If you decide to terminate, there is a right way to fire. Follow a termination protocol. Have a well-defined termination process and checklist to avoid any legal issues. Learn from the mistake and change vetting processes and procedures if needed. Employee Engagement Continues to Plummet The constant combat for talent has taken a toll on engagement. Employees are disappointed (or envious) to see colleagues go, or they’ve become overworked and burnt out taking on extra responsibility. But that’s not the only thing dragging down morale. “Amid various business challenges ranging from market volatility, rising inflation, lagging revenue and a high risk of recession, companies are slowing hiring and, in some cases, letting workers go,” according to CNBC. These economic uncertainties are causing additional stress that negatively impacts employee engagement. Nearly 70% of people are not engaged at work, a 2022 Gallup survey revealed. This leads to high turnover and low retention. In raising morale and engagement, our most successful clients have implemented employee engagement strategies that show how the organizations care for their employees and position them for success. Core components of an engagement strategy could include: • Developing an employee wellbeing program that covers both physical and mental health • Investing in coaching, training, technology, and professional development • Implementing a solid performance management program
16 Financial Salary Guide & Employment Outlook 2023
Made with FlippingBook Learn more on our blog