Attracting and retaining quality employees can feel like a daunting task. So, it a truly worthwhile undertaking for business owners? Of course, it is. So, what are the benefits of employee engagement? Well, it leads to retention of your star players. Engaged employees are happy, they care, they’re excited about contributing and making a difference in some way.
On the previous two episodes of this series, we defined employee engagement and touched on strategies that may make a difference in your business.
In this third episode of Engage and Grow, we’re discussing the true cost of a disengaged employee.
The average business owner wastes ROI on the disengaged employee, to the tune of $3,400 for every $10,000 spending on salary. The raw numbers make it clear that no employer can afford to have a disengaged workforce.
Studies have shown that companies that show the highest retention rates are those that put people first and profit second. These companies are eight times more successful longer-term than those that do not.
So, what are employees seeking? How do you actually keep them engaged? Employees want psychological safety. They want the capacity to work as a team towards a championship that is meaningful, interesting, and fulfilling. Salaries, vacation time, fun tech, and a cool brand presence does not create engagement.
It’s simply about creating an environment where a high-performance team feels grounded and valued, and where they can contribute in meaningful ways.
If you’d like to learn more, watch the original video for this episode here.
Reason #1: Different styles and methods of business coaching don't work for everyone
It's important to be honest with yourself and conduct a realistic assessment when it comes to business coaching. Though business coaching can have many benefits, it might not work for everyone.
Every individual brings their own experiences and values to the coaching dynamic, so results will vary. Additionally, some individuals might need more than just a coach. They might also need specialised knowledge or communication strategies specific to their industry or target audience. Below are a few key factors to consider:
Reason #2: There is no clear focus or vision (talk about time dedication here too)
cIt's important to be honest with yourself and conduct a realistic assessment when it comes to business coaching. Though business coaching can have many benefits, it might not work for everyone.
Business coaching is an effective tool for developing a clearer focus and vision for growing your business. A good coach will help you to take a comprehensive look at your strengths, weaknesses, and available resources that can be used to reach those goals. They will also help you draw up action plans with step-by-step instructions to get there.
By providing honest feedback and being patient throughout the process, a business coach can make sure that you’re on the right track. This will enable you to set realistic milestones and tasks.
These tasks may need dedicated time outside of coaching sessions. For example, a coach might help a client develop a marketing strategy or implement new systems for managing employees. However, if the client does not have enough time to devote to these tasks outside of coaching sessions, progress will likely stall.
Both the coach and the client must have enough time available to reflect on past experiences, brainstorm new solutions, and test out different strategies. If either party is rushed or distracted during coaching sessions due to other commitments or obligations, they may struggle to fully engage in this process.
Effective business coaching also requires a commitment to regular meetings and ongoing communication. If either the coach or the client does not have enough time to dedicate to these meetings, progress may be slow or nonexistent.
It's important to recognise that business coaching is an ongoing process that takes time to yield results. While some clients may see improvements after just a few sessions with their coach. Others may need months or even years of consistent effort before they begin seeing real changes in their businesses.