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Employee Performance Optimization Techniques
From the globally established Business-Enterprises to any local working organization, employee performance optimization techniques and employee engagement tools are extensively important. Basically, it is almost imperative for the companies to retain their best employees and for retaining employees, tools to engage them with their works are very important. These techniques are the solution of all the different problems like frequent On-Boarding of the new employees, decreased output because of unengaged employees, lack of motivation in the employees, decreased rate of employee retentions and so on.
Statistics also prove the importance of different employee engagement tools and few of the main points are mentioned below:
1. Studies prove the fact that 92% of the employees decide whether to remain in an organization within the six months of their hiring.
2. It is also a proven fact that on average 1.5 to 3 times more money is needed to be infused in on-boarding a new employee when any experienced employee leaves the company.
3. As per the statistics, average costs of replacing an employee of executive positions are 213% of his annual salary.
4. Employee turnover varies as per the wage and role of the employees; for instance, in finance & insurance it is about 19%, in retail trade it is about 27% while in construction it is about 33%.
Therefore, it is quite evident that the actual cost of losing an employee incorporates lost engagement, lost productivity, cost of hiring, cost of on-boarding new employees and so forth. That is why different tools, for the optimization of employee’s performance and also for their properly enthusiastic engagement with their work are immensely inevitable and few of the important tools are mentioned below:
Workplace wellness programs are a widespread trend worldwide because of its variety of lucrative potentials in favor of company’s increased revenues. The most important reason behind induction of such sorts of remarkable programs is the fact that companies now understand that healthy employees are happier in comparison to unfit employees and that is why they are more productive. Unfit employees accumulate more sick leaves and that will lead to more absenteeism and lesser productive work. Costs of implementing and channelizing any wellness program is also lesser than the other costs which occur due to absenteeism of the employees, group insurance premiums and their claims, injuries and WSIB costs, different stress and mental health related issues and many more indirect costs. It is also quite evident that healthy employees work with great enthusiasm, which efficiently increase their productivity and in the same manner, they increase the revenues of the company. As per the report of U.S. Department of Health & Human Resources, because of these wellness programs Employers have the reduced healthcare costs by 20 to 25 %, reduced sick leave by 6 to 32 % and increased productivity by 2 to 52%.
The training programs for the quality leadership are also very important because efficient leadership is a great Employee Performance Optimizer (EPO). These training programs provide a perfect opportunity to the leaders to hone their skill of leading and through that; they can set a proper direction to the other team members to follow. Basically, quality leadership is an efficient performance optimization tool which provides a perfect model, very much inevitable for creating an efficient and effective system to generate high workforce productivity. Quality leadership extensively help the employees in so many ways as it provides more satisfaction to them with professional as well as with their personal life and it also improves their working skills and increases their enthusiasm and engagement with their work. It is also advantageous for the employers and few of the main advantages are mentioned below:
- Employers will have more confident, qualified, enthusiastic, capable and stronger future leaders to lead their team members.
- It also provides more competent, qualified and developed work-force to work as per the objectives of the businesses.
- With the help of quality leadership, employers will have more authentic and lucrative business strategies.
Motivation is an effective medium which can work as the driving force for creating a desire to achieve any goal. Companies can use this employee engagement tool for optimizing the performance of their employees because motivation efficiently combines employee’s commitment and energy to work as per the organizational goal. There can be two methods of employee motivation and they are mentioned below:
1. Extrinsic Motivation: In this method of employee motivation employee will be motivated by any external or third party source like different rewards, social recognition or praise, trophies or money.
2. Intrinsic Motivation: This is the second way in which motivation is channelized from the inner self of the individuals for example giving someone any interesting task like solving any cross-word puzzle just to make them feel relaxed in constructive manner.
Motivated employees invest their time, intellect and mental focus in a constructive manner for producing best possible products and hence motivation provides better quality of services. Motivation is also an important factor for increasing the rate of employee retention and it also efficiently increases the productivity of your company. Motivated employees work with more enthusiasm which also effectively helps in the achievement of the business goals.
© 2014 Shivendra Tiwari