In the first part of this series, we addressed the emerging challenge collegiate athletics face due to the rise of the transfer portal: retaining athletes in an environment of unprecedented mobility. This dilemma mirrors the corporate world, where businesses strive to retain talent amidst fiercely competitive job markets. The striking observation is the economic cost of this turnover, with U.S. businesses losing a staggering $1 trillion annually to voluntary turnover. In this context, let's delve into how industry leaders navigate these waters.
Companies like Tesla have achieved considerable success in enhancing safety and reducing turnover by heavily investing in employee engagement. Through their "Take Charge" program, Tesla empowers its employees by encouraging leadership to connect with their teams frequently. This program involves leadership rounds and walkabouts on the production floor, fostering a culture of openness, feedback, and direct communication. The result? A marked decrease in safety incidents and improved retention rates, as reported in their annual 'We Make Our Factories Safer' initiative.
Moreover, a Gallup study that surveyed 34 million workers around the world found that highly engaged employees were 59% less likely to look for new careers or jobs in the next year compared to their less engaged counterparts. This is significant, showing that active and effective engagement plays a crucial role in talent retention.
With these statistics in mind, consider your role as the Head Coach and CEO of your program. Have you calculated the cost of recruiting a new player? This isn't merely a financial question—it's also about the time, resources, and emotional investments involved. And if the data suggests that high engagement equates to less turnover, where does your program stand in terms of engagement? If highly engaged employees are 59% less likely to leave, what is the percentage of your program?
Similarly, other leading companies that consistently emphasize management engagement have noted significant improvements in employee safety, productivity, and retention. Whether referred to as 'Managing by Walking Around' or 'Gemba Walks,' these practices involve leaders engaging directly with employees in their work environment. This interaction not only aids in identifying potential issues but also emphasizes the employees' value to the organization.
However, in athletics, there's an added layer of complexity— the well-being of the athlete. The stress of being an athlete is multi-faceted, encapsulating not just the physical strain but also academic responsibilities, personal life, and the emotional pressure of performance. Recognizing and addressing these factors is a crucial part of genuine engagement.
At XA Score, we've observe this situation from a coach’s perspective. When athletes have an easy outlet for communication, they are more likely to use it. Athletes understand the impact stress, sleep, and recovery have on performance and want their coaches to be aware of their status. Unfortunately, even with the best intentions, it can be challenging for coaches to consistently maintain this line of communication.
In the final part of this series, we'll explore how the lessons learned from the corporate world can be applied to collegiate athletics to tackle the issue of athlete retention amidst the transfer portal era. We'll also delve into how XA Score can pave the way toward higher engagement and, consequently, better budget management.
Stay tuned for Part 3: "Bridging the Gap: Adapting Corporate Engagement Strategies for Collegiate Athletics."
What’s a Rich Text element?
The rich text element allows you to create and format headings, paragraphs, blockquotes, images, and video all in one place instead of having to add and format them individually. Just double-click and easily create content.
Static and dynamic content editing
A rich text element can be used with static or dynamic content. For static content, just drop it into any page and begin editing. For dynamic content, add a rich text field to any collection and then connect a rich text element to that field in the settings panel. Voila!
How to customize formatting for each rich text
Headings, paragraphs, blockquotes, figures, images, and figure captions can all be styled after a class is added to the rich text element using the "When inside of" nested selector system.