business

    Maintaining confidentiality

    Your company may have such a well-cultivated grapevine that you sometimes feel you’re the last to hear your own personal news. Most breaches of confidentiality occur when owners try to handle everything themselves without professional guidance. Keep your in-the-know list small by recruiting a team of experienced advisors who will ensure discreetness and protect sensitive information about company operations, customers and employees.

    Sometimes, you may have to inform a key employee about the sale early in the process — a top salesperson, the CEO or someone else. Do this as the last step of due diligence, and be sure it’s handled with strict confidentiality agreements.

    What if someone finds out despite your best efforts? Your response depends on where you are in the sale process. If it’s early, you can say you’re exploring partnerships or considering offers without actively shopping the business. “Everything is for sale if the right offer comes along” is truthful but vague enough to quiet rumors. If those strategies don’t work, you may have to get transparent and insist they sign a non-disclosure agreement.

    Announcing the sale

    Once it’s final, communication should be strategic and focus on the positive. If you’ve handled the sale proactively, you should have no trouble presenting it as good news – because it will be good news:

    You’re finally retiring and found the right person to continue your legacy. Other life changes are taking you in new directions, and the new owner understands the team and mission. The business is so successful it has attracted an owner who can take it to the next level.

    Start by informing the management team first. Provide talking points to help their teams navigate the transition. Then, have a full team meeting with both the seller and the buyer present. Celebrate the event, express gratitude to your staff—they’re the ones whose work attracted the perfect buyer—and highlight the opportunities that the new owner brings. For smaller companies, individual meetings with each employee can address personal concerns and questions.

    One of the first questions will be whether the new owner will let people go or make other significant changes. This shouldn’t be a concern unless you’re a large company or corporation. Contrary to popular belief, employees are rarely let go in small to mid-sized business sales. Buyers typically want to retain the staff because they are integral to the business’s success. The goal is to maintain a stable and strong team post-sale.

    Related: I Specialize in Exit Planning — You Need to Make These 5 Moves Before Selling Your Business

    Training and transition

    The seller usually trains the buyer in business operations. This transition period can last up to a year, depending on the complexity of the business. Employees can see this as an opportunity to demonstrate their value to the new owners.

    New owners should avoid making significant changes for the first six months. Stability helps employees adjust to the new ownership without additional stress. Small, positive changes, like new benefits, can help build trust.

    At least during the transition, an open-door policy is essential. It allows employees to voice concerns and feel heard, which builds trust and can prevent minor issues from escalating into major problems.

    Believe in your team

    People are one of the top value drivers in a small-to-mid-sized organization, and this holds true in a sale. Building a solid team and demonstrating their value through proper documentation and reporting can significantly enhance your business’s value. Planning and managing the transition carefully ensures a smoother process and preserves the company’s integrity and performance.

    Thoughtful preparation, strategic communication and professional guidance are the keys to successfully supporting staff when exiting a business.

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    Jessica Fialkovich

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  • Is Your Workplace Toxic? It Could Cost You Millions of Dollars | Entrepreneur

    Is Your Workplace Toxic? It Could Cost You Millions of Dollars | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    We have all heard the jokes online that if someone puts in their job listing that “we will treat you like family,” you should run away — that is the last thing that a company will actually do. To be completely transparent, I once consulted with a friend who worked with a company that said this, and they had an extremely high turnover rate.

    Employees at this company called and sent Slack messages at every hour of the day. The manager expected the employees to be available 24/7 even though the company itself operated with normal 9 to 5 hours. The manager would host a team meeting every month where they called out every single person on the team to tell them what they did wrong throughout the month — in front of everyone else. Achievements were never acknowledged in these team meetings.

    On the other hand, my friend also worked with a different company whose employees absolutely adored the work culture. If you made a mistake, the business owner acknowledged it and helped you understand ways you could improve in the future. There was never a punishment or scolding involved. She encouraged everyone to use it as a learning experience.

    She also recognized people’s strengths and would actively approach them about other opportunities. For example, she noticed one employee who was originally hired to answer the phone had an affinity for numbers and enjoyed budgeting. With a lot of encouragement from the team and a little training, that receptionist moved up to inventory management.

    All jokes and internet memes aside, the culture at your company can make or break your business.

    Related: How to Create a Workplace Culture Where Everyone Feels Like They Belong

    The cost of bad company culture

    According to the Society for Human Resource Management, it can take up to 6-9 months worth of an employee’s salary to find their replacement. That means losing a $60,000 employee can cost you up to $45,000 trying to find their replacement. Just to put this into perspective, that aforementioned company with the horrible work culture had an average six-month turnover rate for a team of 15 people. Let’s say they were all salaried at $60,000. That means every six months the company was essentially burning $675,000 — which adds up to $1.35 million per year. As you might have guessed, that company went out of business.

    Of course, company culture is far more than money. Morale, performance and finding top talent all take a hit with a lackluster workplace atmosphere. Without positivity and recognition of successes, employees feel as though they can never do anything correct, which leads to low morale and, in turn, low innovation and enthusiasm for the job. If someone does not care about their job, they will not do it well, leading to external issues for the company such as poor customer service and missed deadlines. And if the company is not able to innovate in our fast-paced ever-evolving world, the business will not survive.

    This then leads to employment issues. Companies with a negative reputation will find it difficult to hire top talent because no one wants to work in a place where they are not valued. According to an estimate published by Gettysburg College, the average person will spend 90,000 hours of their lifetime at work — that’s about one-third of a person’s life. People do not want to spend that time in a place that causes them stress or pushes them to the brink. This includes current employees too; people do not want to work at a place where they constantly fear losing their job; so, many people (once they realize the toxicity of the workplace culture) will quit. This leads to a never-ending, vicious cycle of talent coming and going, leaving the business without a way to grow.

    Related: 10 Excellent Company Culture Examples For Inspiration

    Create a culture that retains talent

    There has been a shift recently where people are not staying at jobs as long as they used to. You’ve most likely heard of people who worked at the same company for 50 years or more. Nowadays, it’s more common than not to hear of someone who has worked for multiple businesses over a span of just a few years. This is due to the kind of work, benefits included and — you guessed it — company culture. Having worked for almost two decades in the hiring industry, here are ways to create a company culture that will retain your top talent, save you money and help your business grow:

    1. Be present. Too many people want to own companies without having to be present to run them. If you do not want to work there, why would your employees want to work there?
    2. Lead by example. Everyone is human, and even artificial intelligence tools make mistakes. Use a mistake or problem as a learning example, and you might even be able to turn it into a marketing opportunity.
    3. Empower employees. Give your employees the opportunities to go further in their careers with training, certifications, etc. If someone wants to improve, help them!
    4. Celebrate achievements. Recognize successes and create goals that lead your team to receive rewards.
    5. Communicate openly. If something is going wrong, it needs to be pointed out. Do so in a professional manner so that the team can address the problem.
    6. Promote a work-life balance. Especially in a remote workforce, people are tied to their devices. Make them take breaks and vacations and set a range of working hours that encourage this balance.
    7. Offer incentives as part of the job package. Benefits play a big role too for potential incoming talent. Look at what your company can offer to entice employees to join your workforce.

    Related: How to Create a Work Culture That Can Survive Anything

    If you are not sure what to change with your workplace culture, go to the source and ask your employees. Their invaluable feedback will help you create a culture that encourages employees to stay and fosters top talent to grow with the business.

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    Lesley Pyle

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  • Is Your Leadership Team Failing Your Employees? | Entrepreneur

    Is Your Leadership Team Failing Your Employees? | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    I’m sure you have seen the headlines about quiet quitting, loud quitting and company struggles with employee retention. Since the Covid-19 pandemic, it has become very clear that many employees are unhappy in their current jobs, but what is the main culprit here? While this is a complex issue with many potential contributing pieces, there is one clear factor fueling a large portion of employee dissatisfaction, and it is poor leadership.

    Throughout my career, I have seen the ill effects of bad bosses from many different angles. During my time practicing in healthcare, I saw the physical, mental and emotional strain caused by poor leadership and its impact on patients, colleagues and even myself. I remember when I started my first “real” job after college. My boss at the time wanted me to check in with him before leaving for the day. Typically, around 6:00 pm, when all my work was completed, I would wait by his door with my stomach growling hoping to get the thumbs up to make the 60-minute or more commute home. My boss would see me standing there and would typically make a motion like he was busy, and I needed to wait (if he acknowledged me at all). If I was lucky, it would be about 15-20 minutes before I got the hand wave that he was ready to talk, but most of the time I would be there waiting for much, much longer.

    On the flip side, I have also been extremely fortunate to experience what empowering and supportive leadership looks like. During my keynote talks and corporate trainings, I have witnessed solution-focused dialogue around employee pain points and struggles. I have seen leaders actively asking for feedback from their employees, looking for ways to implement positive change to support their overall well-being.

    Related: 7 Timeless Principles That Will Help You Become a Better Leader

    For better or worse, the leaders in your organization can make or break employee happiness, well-being and company culture. I recently took a poll on LinkedIn where I asked the question, “If you are not completely fulfilled at your job, what do you think is the main reason?” Unsurprisingly, 56% of respondents chose poor leadership or their boss. When people don’t feel valued or fulfilled in their careers, their performance suffers, and the organization as a whole is negatively impacted.

    According to Gallup’s State of the Workplace 2023 report, almost 6 out of 10 employees were categorized as quiet quitting, and 51% of surveyed employed workers reported watching for or seeking out a new job.

    So, what do employees really want from their leadership team? While exploring this question, I ran another poll on LinkedIn asking, “What made the best boss you ever had such a great boss?” An overwhelming 77% of respondents reported that it was their support and advocacy. At the end of the day, people want a boss that is in their corner. They want to work for a leader they can trust; a leader who has their back. Now, developing that trust is not always easy. It takes intention, self-awareness, time and effort.

    That said, here are three steps to help you move in the direction of becoming a better leader:

    1. Optimize how you communicate

    How effective do you think you are at communicating? How does your communication style fluctuate based on your emotions? How are you perceived by others? A key part of being an excellent communicator is building self-awareness. When you start to recognize your tendencies and habitual responses to different situations, you can begin to see where there is room for improvement.

    Do you shut down when you get upset? Do you micromanage when you get stressed? Is there regular, clear and open dialogue between you and your team about expectations, workload, timelines and potential speed bumps? What does your team really think about your communication style? Getting feedback in this arena and working towards being an optimal communicator will help create an environment where everyone feels seen, heard, valued and supported.

    Related: 5 Steps to Communicate Like a Boss

    2. Build connection

    How well do you know the members of your team? As a leader, it is important to have regular check-ins with your group via different formats including, email, phone, virtual and in-person. You should also be having informal conversations in which you are able to get to know them as a person.

    Learn about your team members’ goals and aspirations. What are their strengths? Is there a time of day when they work the best? What are their pain points with their job? What kind of help and support could they benefit from? Discovering these things will help you more effectively lead each individual employee based on their unique situation. You won’t be able to provide support and potential solutions for problems if you don’t even know they exist.

    3. Be receptive to feedback

    Too often leaders are the ones providing the feedback, but they are not always getting honest feedback from their teams and groups. Leaders need to provide constructive feedback, mentorship and support, but they also need to be actively seeking out feedback from their team. You may be biased when it comes to your leadership style, or you may not be aware that some of your messaging is being misinterpreted, so getting feedback is essential.

    Now, no one is going to want to share feedback about their boss if they are afraid that it will negatively impact their job security or career advancement. As a leader, you are responsible for creating a safe environment and a feedback loop for employees to share suggestions, concerns and pain points.

    When it comes down to it, no one really wants to be a bad leader. They may just be lacking the tools, skills or self-awareness needed to create a space where employees can thrive. Wherever you are at in your leadership journey, remember that there is always room for growth. By investing in leadership development, you will be planting the seeds for an empowering company culture with happier employees who will want to work with you for years to come.

    Related: 5 Tips to Help You Be the Sort of Leader Employees Love to Work For

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    Kristel Bauer

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  • How to Build a Socially Responsible Employer Brand | Entrepreneur

    How to Build a Socially Responsible Employer Brand | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    The world has changed. People have changed. Why shouldn’t businesses change, too?

    Fact is, they should, and they should do it wholeheartedly — and soon. Employees and consumers alike expect more. And they’re making their employment and purchasing decisions based on the values that organizations demonstrate rather than just espouse.

    Gen Z is leading the pack when it comes to putting corporations’ feet to the fire. Deloitte research indicates that Gen Z is motivated by purpose and a brand’s good global citizenship reputation. This only makes sense. Growing up in an era of rapid information dissemination, Gen Z was hyper-aware of global issues like climate change, social inequality and human rights abuses.

    Of course, we shouldn’t assume that only Gen Z workers care about social responsibility. People of all ages and from all generations have become skeptical about companies’ corporate social responsibility efforts. They want to make sure that their employer (or future employer) isn’t just “checking the box” but is following through on promises. For instance, more than 5,000 organizations have earned Certified B Corps designations. In the future, that designation may be not just expected but standard.

    Related: Why Should Your Business Care About Social Responsibility?

    But what exactly does it mean for a business to walk the walk, not just talk the talk? For some, it means investing $100 million in the brand’s Racial Equity and Justice initiative, which is focused on addressing systemic racism through educational support. For others, it means sending 7.5% of pre-tax profits back into community organizations throughout the nation, as well as championing human rights, social and economic justice, and environmental protection. For many, it means working toward 100% carbon neutrality.

    However, for every positive corporate example, the opposite exists as well. More than one brand has found trouble in the last few years due to greenwashing ventures. Or maybe it’s a viral PR disaster like a failed commercial that made light of ongoing and serious national tensions. Audiences today will hold brands accountable for missteps as much as celebrate their success.

    The point is that your company can’t hide behind slogans or statements. To appeal to modern workers and customers, you have to showcase your commitment to social responsibility. If you don’t, you can be sure that your competitors will be the first to call you on the carpet.

    To get started, try these methods to initiate the process of folding social change into all the fibers of your corporation’s brand and culture fabric.

    1. Engage your stakeholders, not just your shareholders

    There’s no doubt that you have to be conscientious about your shareholders when you’re a business leader. Shareholder value has been the primary focus for companies for decades. However, sometimes corporate social responsibility conflicts with a focus on profits. Why? The simple answer is that corporate social responsibility often requires a sizable financial investment. Not always, mind you — consumers are starting to pay more for products and services backed by socially responsible companies. Nevertheless, your job is to look beyond just your shareholders and engage your stakeholders.

    When I refer to stakeholders, I refer to everyone with a stake in your organization, including team members. Remember: They have a choice as to where they’re going to work. Nearly seven out of 10 professionals planned to resign in 2023. You can’t afford that kind of attrition, so you need to collaborate with your employees to build a collective vision and commitment around social change. Be aware that your team members will have different visions and different appetites for what social change means. That’s a good thing because it elicits deeper conversations and helps you get closer toward your goals.

    Related: 10 Ways to Make Your Business More Socially Conscious

    2. Listen to what matters to people

    Instead of automatically arguing or debating social points, put yourself into a “listen and learn” mode. Find out what’s really important to others. Ask questions. Why do they feel the way they do? What’s important to them? What kind of stand would they like to see you take as their employer or preferred brand? You don’t have to do everything they want, but you’ll be in a better position to make decisions if you “get” them.

    After educating yourself through active, open-minded listening, you’ll be prepared to problem-solve and lead your company and team forward. By leading the charge, you can show your authentic desire to make a positive impact based on the needs and wants of your stakeholders. In other words, you’ll have a rare opportunity to demonstrate proactive leadership, innovation and creativity to the biggest societal challenges we face today.

    3. Lean into major headlines and movements

    When the “don’t say gay” headlines hit the front page of every major media outlet, did you consider saying anything about it as a company? Or did you shy away from the topic? Right now, employees and buyers want to know that their favorite brands care about what’s happening. You don’t have to rush into making a statement, of course. You just shouldn’t avoid creating a space for respectful dialogue and discussion about the subjects of the day.

    Can these types of conversations be awkward? Absolutely, which is why I recommend turning to resources and guides to help you navigate these conversations. By enabling everyone to speak their piece, you show that you value transparency within your workplace. And transparency begets trust, credibility, and accountability — all essential for building tighter teams where people feel psychologically safe and can bring their best selves to work.

    Initiating social change requires dedication, consistency and a genuine commitment to making a positive impact. Although it takes energy and investment, it’s worth every minute and penny to transform your company into one that’s seen as unfailingly socially responsible.

    Related: Corporate Social Responsibility Is More Than Just Charity — Here’s Why It’s Good for Business.

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    Gloria St. Martin-Lowry

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  • 3 Ways Business Leaders Can Balance Company Needs and Employee Satisfaction | Entrepreneur

    3 Ways Business Leaders Can Balance Company Needs and Employee Satisfaction | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    The dynamic nature of today’s business landscape has caused a notable shift in how organizations navigate the delicate balance between organizational needs and employee satisfaction. The past few years have undergone a pendulum swing — from an employee market to an employer market —transitioning from a period prompted by the pandemic where the wellbeing of employees was top-of-mind to secure labor and top talent to now, where many organizations have reverted to more traditional models focused on profit margins, as seen in the number of mass layoffs over the past year of high-profile companies like Microsoft and Zoom.

    The pandemic’s labor shortages and pent-up consumer demand for certain goods and services forced companies to race to secure and recruit top talent. Now, more recent economic challenges, such as inflation and the pending recession, have caused businesses to reevaluate their strategies. In some cases, this has prompted internal restructurings that have led to layoffs, as we’ve seen job cuts increase 198% from last year, marking the second-worst stretch since the Great Recession. In other cases, cutbacks have been related to employee benefits or perks, as demonstrated through Meta cutting cafeteria options and other perks like laundry services or Google cutting back on laptops, equipment and employee training to save money.

    A recent survey from Care.com of 500 C-suite-level executives and HR decision-makers revealed that 95% have recalibrated their company’s benefits strategy amid economic uncertainty, and 47% are trimming their benefits. What’s important to take away from the events of the past few years is that the path forward does not mean choosing between employee satisfaction and company performance — striking a balance between the two is a challenging yet attainable feat.

    Forward-thinking companies acknowledge that long-term success involves finding a middle ground between disciplined growth and employee wellbeing. Recent data from Gallup reveals only 32% of U.S. employees overall were engaged in 2022 and that companies with engaged employees see an average of 21% more profits and 17% more productivity than their disengaged counterparts. When employment wellbeing is overlooked, it can lead to a lack of employee engagement, which in turn has an impact on profits and productivity. In order to find a sustainable balance, business leaders must revisit how they approach performance management, employee benefits and workplace flexibility.

    Related: How Flexible Work Will Give Your Business the Biggest Advantage

    Reevaluating performance management

    One of the most important components of sustaining business growth while keeping employee fulfillment at the forefront is reevaluating how to handle performance management. Recent data from Willis Towers Watson’s 2022 Performance Reset Survey reveals that only 16% of North American organizations reported being effective when it comes to managing and paying for performance, and a Gallup survey from last year revealed that an overwhelming 95% of managers are dissatisfied with their organization’s review system.

    To do so effectively, leaders must set clear expectations from the start. This could be for employees new to the organization but also for seasoned employees who may be starting in a more senior role or an entirely different department. Engaging employees in the planning process from the get-go will give them better insight into how their goals and contributions provide value to the overarching strategy of the organization. Clearly outlining the roles and responsibilities of each employee and tying those expectations back to the overall goals of the business will give employees a sense of purpose, which helps to lay a foundation for optimal performance.

    Once the foundation is set, it’s important to continue to revisit how an individual’s role ties into the broader business plan by regularly communicating with employees and assessing how they are tracking toward these goals. By having one-on-one check-ins and hosting formal reviews regularly, supervisors will have a clear opportunity to assess progress, provide feedback and level-set expectations.

    Take the time to sit down with each employee at the organization and assess the specific expectations and goals for their role. As an example, goals could include increasing Q2 revenue by 20% or closing $500,000 worth of sales by the end of the year. It’s critical to back these meetings by assessing both Objectives and Key Results (OKRs) and Key Performance Indicators (KPIs), for example, quarterly sales goals, customer retention rates, etc., for the company. In initial meetings with new team members or during formal performance reviews, it’s important to reference OKRs and utilize this as a goal-setting framework to connect individual goals with the overall strategy of the company. By setting this framework, the company will be able to better measure how they are tracking against KPIs, which will help with individual progress assessments on a more regular basis.

    Recent data reveals that 27% of workers rarely or never receive feedback, which can be detrimental to the overall performance of both the individual and the company. Believe it or not, data reveals that 75% of employees appreciate candid feedback and believe that it is incredibly valuable to their work. Feedback can help employees better understand where they stand, how they are tracking against broader goals and what they can be doing differently to improve. Not only will this help to strengthen the skill sets and contributions of each employee, but it’ll also showcase a genuine care for their development and wellbeing within the organization.

    Assessing performance should not only be targeted toward underperformers but should focus on lifting employees across all levels to their highest potential. As a leader, it’s important to be actively involved in these initiatives in order to provide the support needed to help employees bridge potential gaps where they may be falling short. It’s essential to view performance management as a positive exercise to help provide additional clarity and guidance to help employees grow rather than viewing it solely as an exit mechanism. While it’s crucial to address underperformance, it’s equally as important to acknowledge that poor performance management can adversely impact generally high-performing employees. Throughout the pandemic, many organizations did not properly attend to performance-related issues due to revenue reductions and in an effort to keep underperforming employees when there were labor shortages. The reality of today’s workforce is there is a much larger talent pool, which further underscores the need to optimize performance management across all levels of talent and performance.

    Prioritizing employee benefits and wellbeing

    A study by the Saïd Business School titled “Does Employee Happiness have an Impact on Productivity” revealed that happier workers were 12% more productive than their unhappy counterparts and that happier workers tend to make fewer mistakes, demonstrating that investing in new and old talent through added benefits can have positive impacts for both employee wellbeing and an organization’s bottom line.

    As we learned through the pandemic, offering a wide range of employee-focused benefits such as flexible work schedules, parental and family leave and wellness programs like gym memberships can help to attract new talent, but it’s imperative to recognize that this alone will not be enough to retain top talent. 80% of employees want benefits or perks more than they want a pay raise, but seek out companies that foster a culture that encourages them to actually utilize them.

    In many cases, benefits such as paid time off and wellness initiatives are available, but employees may be cautious about actively taking advantage of them, given a prevailing culture that doesn’t back their usage. Studies show that taking time off can help refocus and recharge the brain and body, leading to reduced feelings of burnout, improved morale and increased productivity. Encouraging employees to take breaks and recharge without repercussions or concerns is critical. For example, offering flexible working arrangements and encouraging longer vacations or mental health days can help employees feel more comfortable leaning into these benefits. It’s often perceived that lower-performing workers will take advantage of these benefits, which could cause companies to be hesitant about offering these sorts of offerings. But in order for high-performing workers to continue to operate at a successful caliber, these benefits should exist within an organization’s offerings. Rather, leaders should utilize that thinking as an opportunity to refine performance management for lower-performing workers, as opposed to avoiding offering extended wellness benefits and flexibility.

    Organization leaders must lead by example in order for this to be effective – as recharging and taking time off is equally as important across all levels. Leading by example and taking advantage of company benefits as a leader can help foster a more comfortable environment for more junior employees where all benefits are utilized to their full potential.

    Adopting workplace flexibility

    Much has changed over the past few years, most notably the convergence of remote work. Leaders must recognize that there is no one-size-fits-all solution that will cater to all employee needs, especially when it comes to striking a balance between fully in-office or fully remote work. When you factor in commutes, family commitments and personal situations – not all employees will flourish in the same workplace style, further insinuating the need for flexibility in the workplace. Data supports this as well, with recent insights revealing that workers with full schedule flexibility report 29% higher productivity than workers with no ability to shift their schedule.

    Leaders should strive to find a balance between the autonomy of remote work and the relationship benefits of working in the office. Engage with employees through company-wide surveys or in individual manager meetings to get a better understanding of their preferences regarding remote and in-office work, as this will help inform an organization’s policies for return to office. Consider offering additional flexibility such as flextime, staggered hours or hybrid work models for workers who may have longer commutes, younger kids or personal circumstances that prevent them from being in the office on a regular basis.

    For hybrid work environments, it’s best to offer flexibility when working from home that matches where and how employees work best. Work from home should ideally be spent on individual, heads-down work that doesn’t require in-person collaboration. For mandated in-office days, encourage collaboration, project work and team-building activities to help foster a cohesive working environment. Additionally, one way to encourage employees to come to the office is by hosting external work events like happy hours or organized sports as a way for coworkers to intermingle and gain better relationships outside of work. By being transparent about the in-office expectations from the get-go, employees will be able to plan for and engage at a level that best suits their personal and professional schedules.

    By implementing a flexible work environment that strikes the right balance between remote and in-office work, business leaders can effectively foster a work environment that promotes employee engagement and wellbeing.

    The rapidly changing landscape of the workplace in recent years has prompted organizations to reevaluate how they approach employee wellbeing while also focusing on sustaining organizational growth. This evolution has been a call to business leaders to incorporate employee wellbeing into the long-term organizational strategy rather than feeling the need to sacrifice one for the other. As leaders, it’s important to prioritize both the professional achievement and personal fulfillment of employees by committing to nurturing involved, high-performing teams that drive sustainable success.

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    Ben Richmond

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  • What Can Be Done About Employee Retention Amid Stagnation? | Entrepreneur

    What Can Be Done About Employee Retention Amid Stagnation? | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    This story originally appeared on Under30CEO.com

    The employment landscape has shifted dramatically in recent times, with companies suddenly faced with a surprising issue they weren’t prepared for – a lack of voluntary employee departures. This is in stark contrast to last year’s high employee turnover rates, and companies are now grappling with the implications of employee retention in a stagnant labor force.

    A Startling Development in Employee Retention

    The white-collar labor market presents a unique challenge as organizations reevaluate their employee engagement strategies to emphasize job satisfaction and growth opportunities, all in a bid to inspire their workforce to stay and thrive. This new dynamic demands that businesses remain agile and focused on employee welfare to maintain a stable — yet responsive — workforce.

    The Ripple Effect of a Stagnant Workforce

    Employers have long endeavored to maintain a balance between keeping a steady workforce and preventing high attrition rates. However, the current employment dynamics have since changed, leading to unexpected concerns among businesses as they strive to navigate the impact of a stagnant workforce, which includes a myriad of negative consequences such as decreased innovation, skill stagnation, and diminishing employee morale. Companies now find themselves balancing employee growth with workforce stability and productivity in this uncharted territory.

    Related: Data Reveal the 7 Factors for Optimal Employee Retention

    Exploring the Causes of a Soft White-Collar Labor Market

    Various factors have contributed to this change in employment dynamics, including economic instability, shifting work patterns, and employees’ quest for job security. The convergence of these factors has led to employees deciding to stay put in their current roles, consequently affecting the natural movement of talent within organizations. This job movement stagnation has also caused a drop in available positions, limiting opportunities for employees to seek new roles. Employers, focused on retaining their existing workforce and stability, are hesitant to hire and may not offer competitive salaries.

    Implications for Businesses and Employees Alike

    Both companies and employees face consequences in this evolving marketplace. The absence of voluntary job departures might lead to a lack of fresh talent entering organizations, thus stifling growth and innovation. Meanwhile, for employees, decreased job mobility may result in stagnating professional growth and fewer opportunities to sharpen skills. As a result, both parties must invest in strategies to attract fresh talent and nurture ongoing development to stay competitive in this dynamic market.

    Decreased Mobility, Limited Advancement

    Limited promotional opportunities for workers due to lower job mobility may hinder professional growth and career advancement, leading to reduced job satisfaction and motivation. Ultimately, this onset of stagnation may negatively affect overall productivity and innovation within a company.

    The Upside of Fewer Voluntary Resignations

    On the other hand, a reduction in voluntary departures may indicate increased employee engagement and satisfaction, leading to greater productivity and company loyalty. Additionally, this situation could result in cost savings for businesses, as they bypass expenses associated with employee turnover and recruitment.

    Navigating the Shift to Reap the Benefits

    Companies that effectively transition through these changes may enjoy increased loyalty and productivity from their workforce, fostering a more dynamic work environment and positioning themselves as industry leaders.

    Conclusion: Embracing the Challenges and Opportunities

    The current disconnect between previously high attrition rates and today’s unexpectedly static labor market presents a novel challenge for employers and employees alike. A multi-faceted approach to understanding the contributing factors is required, focusing on the needs and desires of both parties. Implementing innovative strategies to adapt workplace culture and support professional development will be essential in fostering a mutually beneficial environment.

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    Kimberly Zhang

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  • The True Cost of Employee Turnover During a Recession? Your Entire Business. Rethink Your Strategy to Make Your Top Talent Stay. | Entrepreneur

    The True Cost of Employee Turnover During a Recession? Your Entire Business. Rethink Your Strategy to Make Your Top Talent Stay. | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    We hoped we had weathered the storm, that the Great Resignation and the Great Reshuffle had passed us by, but the employment landscape is still suffering severe aftershocks. In the tech industry alone, 2023 has brought more layoffs than last year — over 240,000 tech employees have been laid off this year, a 47% increase from 2022, according to Layoffs.fyi.

    Some layoffs are happening despite companies seeing profits improve. LinkedIn, for example, has grown in revenue over the last four quarters but still announced in May that it would cut 716 jobs in sales, support and operations in an attempt to streamline its processes. Other industries are far from safe.

    Especially as we enter another season of unpredictable economic news and pervasive uncertainty, it will be crucial for companies in any sphere to strategize on how to keep top talent from leaving, how to measure employee satisfaction and how to navigate employee retention during a recession. Here’s my advice.

    Related: How to Attract and Retain Top Talent

    How can companies boost employee retention during a recession?

    The importance of retaining talented employees cannot be overstated. Employee turnover has a direct line to the overall health and well-being of your company. Similarly, employee retention can signal to others that your culture is strong and can make the rest of the team feel reassured and ready to face another day.

    There are many things that company leaders can do to stop the cycle of employee turnover and retain the best people — those most aligned with the company’s values and those most equipped to face its challenges. Most of these strategies involve improving the way you appreciate team members:

    1. Rethink what cost means for you

    Many CEOs balk at any extra cost at this time. After all, why would you shell out for a new program or initiative when you’re having to cut costs drastically elsewhere? It’s hard to commit to a cost you don’t know you’ll be able to sustain.

    However, it is well worth considering cost from different perspectives. The cost of losing employees to more caring or rewarding employers is a very real financial outlay. Consider the various costs involved in recruiting and training a new employee, the inevitable slowdown in productivity as they learn the ropes, not to mention the mental cost on team members who are in the midst of a crisis and seeing their co-workers depart. If you can’t afford to lose talent at this critical time, then you also can’t afford to treat your employees as just another cog in the machine.

    Just take Adobe, for instance. The digital giant is ranked No. 1 in employee satisfaction, and this appreciation for its employees extends to its minuscule turnover rate as well. In times of turmoil, it’s important to learn from the masters and invest in your employees today so they can be your top talent tomorrow.

    Related: Employee Retention: 4 Tips to Help Keep Your Top Talent

    2. Perform a care edit on your benefits package

    Fear of being laid off comes along with a myriad of mental health symptoms. From self-esteem damage to depression, living with the real or perceived threat of unemployment can lead to significant distress, which (in today’s climate) can become a long-term problem.

    These symptoms can be further exacerbated if an individual’s workplace doesn’t respond with kindness. Taking care of team members and finding ways to show employee appreciation are especially important during uncertain times. If you fail to respond to these anxieties with care, your company risks losing talented, core members of your team.

    Fortunately, there are many ways to show employee appreciation that goes far beyond higher salaries. For example, HubSpot offers its employees unlimited holidays, flexible work agreements and perks for additional mental and physical well-being. By supporting employees, HubSpot continues to boast solid employee retention, even during economic uncertainty.

    Fortunately, your business can enjoy this stability, too. Start by performing a care edit on your benefits package and getting rid of anything that doesn’t serve employees’ health and well-being. Then, add the things that will truly help your team right now. Health insurance, dental care, gym membership or yoga sessions, healthy snacks/meals at work and even therapy. All of these benefits could help you differentiate your place of work from competitors in the marketplace and make employees feel cared for and more apt to stay.

    Related: 14 Strategies For How To Retain Top Talent and Build Championship Teams

    3. Get to know people on a deeper level

    When you’re navigating an economic downturn, employees can quickly become numbers on a spreadsheet as you work out what you can afford. However, companies should never let this sensation become a reality. Lose touch with your employees and you’ll lose your top talent just as quickly.

    Consider Google, for instance. Companies often look to the search giant for examples of how to keep top talent from leaving, and for good reason. Leaders at Google are acutely aware of how important company culture and trust are to a successful company; that’s why they prioritize employee relations to ensure their brand culture remains cohesive and effective. Just like Google, it’s critical for your company to stay aligned with employees and ensure every employee feels like a part of the bigger picture.

    However, the process of getting to know people shouldn’t stop after onboarding; people’s needs and goals change as they grow within a role. Leaders who keep in touch with these changing selves and the many personal successes that come along the way will be able to better offer advice and support their team towards achieving their personal goals.

    For example, the greeting card experts at Hallmark regularly practice recognizing employees by sending personal birthday cards, anniversary cards, thank you cards or greetings just to say “job well done.” Other businesses can take a page from the experts in this regard as well — especially since employees who feel like their workplace celebrates their achievements and remembers their important dates will be more likely to stick around and grow their careers within the company.

    It may be a hard and unpredictable time for your company. With daily reports of layoffs peppering the news cycle, your employees may be feeling anxious and overwhelmed. But this is not a moment to cut back on caring for your team. Invest in supporting and appreciating the talent that makes your company what it is — this is how to keep top talent from leaving.

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    Robbin Champaigne

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  • How to Make Your Office More Accommodating for Hybrid Workers | Entrepreneur

    How to Make Your Office More Accommodating for Hybrid Workers | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Nowadays, to run a successful corporate business, it’s almost guaranteed that you’ll have to offer a hybrid work style to attract new employees and retain existing ones. But offering hybrid work options is about more than letting your employees work from home several days a week. It’s about providing amenities that make the balance between work and home more level — and make them want to come into the office to work.

    Since exiting the height of the pandemic, many companies have observed work outputs for their employees. While remote work is undoubtedly a lucrative business strategy, some companies have noticed slower productivity when offering 100% remote work. Instead, many companies have noted higher outputs when working from an office setting. But with so many workers citing remote work as a non-negotiable, how do you placate employees’ wants with your business’s needs?

    Related: 5 Steps to Implement the Ideal Hybrid Work Model

    Hybrid work is the future

    Giving employees the choice to work partially from home and partially from an office is paramount to employee productivity and retention. The last thing you want when encouraging workers to work from your office is to spark resignations. But how can you negotiate the needs of your business with employee satisfaction?

    The answer is hybrid work!

    Granting your employees the option to work both in and out of the office gives them freedom and flexibility while steering them to higher productivity levels. But when weighing the pros of working from home and the cons of working from an office, many workers may feel compelled to always opt to work from home. So, what’s the easiest way to entice workers to work from your office?

    Make your office space inviting with these amenities for hybrid workers.

    Hot desking

    Hot desking is a type of flexible workspace where desks aren’t assigned to a specific employee. Instead, a selection or desk area is open for employees to share and move around. This is incredibly impactful if your hybrid employees work on a staggered schedule. Instead of leaving half of your office unused for several days a week, hot desking desks will be occupied every day.

    Hot desking encourages employees to be more collaborative, encouraging them to work in the office, especially when working on projects with other team members. So, productivity will be positively impacted, and employees will get a chance to form stronger professional relationships through collaboration and discussions in shared workspaces.

    Casual dress code

    One of the biggest reasons workers hesitate to return to the office is comfort! Swapping comfortable clothing for business casual can feel detrimental. So, make the transition more manageable with a casual dress code.

    Allowing workers to wear jeans and t-shirts daily means they’ll feel more at home in your workplace. Further, if there’s ever a day when you’ve got investors visiting, and your team needs to be more dressed up than usual, they may be excited for the opportunity to dress up.

    Further, the last thing you want is an employee’s performance to be impacted by uncomfortable clothing. So, eliminate this possibility with a relaxed, casual dress code.

    Related: 4 Ways to Encourage Employees to Return to the Office

    Rooftop spaces or greenery

    The prospect of spending eight hours per day under fluorescent lights without spending time outside is one of the most significant drawbacks of returning to the office. Eliminate this prospect by bringing the outdoors to your office.

    If your office has an outside area, such as a balcony or a rooftop, encourage workers to spend time there by extending WiFi coverage to these spaces and outfitting them with comfortable chairs and tables.

    If not, incorporate the outdoors by decorating your office with greenery. Several large plants, a vine wall or even alternative lighting to overhead lights can make your office space more inviting and convince workers to spend more time in the office than at their home office.

    Touchless options

    Empowering your employees to remain safe and sanitary while working in the office is one of the easiest ways to entice them to return. In addition to stocking hand sanitizer and hiring a cleaning crew to disinfect your office regularly, consider investing in touchless entry options.

    A mobile-based intercom allows employees to swipe on their phones to gain access to your office — no need to type on a public keypad or fumble with keys!

    Further, the best intercom systems will allow you to send virtual keys to visitors or delivery couriers. So, touchless entry is sanitary and convenient!

    Private spaces

    While an open-concept office draws in many employees who prefer remote work, it’s not always practical. Instead of a completely open office space, offer several private spaces where employees can take calls, have private meetings and work in silence when they need to focus.

    Think of it as offering a “closed” open office. As a business owner or manager, you don’t have to choose between a row of cubicles or a completely open-concept office. Instead, a happy medium between the two with some areas of hot desking and some private rooms is your best option to accommodate hybrid workers.

    If you’re struggling to entice your employees to return to the office a few days a week, consider offering these attractive amenities. By doing so, you’ll make their time in the office much more inviting, convenient and comfortable — and you’ll likely also see higher levels of productivity as well.

    Related: How To Invite Your Employees Back To The Office

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    Cyrus Claffey

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  • 3 Ways to Upskill Your Team with Continuous Training | Entrepreneur

    3 Ways to Upskill Your Team with Continuous Training | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    There are many tried-and-true formulas for business success, but a strong staff of skilled workers is the foundation of every successful business. That’s why one of the most difficult issues for any business owner is employee turnover. The most recent Work Institute study found that employee turnover cost businesses over $700 billion in 2021. There’s a heavy price to be paid for every lost employee, but what can business leaders do to avoid dealing with the pitfalls of losing their strongest team members?

    When it really comes down to it, no good employee wants to remain at a job that stagnates their growth. According to a recent Gartner study, 82% of employees want their organizations to view them as people with individual goals and aspirations. LinkedIn’s Workforce Learning Report also states that 93% of employees would stay at a company longer if it invested in their careers. The clear winners are those businesses that find a way to keep their employees engaged. Employees who regularly get opportunities to learn, develop and advance their skills are more likely to stay with a company. When you invest in your team, you invest in both your company’s future and their future as professionals.

    That said, having an average training program for employees is not enough. Business owners should seek to optimize these programs to the fullest. In my experience, there are three key areas leaders should focus on when optimizing a continuous training program for their workers.

    Related: Why Small Businesses Need to Prioritize Continuous Learning

    1. Ensure your team is technically certified

    Technical certification is the foundation of all employee training. Every new employee should be properly certified in all the areas related to their responsibilities. Without technical expertise, the leaks in productivity will spill over and lead to a lack of efficiency and lost time. To truly excel as a thriving entity, everyone on your team must be a technical expert in their respective areas.

    Certification is an ongoing process. As new technologies will continuously enter and disrupt your industry, you must keep up-to-date with the latest tools and software that your competitors are leveraging and update your training standards when necessary. This is where you, as a leader, must make important distinctions between the trends that come and go and the technologies that will change the shape of your field for the foreseeable future.

    Since day one as president of my company, we have required ongoing skill certifications and competencies of our entire team, from entry-level ticket routers and customer support architects to account managers and engineers. We also require continued education and up-to-date certifications for any customer-facing technical personnel. This has been vital in providing a leg up over our competitors, but also gives our workers the confidence in their knowledge and abilities to deliver the best results possible.

    Related: 6 Ways to Keep Your Employees Learning At Work

    2. Don’t overlook the importance of soft skills

    Your employees can have all the technical expertise in the world, but if they can’t communicate with clients, customers or each other, those earned skills won’t translate into business success. That’s where soft skills come into play. Business success requires an understanding of people and human interaction, whether interpersonal communication between internal teams or the ability to communicate with customers to make them feel heard and understood.

    The good news about investing in soft skills such as communication, leadership, teamwork, emotional intelligence and problem-solving is that your employees don’t need to be experts in these areas to ensure these skills translate to professional success. There is a baseline requirement of competency necessary for each employee to thrive, and then it becomes an ongoing process of lifelong learning to improve these skills over time.

    Soft skill training is adaptable. While every employee should be required to undergo necessary training, some employees may naturally be suited to certain skills while needing extra training in others. For example, your new hire might excel in one-on-one settings with customers but struggle with leadership roles. It makes sense to tailor this employee’s training to ensure you fill in the gaps.

    3. Invest in outside-the-box skills that give your employees an edge

    Let’s face it: any company that isn’t investing in expanding its technical skills and soft skills is not a worthy competitor, so let’s assume the top companies in your industry are checking the previous two boxes. To get an edge on them, you have to arm your employees with niche skills that give your business a unique advantage.

    For example, we’ve seen a lot of advancement in generative AI over the previous year. Those companies that are training their staff to utilize generative AI to boost their output and improve their workflows are the ones that can potentially come out ahead in the long run because they benefit from the combined productivity of a skilled workforce and technological efficiency.

    Perhaps there is an up-and-coming software that can potentially do wonders in saving your employees time to turn around items. Maybe you’re a healthcare company, and there’s new research in your field about how to best optimize patient health outcomes that aren’t yet being leveraged — which allows you to come out ahead by training your clinicians accordingly. You will separate your business from the pack by consistently investing in building niche skills for your staff.

    Identify the blind spots in your training program and adjust accordingly

    While most businesses have an employee training program, many miss the mark regarding one of these three key areas. Employee development is a continuous effort that needs to constantly be adjusted through different coaching strategies, training programs and leadership mentoring. Those businesses that don’t invest in their employees will get left behind, so you must prioritize the workers who keep the ship running, and your business will flourish.

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    Julian Hamood

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  • Don’t Underestimate The Importance of Employee Wellbeing. Your Business Will Suffer The Most. | Entrepreneur

    Don’t Underestimate The Importance of Employee Wellbeing. Your Business Will Suffer The Most. | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    In the dynamic and ever-evolving world of entrepreneurship, one critical yet often overlooked aspect is the workforce’s wellbeing. Where success is driven by constant innovation and growth, wellness often falls short. The barriers to investment in workplace mental and physical health remain significant.

    So why do these limitations still remain? From insufficient knowledge of the best practices to scarce research on why such investments have a positive impact, this topic is still full of prejudices and stereotypes. As a result, they hinder many entrepreneurs from prioritizing this vital area of their business growth.

    The growing mental strain many employees experience often drives them to lower performance, meaning the business is presented with the threat of losing its valuable workforce. At the same time, replacing an employee with a new hire is not only a logistical challenge but also a costly affair. It typically costs one-half to two times that employee’s annual pay. With talent at a premium and the competitive landscape intensifying, you can expect the financial toll to lean toward the higher end of the spectrum. This cost can go unnoticed without paying enough attention to the wellness costs of operating a business.

    Undoubtedly, all entrepreneurs understand the significance of assembling a talented and motivated long-term team. However, the true impact of neglecting employees’ wellbeing on the overall success of a business is often underestimated. Fostering a healthy environment is the future of workplaces worldwide, so explore the tangible benefits of integrating it now.

    Related: We Need a Real Commitment to Mental Health at Work. Here’s How (and Why).

    The wellbeing of leaders amounts to the wellbeing of the entire team

    Investment in yourself is the best investment, particularly for the people who drive the entire workforce with them. Any great organization starts from a leader; similarly, the leader’s wellbeing and resilience directly impact that business’s success. Here are a few ways that a leader’s wellness affects the bigger picture:

    1. Improving retention rates

    This is not evident, but investing in leaders’ health also indirectly impacts employee retention rates. When leaders show genuine care and support for their team members’ mental and emotional wellbeing, it fosters job satisfaction and loyalty. Employees are more likely to stay with the company, reducing turnover and retaining top talent.

    2. Prioritizing human-centered approach

    A human-centered approach is essential when building a business. Being mindful of their own wellbeing allows leaders to understand their team better and be more empathetic and connected to them. For example, 10 people who joined BetterMe right from the start are still a part of the team years later.

    3. Leading effectively in challenging times

    Leaders who prioritize their stability possess the skills needed to navigate difficult situations. They can manage stress, make informed decisions, and stay composed under pressure. Resilience enables them to guide their teams through challenging times, inspiring confidence and giving energy to overcome fear.

    Making wellness a priority: Let’s talk numbers

    Prioritizing wellness and resilience in leadership development is not just a good idea on paper. It has proven to yield substantial returns on investment (ROI) for organizations. Multiple case studies give insight into workplace wellness’s positive, tangible benefits to employee engagement, productivity and overall business growth.

    Let’s take research conducted by Gallup, a leading analytics and advisory company, as an example. Its study reveals a strong correlation between employee engagement and wellbeing initiatives. Companies with high employee engagement experience significant benefits, reporting 41% lower absenteeism rates and 17% higher productivity. These findings show a direct correlation between such targeted initiatives and business performance. Research proves it’s an important metric to start taking seriously.

    BetterMe, with its headquarters in a country amid war and crisis, provides a compelling case study of how prioritizing wellness and resilience in leadership development can lead to exceptional growth, even in challenging circumstances. Despite the adversity, the BetterMe team members demonstrated innovation and creativity in providing solutions for customers worldwide. As a result, the company experienced significant financial and headcount growth in 2022, reaching an impressive 20%.

    This case again shows that crises can be both tests and opportunities for growth. It only emphasizes how organizations handle challenging situations. By investing in leadership development programs prioritizing wellness and resilience, companies can equip their leaders with the skills to navigate crises effectively, manage their energy better (not time), and drive business growth.

    Related: Why Mental Health and Well-Being Should Be Your Top Recruitment and Retention Priority

    Corporate wellness: Create a business case

    As the topic of corporate wellness continues to grow, organizations are seeking ways to measure the impact of wellness tools on leadership effectiveness. Seeing the evidence can help them realize the potential benefits and make an informed decision toward that first step.

    One effective way to measure the impact of wellness tools on leadership effectiveness is through ROI analysis. According to Deloitte, companies implementing wellness programs for three or more years achieved a median yearly ROI of $2.18 CA (estimated $1.65 USD). We cannot argue with numbers — the benefits are evident.

    As the CEO of BetterMe, I myself can serve as an example for all these findings. Through consultations with various companies, I have observed a considerable demand for reliable and engaging corporate wellness programs. Simply put, wellness is a hot topic in the business world. With a potential boost of over 50%, it becomes clear that the returns on investing in wellness are worth serious consideration.

    Seeing the indisputable benefits of integrating the employees’ wellbeing as one of the business priorities, a few industry professionals can remain indifferent. Whether you’re a manager, a business, or a team leader – hop on that train. Explore new possibilities for growing a prosperous, healthy workforce by all means to build better businesses.

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    Victoria Repa

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  • Here’s How to Recruit and Retain Talent From All Generations | Entrepreneur

    Here’s How to Recruit and Retain Talent From All Generations | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    With boomers staying in the workforce longer and Gen Zers increasingly foregoing traditional career paths and heading straight to work, today’s offices, job sites and conference rooms are more generationally diverse than ever before. The range of experiences and points of view offered by today’s labor pool is helping companies be more productive and successful than in years past, with collaboration between workers of varying ages leading to increased innovation and resilience.

    However, while nearly all of today’s workers show a preference for companies with clear values, their preferences and priorities on benefits, compensation and other offerings vary.

    Related: 5 Ways to Achieve Better Recruitment

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    Alison Stevens

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  • 3 Strategies to Boost Employee Engagement at Your Company | Entrepreneur

    3 Strategies to Boost Employee Engagement at Your Company | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Employees seem to be following a pattern of professional detachment. Since the beginning of 2020, Gallup’s worker engagement polls have shown steady employee-organization distancing. In the last three years, employee engagement levels dropped four percentage points. Given it can take nearly six months to break even after hiring and onboarding new talent, leaders everywhere are contemplating strategies to bring engagement numbers up again. One solution is to focus on fostering purpose for your employees.

    Why purpose? Employee engagement is the measure of a team member’s emotional investment in their job, the company and their overall well-being. In other words, it’s the intrinsic value someone feels. When a professional feels valued by their bosses, coworkers and employer, they are more likely to plant roots. As those roots take hold, these people become dedicated, enthusiastic advocates. They’re less likely to leave and more likely to become vital ingredients to the success of their organization.

    Related: 6 Employee Engagement Tips for Strong Retention

    According to McKinsey & Company’s findings, 70% of professionals noted a link between their sense of purpose and what they did for a living. When seven out of 10 people say that they equate their work with their merit, that’s a sign that it’s time to look for ways to fuel engagement among your employees.

    There’s no one way to impart a sense of purpose at all businesses, of course. You’ll need to conduct some trial and error. When you do, you’ll be able to measure which initiatives are working. For instance, when the members of your workforce become more connected to their work, you should notice an uptick in innovation, productivity and morale, as well as a lowering in your churn rates. Since replacing a worker can cost up to 213% of the worker’s annual salary, that’s a huge savings that goes right back into your overall profits.

    You might also see a spike in job seekers actively coming to your organization, whether or not you have openings. Your employee referral program will see more opportunities with an attractive culture and incentives. That’s a nice side benefit. Companies with a reputation for being employee-centered generally have lower recruitment costs because they’re seen as top places to work. When you’re known for your collaborative, supportive, healthy and trusting environment, you’ll naturally attract high performers. This will also have positive effects within your sales process, as your potential clients will appreciate working with top talent.

    If you’re struggling with engagement, try some of these approaches to become a more fulfilling workplace.

    1. Build engagement responsibilities into leaders’ profiles

    Leaders need to be on the front lines of modeling purpose-driven behavior for their employees. For example, we have a Director of Employee Engagement and Corporate Culture. This individual is in charge of knowing, communicating, organizing and measuring all engagement-related initiatives. Having this position makes sure our employee engagement is never left to chance.

    As president, I’m also tasked with fostering purpose in team members daily. I have to be the first to provide the support and mentorship that I expect to see in colleagues who have direct reports. We expect our managers to create trusting, collaborative environments where they listen to their colleagues’ needs and leverage that insight for everyone’s success. We’ve gone so far as to name “Captains” on each of our teams who report back to our Director of Employee Engagement and Corporate Culture. The Captains are in charge of ensuring everyone knows about upcoming events and fostering our culture among their individual teams.

    Our rising employee retention rates indicate that having a purpose-focused structure embedded into our organizational makeup encourages A-players to thrive. They take ownership of their projects and have no problem asking for help, opportunities and resources.

    Related: Top 10 Employee Engagement Strategies That Matter

    2. Make time for recognition and celebrations

    Work can become hectic at times. Nevertheless, it’s important to celebrate the things that are going well. In the aforementioned Gallup piece, the authors made a fascinating connection between organizations that celebrated achievements and those that didn’t. It turns out that companies that won Gallup’s Exceptional Workplace Award in 2022 showcased more than two times the engagement rates of non-winners. Coincidence? I doubt it. I suspect it’s because those businesses are investing in the satisfaction of their people through employee recognition programs.

    At our company, acknowledging the efforts of our colleagues is not considered optional. We participate in what we call “forced recognition,” which mandates that our employees recognize each other at least once per week during meetings. We also conduct monthly and quarterly company meetings where awards are presented, and we regularly celebrate team members in our Slack channels and through other celebration tools. We encourage these moments of recognition to be specific, timely and, most importantly, genuine.

    We provide recognition in other ways, too. This can be through verbal means or via ceremonies, rewards, you name it. When our Sales Development Representatives schedule client appointments, we host floor-wide celebrations where each team has its own silent celebration tool. All these measures add up to a more cohesive and fun culture.

    3. Offer more incentive to your employees than just a paycheck

    The best way to create employee engagement is to be people-focused. That’s not possible if you aren’t open to meeting the various needs of your team members.

    Take Nike as a noteworthy example. The company believes in supporting employees in myriad ways, such as providing access to continuing education and training, offering competitive insurance plans and encouraging participation in fitness programs. Nike promotes work-life balance in order to maintain an engaged workforce, and you would be wise to follow its lead in order to keep your valued colleagues from burning out. Just do it.

    While it can be hard to implement what you hear — and you might not always be able to adjust your company to the “wish list” requirements of all employees — it’s all about putting forth your best effort. In the end, establishing a culture where employees can feel purpose and satisfaction at work just makes sense. You’ll have stronger internal and external partnerships, not to mention sustainable business growth. Plus, you’ll never lose sleep wondering whether your employee engagement is waxing or waning.

    Related: This Is What Happens When Employees Find Meaning at Work

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    Eric Watkins

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  • Want to Onboard Like a Pro? Here are 5 Ways to Retain Good Clients and Staff | Entrepreneur

    Want to Onboard Like a Pro? Here are 5 Ways to Retain Good Clients and Staff | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    In my many years of running my own PR agency, I’ve experienced a lot of hiccups when it comes to onboarding. And if I’m being honest, I must admit I caused most of those hiccups. I’m just not particularly good at it — it’s not one of my strong suits.

    Though fine-tuning my onboarding techniques is a work in progress, it doesn’t come naturally to me. Once I find a potential team member I like or I’ve got a hot lead on a potential client, my tendency is just to jump into the deep end, all enthusiasm and “we’ll figure it out as we go along” and very little step-by-step processing that would pave the way for a mutually beneficial and lasting connection.

    On occasion, the “winging it” approach might work. But usually, it doesn’t. So I recently looked closely at my firm’s onboarding procedures from the inside out, which yielded some interesting insights. Before I share them, it’s important to note that the objectives here could not be more straightforward: Regarding internal onboarding, the goal is incorporating a new staffer into a welcoming and positive work environment. When it comes to external onboarding, the goal is as simple as keeping the client happy. That’s it. That’s the end game. Here’s how to win it.

    Related: The Secrets Behind Successful Employee Onboarding

    Winning steps for internal onboarding

    1. Immediately upon bringing a new staffer on board, express gratitude for their contribution. Acknowledge the skills that led you to hire them, tell them how those skills will bolster team efforts and make them feel like you’re lucky to have them, not vice versa. Everybody wants to feel valued at work, even from the very first day.
    2. Pay on time and pay above-market rates. This one may sound like a no-brainer, but small businesses sometimes don’t have automated payroll in place to ensure timely payment. Landlords and banks don’t accept delays, so don’t chase promising new hires away with delays of your own making. As for salary, a higher-than-market rate will often secure you better-than-average talent, but if you can’t afford that right now, other forms of compensation work equally well to solidify employee buy-in, like half-day Fridays, remote work options, the use of company equipment, and a results-based bonus plan.
    3. Provide an overview of the organizational structure, preferably in the form of an org chart. This is essential. People need to know where they fit in to feel like they fit in.
    4. Allow the individual’s abilities to shine bright by supplementing and supporting their output. Here at RPR, every piece of content that is written for our clients passes my desk and is copyedited/proofed by our editorial support people. At first, my content writers sometimes balk at being reviewed, but it’s a win-win for everybody when our customer reviews come back glowing about error-free and accurate assets. Teach your team to, lead your team to and support one another in their roles, not just fulfill their own.
    5. Check in with your people for no reason. For no reason at all. Just send a text, write an email or call to regularly reach out to them to (a) ask how things are going — do they need any support and (b) reinforce continual messaging of how fortunate you feel to have them on board.

    Related: Are You Guilty of Poor Onboarding? The Consequences Are Worse Than You Think.

    Winning steps for customer/client onboarding:

    1. Send a warm introductory email detailing what the client can expect for your initial engagement. Having this in writing can avoid many explanatory phone calls, provide a tangible form of your commitment, and assure the client that they’ve entered a functional, efficient workflow.
    2. Continue to send a chain of emails to follow up; first, to ask the client to confirm that they received the last communiqué you sent them; second, to always open a window for them to write back with questions or concerns.
    3. Go beyond the to-do list. It may be enough just to do your job or what you were hired to do. But to retain long-term B2B clients, why stop there? Be exceptional by exceeding expectations with unanticipated gestures, like forwarding an article of interest, sending the client something that reminded you of them, providing them with referrals or having flowers or lunch delivered for a special occasion.
    4. Speaking of which, recall step #1 for your internal onboarding: Showing gratitude to your client base, as well, is a little action that generates a big reaction. Sending a thank-you note is the simplest but tremendously significant way to let someone know how much you appreciate their business.
    5. Finally, another repeat: Check-in for no reason. You can never go wrong with any contact in the business world by being reliably present, open-eared, and always interested in how they’re feeling about your relationship status. Some people are afraid to initiate unnecessary contact if they receive negative feedback. Better to catch any lapses that are occurring so you can attend to and remedy them than to lose the client based on a lack of authentic communication.

    As I see it, onboarding is the “honeymoon phase” of any business relationship. Once you’re united with this business partner under mutually agreed-upon terms, you want to have fun with them, go places with them in a favorable climate and create and sustain a memorable impression that will fuel and ground your future interactions. Basically, you want to start things off on the best possible footing to point the way toward a smooth and successful venture ahead together.

    So put some effort into planning every onboarding process per new contact, just like you would map out your honeymoon destination and activities. The advanced planning and customized blueprint will lay a strong, solid foundation on which the relationship can continue to grow and expand in positive, productive, and fruitful ways for years to come.

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    Emily Reynolds Bergh

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  • Why Employee Accountability is the Holy Grail of Every Successful Business | Entrepreneur

    Why Employee Accountability is the Holy Grail of Every Successful Business | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Accountability is a remarkably dynamic word and so much more than a simple promise to perform. While the concept is rooted in responsibilities, the term also implies continuous action and a healthy system of checks and balances. At its core, accountability is about showing up, claiming ownership of a task, and then accomplishing the things you have committed. And everyone in your organization should do the same – because accountability is not a solo act. Accountability is the kinetic energy that fuels every successful organization.

    Your own accountability as a business owner is a gimmie; as the leader of your company, your word is your bond. And there are also huge benefits in creating a culture of accountability throughout your organization.

    You want employees to be answerable for their responsibilities. You want your team to work toward company goals, maintain certain metrics and meet their deadlines. While these accountabilities might seem rudimentary, you might be surprised how many businesses struggle with them.

    I believe most employees want to do a good job and try hard to be accountable. If they fall short, a glitch in communication is usually at the heart of the problem. Maybe the employee was never clear on expectations. A lack of transparency possibly hobbled achievement. Or, as is often the case, perhaps the employee’s definition of success differed from that of their manager.

    Fostering a culture of employee accountability is key to the success of any business, and the formula almost certainly starts with respect for your team, their strengths and their goals. Best-selling author and TED Talker Daniel Pink says that fostering a spirit of autonomy, mastery and purpose in your employees allows them the freedom and inner drive to develop creative solutions. He is right; by affording them these opportunities for self-direction and responsibility, you create better alignment in an environment where your people feel valued and their talents nurtured. This is to say that you set the stage in your business for a culture of accountability.

    Related: How to Create a Culture of Gentle Accountability in 3 Steps

    Employees crave autonomy

    Autonomous employees are empowered to leverage their own judgment and take ownership of their decisions. Embracing a culture of self-responsibility throughout your business fosters a stronger sense of employee commitment, supports innovation and demonstrates your trust in your team’s capabilities and professionalism. By giving employees more flexibility and responsibility in their own approaches and outcomes, they become more thoughtful in their actions and decision-making processes.

    Accountability and autonomy might feel like conflicting concepts at times. Getting the balance right can be challenging, but it is well worth the effort. It starts with communication and clarity. When you or your management team assign a task to an employee, ensure that the person is clear about what you want them to do and the expected results. Ask the employee to confirm what you are asking them to do. Let them know you are available if they have questions about the task. Then allow them to do their job. You can check in periodically to track their progress along the way.

    Related: Want Elite Performance? Adopt These 5 Practices Of Top Tactical Units

    Employees want mastery

    Mastery is the process of honing one’s skills to a refined level. When you provide employees with development opportunities, they become quantifiably more engaged, productive and fulfilled in their jobs. Mastery boosts employees’ sense of accomplishment, positions them for a more rewarding career trajectory, and seeds the business with increasingly capable people. I talk a lot about win-win in business. Creating opportunities for your employees to master their skills while increasing your company’s competitive edge is certainly one of them.

    Consider investing in your business’s employee development, mentorship and leadership training programs. The ROI for learning initiatives tends to be high from a financial and cultural perspective. And while an increase in accountability is challenging to track with real numbers, it is most definitely positively impacted by employee mastery.

    Related: What is the Caliber of your Company Culture and How Can You Develop It?

    Employees desire purpose

    Now more than ever, employees yearn for a sense of purpose that serves as something larger than themselves in their professional and personal lives. Millennials and Gen Zs are particularly motivated to make a difference in the world around them at both a micro and macro level. By instilling a profound sense of purpose within the vision and mission of your company, you better attract and retain those people who are aligned with similar concerns and causes.

    When employees feel empowered and impactful in their ability to support what they care about, they are more committed, intentional and accountable. Greater purpose inspires ownership in achieving above-and-beyond outcomes.

    Purpose-driven employees also tend to be more adept at tackling challenges. They have faith in their own ability to overcome adversity to achieve a desired goal, so they willingly take on more responsibility and accountability to make things happen. Purpose is a powerful motivator on so many levels.

    When employees fall short on accountability

    What if you have put in the effort to create a culture of employee autonomy, mastery and purpose in your business, but your people are still lagging in the accountability department or are regularly just not meeting expectations?

    Rather than resorting to criticism, I suggest you take a coaching approach. Ask the employee how they felt a glitchy project went. What worked well and what panned out poorly. Ask them to analyze the processes and procedures, then have them share those opinions with you. This will provide you with enormous insight, at least from this employee’s perspective, that you may not have considered.

    While leveraging the coaching approach, you will often find that the employee admits their own culpability or poor performance in the project and makes suggestions for self-correction. Which, when you think about it, really is the definition of employee accountability, isn’t it?

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    Jason Zickerman

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