Over the past year and a half, employers have faced a series of labor challenges ranging from shortages of skilled personnel to the so-called Great Resignation to people staying in their position but becoming less productive (e.g., “quite quitting” or “act your wage”). Exiting employees sometimes blame poor salaries, unhappiness with the company, and other issues. Regardless, due to the increasing number of employees choosing to leave their jobs, many companies are having to rethink their hiring and retention strategies.
If you are worried that your company might lose top talent, it’s essential that you start thinking about implementing effective employee retention measures.
Avoid misfit hires:
- Improve the quality of new hires by improving your recruitment processes. If you don’t use a professional recruitment service or advisor, it might help to start.
- Ensure job descriptions accurately match job duties so you don’t end up with mismatches.
- Conduct a careful interview process, using advanced tactics like behavior-based interviewing.
- “Pre-board” by kickstarting the onboarding process before the new hire even starts by, for example, completing as much paperwork beforehand as possible.
- Don’t rush onboarding, however. Instead, stage it over a 90- to 180-day period to avoid overwhelm and information overload.
- Recognize that onboarding is a strategic initiative, not just an administrative one. It’s the best opportunity to clearly set and communicate goals and expectations while providing the new hire with the knowledge, contacts, and resources they need to succeed.
Make employees happy:
- Regularly recognize employee achievements. That recognition doesn’t have to come exclusively from managers and leaders, either. Give workers opportunities to recognize, appreciate, and reward each other.
- Offer perks, benefits, and accommodations that please employees. These can range from wellness programs to flexible work arrangements.
- Provide skills and career development opportunities that let employees grow in their skills and roles.
Strengthen company culture:
- Take steps to reduce burnout and center your company culture around making sure employees have the kind of work-life balance that supports them staying in their current role indefinitely.
- Attend to your managers. Gallup has famously found that managers play an outsized role in engagement and, consequently, turnover. Don’t let management problems fester.
- The best workplaces are those that make everyone feel valued and important. Truly effective diversity and inclusion programs aren’t about filling hiring quotas; they’re about creating a workplace where everyone feels like they belong and want to stay forever.
CoAdvantage, one of the nation’s largest Professional Employer Organizations (PEOs), helps small to mid-sized companies with HR administration, benefits, payroll, and compliance. To learn more about our ability to create a strategic HR function in your business that drives business growth potential, contact us today.