Join Tacey and her special guest, Anne Donovan, as we discuss this week’s topic: Employee Experience Impact on Businesses. Ann shares her journey in the HR field and her passion for reducing turnover, explaining how reducing turnover improves morale, productivity, and customer satisfaction. Ann also discusses the costs associated with high turnover, including advertising job openings, interview and onboarding time, training expenses, and the potential loss of customers and reputation.
The conversation then moves on to the issue of corporations choosing to let go of high-performing employees who expect a raise during annual reviews. This decision is often influenced by the perception that hiring someone new at an entry-level rate would be cheaper. However, the hosts highlight the hidden costs involved, such as training, development, team morale, and the impact on customer experience.
The candidate journey is another important topic discussed, emphasizing the importance of creating attractive job postings, timely communication, efficient interviewing processes, enticing job offers, and welcoming onboarding experiences. The hosts stress the significance of providing closure and respectful communication to candidates, even if they are not moving forward in the hiring process, discussing the importance of employee experience and creating work environments where employees feel seen, heard, and valued.
They highlight the shift towards a more holistic approach, where employees can ask what they need to balance their personal and professional lives, emphasizing the need for trust, inclusivity, and a safe work environment. They also mention that culture is crucial for candidates seeking job opportunities, concluding this part of the conversation by emphasizing the importance of building a cohesive team through trust and effective communication and the benefits of creating a safe space where employees can freely express their thoughts and ideas without fear.
Timestamps:
04:27 The importance of employee retention and its impact on businesses
06:05 Discussion on the costs of high turnover in businesses
06:42 The Costs of Turnover: Hard and Soft Costs
11:22 The Importance of Employee Retention and Training
14:30 Creating an enticing job offer and competitive benefits
16:42 The value of finding a mentor for new employees
Anne’s Contact Information:
Website: https://donovanhrsolutions.com
Linkedin: https://www.linkedin.com/in/anne-donovan-sphr-shrm-scp/
Tacey’s Contact Information:
https://linktr.ee/taceyatkinson
Thank you for tuning in, and I look forward to having more valuable conversations together in the future.
Remember:
Customer-Centric Cultures Create Magical Customer Experiences.
Now Go Create the Magic!