“Brands can bring their CSR (corporate social responsibility) efforts to life through authentic storytelling [and] Millennials want to know what companies are doing to make the world a better place”- Center for Social Impact Communication at Georgetown University

“Over 71 thousand audiobook titles (were) published in 2020, a 39% growth between previous years”- Statista

“The audiobook market share shifted from 42% digital copy sales in 2009 to 87% digital copy sales in 2017”- Audio Publishers Association

“[onboarding] can also aid employees in identifying values congruence which is critical to career contentment and commitment which can significantly impact retention to both the field and the institution long-term” - Journal of Research, Assessment, and Practice in Higher Education

“Corporate storytelling is suggested to help demonstrate the importance of the corporate brand to internal and external stakeholders… as well as help a firm to bond with its employees”- Product & Brand Management

“When it comes to digital storytelling for branding, there is, a more positive attitude towards the company when the employer branding message is using digital storytelling”- Management Dynamic in the Knowledge Economy Journal

“Storytelling that starts with the persona allows us to tap into these deeper recesses, where the influence of attitudes and emotions is greater… loyalty and trust are found there”- Journal of Business Strategy

“19% [of Millennials] say they have paid in the last year for a subscription service for eBooks or audiobooks such as Kindle Unlimited or Audible”- American Press Institute

“The majority (79%) of Millennials want to work for a company that cares about how it contributes to society and 69% would refuse to work for a company that is not socially responsible”- Journal of Education For Business

“Employees have a deeper affiliation with the message through organizational storytelling due to aligning stories with their own experiences and understanding”- International Journal of Business and Social Science

“The corporate world cannot ignore the demands and expectations of Millennials, who are devout in their desire to associate with companies aligned with their values”- Center for Social Impact Communication at Georgetown University

“A focus on social responsibility is particularly important to attract, retain, and increase the commitment and engagement of Millennial employees and talented women”- Center for Creative Leadership

“Maximizing success through onboarding by storytelling during orientations, [helps employees understand] the company's culture and values [and] its goals and history”- Society for Human Resource Management

“Researchers have shown that storytelling strengthens the connections consumers have to brands, so that to a great extent what a brand means to a consumer is based . . . on the narratives he or she has constructed that incorporate the brand.”- Journal of Business Strategy

Millennials are more technologically advanced than any previous generation [and] survey data has shown a correlation between age and reading preferences [where] younger people listen to more audiobooks than older Americans”- State University of New York

“A poor cultural fit is frequently cited as one of the main reasons [an employee] decides to leave an organization… defining the organization's culture through storytelling should start with branding of the organization and continue through the interview and onboarding process”- Physician Executive Communication Journal

“64% of Millennials consider a company’s social commitments when taking jobs and will not work for a company if they do not have strong corporate social responsibility (CSR) values”- Cone Communications

“Audiobook sales revenue has been on a steep rise since 2018, reaching 1.3 billion USD in 2020”- Statista

“83% of Millennials would be more loyal to a company that allows them to contribute to social and environmental issues”- Cone Communications

“There are currently about 1000% more titles published since 2011”- Audio Publishers Association

“[the way employees are on-boarded] sets the tone for the culture of a place, the people, and the values of a new institution and can have a significant impact on employees’ sense of belonging”- Journal of Research, Assessment, and Practice in Higher Education

“As technology evolves, people have more options available to them, which may explain why [reports] found younger adults to be more likely to opt for audiobooks and the multi-tasking they enable”- Forbes

“There is value in a story that is, designed to drive the simulation and to elicit the [employee’s] best performance”- Society for Human Resource Management

“Storytelling is essential to successful branding, since your brand is the sum of all your corporate behaviors and communications that inform your customers’ experiences with your product or company”- The Journal of Business Strategy

“Audiobooks have had a big shift in popularity in 2018 where for the first time, “a full half of all Americans ages 12 and older have listened to an audiobook, up from 44% last year”- Forbes

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Reducing Employee Turnover: Relationship Bonds Can Be Stronger than Transactional Bonds

I IDENTIFY WITH THE STORY!

Avatar Business Audio Theatre December 30, 2020 19


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You’ll never see a line item in a business plan that says, “Turnover, $300,000 in three years!” Yet, if that’s all it costs you, you may be fortunate. Turnover is one of the biggest hidden costs in any business. Just when you get the right candidate, onboard them, orient them, train them, and get a few years of experience and relationship building under their belt, BOOM! They’re suddenly off to a new employer. Did they leave for a few dollars more or did they feel unappreciated? Or did they leave because they better identified with your competitor’s story?

When you lose someone, you don’t just lose the cost of recruitment, selection, and training, you lose their relationships with your other employees, outsourced contractors, vendors, and customers. If they are in sales, you may lose the clients they service as well. The costs begin to mount when you identify all the ways turnover can hurt your business.

The Transactional Mindset

Until recently, the glue that made your employee stick was primary a transactional bond. Do this for me and I will pay you this amount. It was a value for value transaction. And employees could shop their skills to the highest bidder or stick with you simply because they needed the money and couldn’t do better.

But in the New Year we will be depending on an increasingly different kind of workforce. For one thing, in the past year, many employees have gotten a taste of working from home and now they prefer it. It’s more flexible, less formal, less expensive to get to in time and money, and now they can spend more time with their families. Now they can move to a place with a lower cost of living and a higher quality of life.

For an increasing number of these people, loyal tenure will be predicated upon remote work itself. “Who can I work for to enjoy these benefits?” Ultimately, if their skills are fungible and in demand, they can “shop” for their next employer.  And as their current employer, you have to decide if you are going to be the top bidder. That’s the transactional mindset.

The Relationship Mindset

But something else has changed in the past year. An increasing number of employees are seeking out and remaining loyal to employers that they can identify with, employers who have similar values and adhere to principles important to them and their families.

As the workforce gets younger, this new trend can’t help but expand. They will be living longer into the future, so they will champion employers who respect the environment that they live in and that their children will grow up in. Female employees will continue to demand equal pay for equal work and seek out employers who practice that policy. And as the workforce gets more diversified, employers who practice diversity hiring will be favored.

In other words, they will be attracted to and stick with employers with whom they are proud to work. This is the relationship mindset.

Building the Relationship Through Story

Your business story itself can be the best way to communicate where you came from, how you got to where you are, and what you stand for. It’s built into every decision you have made in your journey from startup to buildup and from buildout to enterprise. Your story has all the ups and downs, speed bumps and surprises of a good novel, so it will be entertaining as well. Your people won’t just be working for you for the money. Now they will feel like they are part of a story they can identify with! They can relate!

Let Business Audio Theatre help you tell your story and start building lasting relationships that transcend the transactional!

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