By: Andrew Titus
According to benchmarking data from the Society for Human Resource Management (SHRM), many employers estimate the total cost of hiring a new employee to be three to four times the position’s salary. That means that if you are hiring for a job that pays $60,000, you may spend $180,000 or more to fill that role.
This is when you account for recruiting costs (paying for premium memberships on Indeed or LinkedIn or hiring an actual recruiter); resources and valuable time lost to onboarding and training the new employee; impact on overall productivity; the emotional toll of vetting and interviewing numerous candidates; the cost of competition; and more.
When you consider this data from SHRM and economic trends like The Great Resignation that we are still feeling the impact of today, employee retention has become more important than ever before and should be a primary initiative for companies in 2024 and beyond.
At Fully Promoted, we have helped countless client companies spanning all industries, sectors, and sizes, attract and retain their employees. Here’s how:
Providing Localized Marketing Expertise
While our tagline is branded apparel and promotional products, Fully Promoted serves a far greater function for our client companies than the tangible items we distribute. At our core, we are a B2B marketing strategy facilitator for various businesses and organizations, and we help our client companies attract, retain, and engage with their customers and employees.
Our brand is made up of approximately 270 individually owned and operated franchise locations, each of which are run by a local entrepreneur. Our franchise owners are not only ingrained in their local communities but also have a true understanding of local business needs. In a business like ours, this hyperlocal connection is tremendously beneficial in driving impact and results because our franchise owners live and work in the communities they serve and are neighbors with their clients.
The Fully Promoted franchise network is made up of real people providing real products and real results. Our local experts and consultants lend their expertise and strategic counsel to other businesses in their communities. When it comes to employee retention, employee safety, or other initiatives that our client companies are focusing on, we’re able to provide personalized recommendations and an experience that simply can’t be matched by our competitors.
Assisting in the Development of Employee Retention Programs
Despite the staggering data shown above, many companies don’t have a consistent employee retention program or strategies in place to help them keep their top talent. In a tight and highly competitive labor market, this is a tremendous area of opportunity to not only keep valuable team members but prevent an avoidable (and expensive) disruption in business.
We know that employee retention is increased through recognition and reward, and that’s what Fully Promoted does through our products.
We work with our client companies to develop an ongoing cadence for employee recognition and reward, and we lend our expertise in determining which products and strategies will resonate most. Whether it is instituting an ongoing awards program on a monthly or quarterly basis; giving discounts to local restaurants or an extra PTO day timed to a relevant holiday or week; or simply gifting products like a branded phone case, a higher-end pen, a leather decanter for wine, etc., there are numerous ways to reward excellent employees throughout the year.
Branding Products & Curating Kits
While branding is important for awareness and recognition among customers, competitors, and industry peers, it is equally if not more important among employees when it comes to engagement and retention. Engaged employees feel included and a sense of pride working for their company and are more likely to stay.
We work with our client companies to customize awards and curate kits containing products that not only showcase the brand of a company, but also cater to what their employees want.
Employees – both in-person and remote – want to feel appreciated, valued, and invested in and that can be translated through the right products. Quality is key here, and we’ve seen an increase in order volume of premium products that are a step up from the status quo. For example, an employee is sure to feel more appreciated and valued if they’re gifted a TravisMathew polo over a Gildan t-shirt or a Stanley tumbler over a non-insulated water bottle.
Our products and kits can be customized based on a client and their employees’ wants and needs. Whether it is a gift box timed around a special day or week like National Nurses Week; a holiday basket with higher-end items like a name-brand polo or leather decanter for wine; or an award for top salesperson or best customer service, we offer an array of solutions increase engagement and a sense of connection.
Helping Employees “Live The Brand”
Employees can be the greatest brand ambassadors for a company when they feel appreciated, valued, and engaged. With all our client companies, our goal is to make the brand come alive and employees are a great way to do that.
“Living the brand” goes beyond writing with a company-branded pen on a company-branded notepad. Are your employees representing your company outside of the workplace or beyond their desk? Do they feel like they’re part of the team/family? Are they sharing in each other’s successes?
At Fully Promoted, we’re not just pushing products; we’re providing solutions. We strive to deepen the pride that employees feel for their individual roles and the companies they’re working for. Employees are a driving force of our clients’ success and it’s important that their contributions be recognized.
Andrew Titus is the President of Fully Promoted, a leading full-service branded apparel, promotional products, and marketing service franchise. Founded by his father Ray Titus in 2000, Fully Promoted has grown to approximately 270 individually owned and operated locations around the world. For more information, visit www.fullypromoted.com or www.fullypromotedfranchise.com.