A lot has been said recently about recruiting in the midst of the “war for talent.” Once you go through the hard work of getting a candidate to sign on the dotted line, you face an entirely new set of challenges to keep them engaged for long-term retainment.
According to research from SHRM, replacing an employee can cost 50-60% of that employee’s salary – not to mention the damage constant turnover can have on employee morale. With turnover costs skyrocketing, what steps can you take to help your new hires see it is worthwhile to invest their time and energy into your organization?
Creating a Strategy for the Long-Term Retainment of Employees:
Take onboarding seriously.
It is difficult for an employee to remain engaged when they don’t start out on the right foot. To fully immerse a new hire in your culture and help them feel acclimated to their role, give onboarding the time and energy it deserves, with a focus on keeping learning strategic and not administrative. It will pay off in the long run – don’t forget to set clear goals for your new hire. It is also important to seek their feedback on their hiring experience, so you can continue to evolve your process.
Check out this article from Indeed for a complete guide to employee onboarding.
Create a culture of appreciation.
A study by Bersin and Deloitte found that “high-recognition companies” have 31 percent lower voluntary turnover than companies with poor recognition culture.
There are many ways to show appreciation in the workplace, and it must begin from the top down. Whether it’s recognizing milestones, celebrating successes, or thanking a colleague for the small acts that usually go unnoticed, providing written or verbal praise can go a long way toward making your employees feel they are part of something bigger.
Provide opportunities for growth.
Professional development is a high priority for all members of the workforce, but particularly Gen Z and Millennials. Consider offering workshops or mentoring opportunities to help individuals grow in their positions or get ready to transition to leadership roles.
It is also important to note that there is no “one size fits all” learning path that works for everyone. When creating new learning and development offerings, we recommend a diversified approach to meet everyone’s wants and needs.
Need help with diversification? Check out this resource for more information.
Gain insight through exit interviews.
Some employees will inevitably leave for one reason or another … why not make lemonade out of lemons by structuring your exit interviews to provide meaningful feedback? Consistency is key – you should be interviewing every individual leaving the organization, regardless of position or department. By conducting exit interviews consistently and continuing to use the same questions, trends will emerge over time. Look to harness the information shared by those leaving your organization to identify areas in need of attention and growth.
Unique benefits for employees are another method of attracting and retaining talent that employers are exploring more and more. With so many different benefit offerings for your employees, tracking and managing enrollments can be challenging. Make it easy on yourself by using Bentek©️!
For more information on how Bentek can help you, contact us.
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