If you’re like most franchise business owners, developing your team is your #1 priority. Hiring, training, and retaining employees are never-ending activities. Your top talent is by far your greatest asset and your greatest competitive advantage, but are you doing enough to keep them?
It’s hard to put a price tag on the loss of a valued employee. Aside from the actual cost of recruiting and training a replacement, there are intangibles—the “brain drain” of institutional knowledge, workplace disruptions and delays, and the psychological toll on the team. Not to mention, companies with engaged employees—those who are invested in the overall success of the organization—have happier customers.
Money is overwhelmingly the number one reason people leave an organization, but typically it’s not only because of money. Rather, it’s due to lack of engagement, poor communication, under-recognition, failure to listen, and lack of a shared vision and/or meaningful work all acting as contributing factors. Creating a flexible, transparent, meaningful culture may be your greatest asset to help your best people stay.
A meaningful workplace culture starts with feedback. Taking the pulse of your employees can help you quickly identify concerns and trends before they become bigger issues. Using a formal employee engagement survey enables you to gather feedback, identify areas of risk, quantify employee engagement, understand what you need to work on in order to improve retention and minimize costs to your business, and measure the effectiveness of your workplace culture and engagement strategies.
High employee satisfaction and engagement has a significant and positive impact. In 2018 Franchise Business Review conducted the first-of-its-kind Franchising@WORK Employee Engagement & Compensation Study to help franchise employers measure and benchmark employee engagement and compensation, specifically within the franchising sector. The results from our research are clear – engaged employees ultimately lead to more loyal, satisfied customers.
While the costs associated with improving satisfaction, engagement, and culture are nominal, only the very best organizations dedicate the time and consistency that is required to really move the needle.
The 2021 Franchising@WORK research is now underway, and is open to franchise business owners with 10 or more employees and gross annual revenue of 1M+. Franchising@WORK benchmarks your employee engagement and monitors manager and staff performance across all your locations. It helps franchise business owners with five key areas of staff recruitment and performance:
How to Get Recognized with a Franchising@WORK Award
You can launch the Franchising@WORK program in your organization at any time; however, the deadline for the 2021 Franchising@WORK Awards is March 31st.
It’s easy to qualify. All you have to do is fill out a simple registration form. There’s no fee to enter for franchise owners. You send us your employee contact list and Franchise Business Review does the rest! Read our FAQs to learn more.
If you still have questions, you can download our Franchising@WORK Awards Entry Kit or reach out to us at info@franchisebusinessreview.com.
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