Employees who lose their passion, ultimately lose sight of their company's vision. Your employees will be flying just below the radar, doing enough to get by. It won't be enough to elevate your company.
Now, before you go terminating employees who have lost their passion, think about the cost of replacing employees. Studies have shown that it will take 20% or more of an employee's salary to replace them. Consider time and money for advertising the position, interviewing, and loss of productivity during the hiring and training process for the new employee. Not to mention, once an employee is gone, all the history, relationships, knowledge of the company is gone as well, something a new employee won't have right away which makes replacing employees even more difficult.
Here are 5 tips to try and excite before you cut ties:
Ignite employees passion. Make the employees remember why they chose to work for you. Remind the employees of their value to the company.
Give employees a special project to work on. Employees like a challenge every now and then. Some employees have been doing the same mundane job for years and they desire opportunities to learn and grow in their career. If your employees are not growing in skills and competencies neither is your company.
Use employees ideas. Your employees are gaining skills and competencies by participating in various activities outside of work hours. Therefore, allow expertise and sharing of knowledge from employees even when it's not directly related to their current position. This is your opportunity to capitalize on free knowledge and solutions that will help the company.
Provide regular feedback. Showing employees that you care is vital to the success of your company. A familiar saying is, "People don't care how much you know until you show how much your care." You are doing your employees a disservice if you don't let them know their areas of strengths and areas for potential growth.
Help employees achieve their career goals. You may be thinking why should you help employees gain skills and then leave the company. The real question becomes, "What if you don't improve skills to help them achieve their career goals?" Employees tend to me more loyal to companies who invest in their career.
Talent and skills are essential to business growth but don't forget about the human being behind it all. If your company wants to grow and elevate to the next level, effectively managing your talent must be a priority. What are you doing to manage the talent in your company? Feel free to right a comment below.