Does the Size of Your Company Change the Employee Challenges you Face?
No matter the size of the company, employee challenges are some of the largest hurdles a business faces. Whether you have 5 employees, 1,000 employees or 10,000 employees, how the company handles these challenges can make or break the organization. Employee challenges can be some of the most difficult to navigate, but must be addressed if the company is to continue to grow and develop. What are some of these challenges?
1. Hiring new employees.
While the process of hiring new employees may be different based on the size and scope of an organization, companies of all sizes face the same challenge: finding, recruiting and hiring qualified employees. Here’s a stat you may not have heard before, it turns out that an average company loses anywhere between 1% and 2.5% of their total revenue on the time it takes to bring a new hire up to speed.
2. Employee engagement.
Hiring qualified employees is only part of the equation. Once they are in place, the employer is faced with ensuring that they are engaged and actively involved in the work of the company. Recent studies have shown that 60% of employees are not actively engaged at work, while a shocking 15% of employees are actively disengaged. Regardless of how big (or small) your company is, with over half of the workforce not prioritizing the work of the business, it can be devastating. Productivity declines, disenchantment with the company can set in and profits can fall. Cultivating employee engagement has stymied HR departments from organizations of every size, but can be summed up very simply: develop a methodology that captivates your employee’s attention and motivates them to embrace the corporate goals.
3. Facing emerging challenges.
Companies often have more projects in the works than they have personnel to handle them. In addition, the challenge to plan ahead for technology advancements, new product innovation and other developments that growing companies face can place additional stress on employees and management. It is easy to get caught up in the “immediate” and forget to plan for future growth. To be successful, however, businesses must look past today and address what’s down the road.
4. Developing an internal talent pipeline.
Another challenge that corporations of all sizes face is a lack of an internal employee pool. Not only is this an essential function for the business’ growth and development track, it can be a cost saving measure for the organization. When companies lose an employee, it can cost an estimated six to nine months’ salary to replace them. By creating a talent pool, employees are constantly being trained and developed to move into various positions within the organization, eliminating the need to look outside the company for new employees.
How Employee Training Can Help Alleviate Employee Challenges
The secret to eliminating employee challenges? Training and engagement. While it isn’t a cure-all for every situation, an effective training program can reduce many of the challenges that companies face.
Carefully created training programs can improve the onboarding process, assist in the development of an employee talent pool and increase employee engagement. Training programs allow companies to offer employees useful skills that will carry into any position they grow into.
As a result, employees feel valued and appreciated, which translates into a sense of loyalty for the organization. Goal setting programs can motivate employees to create measurable markers for themselves, improving their engagement at work. It can increase profits, improve customer retention and promote a positive corporate culture.
If you’re tired of looking for solutions to the employee challenges you’re facing, it’s time to establish an effective training program. The experts at My Big Idea® are ready to help you unlock your company’s potential through consistent, proven training methods. Call today to start building the next level of success.