More often than not, employers tend to manage employee retention and employee engagement as one and the same. The reality is that though there is a relation between the two, one must be aware of the fine line that exists between the two concepts that makes them very different from one another.
Employee Retention is an employer’s or a company’s effort to establish and maintain practices that help create a working environment that encourages employees to stay with the company.
Employee Engagement is about the employee’s emotional reasons to do the job and work with a company – it is how employees look at the whole of the company and understand their purpose, where, and how they fit in.”
Why are they important?
Retention Strategies, such as policies, incentives, programs etc. are important as they are a technique of how to attract employees to a company and retain employees working in favorable conditions. Examples of employee retention strategies can include paid courses, team-building activities, performance bonuses, and many more. Studies have shown that by implementing various employee retention programs, businesses have found an effective way to ensure that key people in the organization remain working for the company while delivering job performance and productivity.
While similar to retention strategies, employee engagement strategies have also been identified as an important tool to improve productivity and performance. However, more than this, employee engagement also means that your employees feel connected to the business, which in turn means that they are more likely to recommend your service and your business as an employer. This means that employee engagement strategies means less employee turnover, happier employees (both at work and socially) and thus a better service delivery which in turn brings along more revenue. There are three (3) Employee Engagement Drivers – SAY-STAY-STRIVE – which allow employers to gauge their overall employee engagement, however, these will be looked at in more detail in the upcoming blogs.
In the meantime, if you are looking for that dream job that offers you both retention and engagement benefits, look no further! Come and join us on our Recruitment Open Day on the 9th March 2019, or alternatively get in touch with our HR team:
+356 2364 9415