Employees are your most valuable asset. They help shape your ability to achieve corporate goals and to grow and expand your business. This “people factor” is even more crucial as the demand for skilled labor and executive talent continues to exceed supply. Consequently, your most productive employees are likely to have attractive opportunities elsewhere.
Employee turnover issues can break your business or, at the minimum, make it more difficult to achieve success. Some of the negative impacts employee turnover can present include:
- Decrease in overall production
- Inability to grow your business
- Increased employee recruiting, hiring, and onboarding expenses
- Reduction in employee productivity
- Lower employee morale and cultural issues
- Less effective client or customer service
- Negative brand impact
Although estimates differ based on a number of factors, including experience and expertise, the costs of employee turnover range from 50% to 200% of the terminated individual’s annual salary.
There are four distinct areas that, if aligned and well executed, can go a long way toward attracting, retaining, and incentivizing your key employees so that your business can succeed.
Company Trust and Mission
Having a well-defined, trust-based mission for your business is essential for cultivating a sense of cohesion and buy-in among employees. Beyond simply having a mission statement posted in the office lobby, the mission must permeate throughout the business — promoted by company leaders, championed at company meetings, integrated into internal and external communications, and exhibited through daily interactions at the highest levels (“walking the walk”).
We examine your business and then help develop and execute an effective company mission, vision, and culture strategy.
Employees need to know that success at work doesn’t mean sacrificing success at home. We will work with your business to explore creative options that can facilitate work-life balance among your employees. Having an effective strategy for work-life success can lead not only to happier workers, but also to greater productivity and, consequently, lower turnover and lower employee-related expenses.
We work with you to explore creative ways to help employees achieve work-life success.
Professional Growth and Opportunities
One of the top reasons employees leave their job is feeling that their career isn’t progressing. Almost every employee should feel like he/she has a long-term vision with their employer. We help businesses in creating a framework to identify professional growth and opportunities for each employee.
We assist you in evaluating employee strengths and weaknesses so that each employee can be put in a position to develop clear, satisfying career paths.
Compensation and Benefits
A strong compensation and benefits program will help you attract great workers, retain them, and incentivize them to meet and exceed your business goals. It is also critical to develop a program that effectively and efficiently uses capital to maximize each dollar spent.
We help you develop a dynamic compensation and benefits plan. Click here to learn more.
The EKS&H Advantage
- Walking the walk: named a “Great Place to Work” multiple times by multiple organizations and outlets
- Offering a bottom-line approach that combines practical expertise with relationship-based consulting to produce concrete results
- Seamless service/team approach with EKS&H transaction services, valuations, accounting, tax, wealth advisory, and investment banking
- Nearly 15 years of leadership experience in HR/compensation and benefits counseling with nationally recognized financial institutions and one of the top 10 law firms in the nation (as ranked by Vault)
- Deep practical expertise, diligent preparation, clear guidance, and always singularly client-focused