Part Four – Retention
Employee retention is critical to the long-term success of your business. Our previous blog posts have shown how important retention is to the overall well-being of your company – from tangible issues like the financial impact to intangibles such as employee morale and culture. So, let’s talk about ways that you can retain your top talent on a long-term basis.
As we’ve shown previously, providing ample training and development opportunities can discourage turnover by keeping employees satisfied and well-positioned for future growth opportunities. If employees are not given opportunities to continually update their skills, they are more likely to leave. According to the Value of Training study conducted by IBM, employees who do not feel they can achieve their career goals at their current organization are 12 times more likely to consider leaving than employees who do feel they can achieve their career goals. Even worse, this number skyrockets to about 30 times for new employees.
Salary is a modest predictor of an employee’s decision to leave; however, organizations can be more competitive with a strong compensation and reward package. Organizations can specifically link rewards to retention – for example, more PTO time earned by seniority or a longevity bonus. When considering rewards, however, it’s important to note that rewards should be tailored to the individual. Rewards are not one size fits all – what incentivizes one person may not incentivize another.
The Society for Human Resources (SHRM) recommends re-recruiting as a tool for employee retention. Re-recruiting is a strategic HR process that identifies top performers so that management can engage them in a conversation about their development needs and career advancement opportunities, and then entice them to recommit to the company in the same way they were persuaded to join it in the first place, according to SHRM. John Sullivan, Ph.D., professor of HR management at the College of Business at San Francisco State University suggests making re-recruiting top-performing employees part of a manager’s annual bonus criteria.
These are some suggestions for you, as you navigate your way through the employee life cycle with your team. However, the very best way to stay ahead of the game and retain your top employees is to find out what they are thinking, where they are in the process, and how engaged they are. The leadership team at CRS has excelled at helping companies with various aspects of the employee life cycle for over 20 years through a wholly customized approach tailored to meet each client’s specific needs. We do this in a variety of ways, through Retention Interviews, Pulse Surveys, Engagement Surveys, and Consulting. Our combined experience makes us highly capable to help our clients understand employee-centric data and implement effective solutions. Contact us today to see how we can help!