Economic and employment statistics have given us lots of good news lately. It’s a welcome relief after years of economic stagnation, but it doesn’t come without its share of new challenges for companies to handle. With all the choices available to employees, how do employers hang on to their workforce?
Millions of Americans leave their job for another opportunity every month. Finding a replacement for an employee who has left is an expensive prospect. Not only does the recruitment and hiring process cost in company personnel and resources, but the loss of experience, working and client relationships, productivity, and efficiency that go with that employee has a high cost too.
Human resources industry analysts estimate that the cost to replace an employee can range from equal to their salary or up to three times their salary depending on the industry.
You need a good plan to face a tough challenge. Developing an employee retention strategy is the framework for that plan. Effective retention strategies include a mix of programs and policies to address priorities like:
- Selecting the right person for the position
- Onboarding, orientation, and training
- Employee development and mentorship programs
- Competitive salary and benefits
- Work-life balance
- Keep employees engaged and challenged
- Communication and feedback
- Recognition and rewards system
- Flexible working arrangements
- Culture of teamwork and collaboration
The strategy is a conceptual overview. It takes some creative thinking to find and implement real world actions tailored to your corporate culture. For example, honesty and transparency during the onboarding and orientation processes help to ensure that the right person is in the right position. Work-life balance and flexible working arrangements can be part of a competitive salary and benefits package. Open and direct communication within an organization can help to develop training and development programs that will keep employees challenged and engaged. Mentoring builds relationships which strengthens teamwork and provides an environment ripe for creative innovation.
A retention strategy isn’t a stagnant couple of pages in an employee handbook. It requires regular reviews to keep up with market standards, thoughtful evaluation of your corporate culture to find any hidden problems, and fresh feedback from your workforce. Thinking about things from the team’s point of view is the key to developing a successful employee retention strategy. Get the formula right, and you can build a team that’s loyal, engaged, and productive.
The first step to keeping talent on your team is finding the right talent in the first place. If you need help finding the best candidate to suit your needs and fit in seamlessly with your corporate culture, partner with a true market leader – Griffin Global Systems. We know our talent pool well. We’ve verified their skill sets, checked their references and backgrounds, and built relationships. Contact GGS today and let us help you achieve your goals.