PROVIDE TANGIBLE BENEFITS FOR YOUR EXISTING EMPLOYERS
How many times have you heard an existing business owner say, “The city and economic development office will do anything for new businesses coming to the area but my business has employed people in this town for 20 years and they do nothing for me?” Perhaps a better question may be how many times have you heard that comment this month?
The point of this blog is not to open a dialogue regarding economic development practices but rather introduce a new innovative tool for EDOs, WDBs, Chambers and other workforce partners to offer the existing employers in their regions. A new tool that allows workforce partners to brand their own BR&E program and provide tangible benefits to their existing employers that are proven to impact productivity and profits.
What if I were to ask you what your unemployment percentage is at today? Is your labor market tight? Are your employers struggling to find quality candidates to fill open positions? If you are located in over 90% of this country right now you are experiencing this issue. While we certainly could discuss the participation rate, the gig economy and other factors that impact low unemployment, the fact remains that there are tremendous pressures on the available labor force in nearly every area of the country.
That said, what if I were to ask you about the pressures on your existing companies’ profit margins? Are your existing companies working harder than ever before for lower margins? Is this due to pressures from a global economy? Can technology advancements fill the entire gap?
Given these issues facing your employers, what if you as an economic developer could help expand your local existing economy up to 22% with a single program? What if this growth came from existing businesses? Additionally, what if this same program also developed the competitiveness of your existing businesses and enhanced the quality of your regional workforce? What if it was backed by research of over 30,000,000 employees worldwide? What if it was a program that you neither had to fund nor develop? Would this be a program that Economic Developers would need to deploy to keep their region competitive?
Workforce Challenges in 2018
Recent studies show that 70% of employees are disengaged and worse yet, 18% of employees are actively opposing progress in the workplace. The cost of employee disengagement is steep at nearly one trillion dollars in loss to the US economy. Disengagement results in 37% higher turnover costing upwards of 50% of an employee’s annual salary to replace them, and up to 150% for key management. With disengagement leading to 17% loss of productivity, 40% increase in workplace errors and 22% lower profits this issue is a huge financial burden that cannot be ignored.
25 years of research and more than 30 million interviews by Gallup demonstrates that 22% higher profits can be achieved by reaching the top quartile of employee engagement. This growth is realized by engaging your most powerful change asset, your people. In ever-tightening labor markets, GSG views employee engagement as mission critical. Turning disengagement into engagement reaps huge benefits for employers. Studies show that profits increase 22%, productivity 21%, turnover and absenteeism drop 37% and there are 48% fewer safety incidents when employees are engaged. Further studies show that consumer engagement parallels employee engagement resulting in additional spending and recommendations with companies. In other words, an engaged workplace is an engaged marketplace as well.
As economic developers and we know how important it is to retain local industry, to help them stay profitable and to help them grow. We know of no single program that can more radically impact your economy than BR+E 22. The curriculum is based on Gallup Data and principles gained from their comprehensive study combined with years of work on the Employee Engagement challenge. The goal is to reduce costs for your area employers by working with EDOs to aggregate the education process across a number of employers. Facilitating multiple organizations receiving the training simultaneously provides economies of scale.
GSG provides assistance to EDOs in branding the program as well as marketing the project to your local businesses. EDO’s won’t need to pay for the program and by being the sponsoring organization the EDO provides value for their region. This allows large and small organizations to obtain training that is usually only affordable for large enterprises. It’s a win-win program that GSG is proud to present to you and your region.
Are you interested in learning more? No sales pitch; just access to a resource for your BR&E programing. Visit http://growthservicesgroup.com/portfolio-posts/gsg-employee-engagement-retain-22/ today to learn more and schedule a free demo.
Corey J Mehaffy, CEO
Workforce Intelligence for Growing Business
GROWTHSERVICESGROUP.COM | 809 FOX RUN, MOBERLY MO 65270 | 660.353.1726