Keeping An Eye on Employee Retention

Businesses across the country are struggling with the lack of critical talent and an increase in skills shortages. According to Randstad Sourceright, spending on talent acquisition is rising, hiring managers regularly express their frustration with finding good workers and the C-suite wants to know why their business plans aren’t moving forward. However, there is a low-cost way to recruit talent that intimately understands your company’s business, fits in well with its culture and can hit the ground running. Where does one find this kind of talent?

The key exists within your own company – by utilizing and retaining talent within your current workforce!

Throwing money at the retention dilemma may seem like the easiest solution but it delivers the least amount of value to an organization. Beyond a monetary approach, there are many ways to win the hearts and minds of employees. They include:

  • Strive for a better work-life balance. This is a persistent issue that leads employees to part ways with their employers. Managers should survey staff to find out ways to achieve a better balance for them, what their wants are (within reason) to lighten the workload and what additional resources are needed.
  • Recognize their contributions. This may provide the greatest return in terms of employee engagement and retention. Millennials especially desire recognition of their value and contributions, so make sure to have a process in place. These programs require a small investment but have a big impact on the employer brand.
  • Benefits are crucial. A recent US study on the Affordable Care Act revealed that despite the availability of government-subsidized health insurance, most companies are retaining their health coverage to attract talent. Companies are also stepping up their benefits offerings such as unlimited vacation policies, subsidized childcare, on-campus valet services and many others.
  • Provide employees with more feedback. When given effectively, providing employees with more feedback is one of the best ways to demonstrate management’s involvement in their professional development.  However, managers will not only need to adjust the mindset towards giving and receiving feedback, but also that of the employees.
  • Offer training opportunities for professional advancement. The most progressive and successful companies are on the cutting edge of professional development training. One resource many have not tapped into is participating in a Registered Apprenticeship program through the U.S. Department of Labor.  Taney County employers are currently using this as a training tool and it is available for any industry sector.

Does your company have a good employee retention program? Email us to share!