Retention Strategies for Your Data-Centered Business
Are You Implementing These Retention Strategies Post-Hire?
One of the biggest challenges facing businesses today is employee retention. One reason is that the economy is strong and unemployment is low, so workers are more willing to take risks and quit their jobs in favor of new opportunities. Another is the shifting age of the workforce. Employer-loyal Baby Boomers are starting to retire in droves and the younger generations that are replacing them spend, on average, less than three years at any job. For these reasons and more, it’s so important that today’s companies have comprehensive retention strategies in place. Here are seven retention strategies that you can start using today:
- Think retention when recruiting: Hiring employees that will stay for the long haul starts with recruitment. Look closely at each candidate’s resume for long-term stints with previous employers, of course, but also any experience with sports teams, volunteer organizations, or military service. This non-career experience is an indicator of someone who knows what it means to make a commitment to a larger organization.
- Offer the right benefits: You know that benefits are essential to your retention strategy, but it goes beyond medical and dental insurance. Consider offering stock options or other financial awards for employees who stay with you for a pre-determined time period. Implement bonuses that are tied to job performance. One newer strategy is to help graduates pay off a portion of their school loans if they stay for at least five years.
- Show some flexibility: Flexible work schedules, work-from-home opportunities, and generous paid time off go a long way in helping employees feel appreciated. Many workers today value flexibility as much as financial compensation, making it a must-have element of your company’s retention strategies.
- Grow and train to retain: Workers want to advance in their careers. If they don’t think there is a career path for them at your company, they’ll go somewhere else. Offer employees training and continuing education opportunities. Let them see a clear path for advancement within the company. Ask management to encourage their direct reports to pursue internal job opportunities. The message to employees from leadership should be “we want you to learn, grow, and succeed.”
- Create a culture of communication: Open communication between employees and management can help foster a sense of community and trust. When employees can give input and are being listened to, they feel valued and are more likely to stay with the organization.
- Start having stay interviews: Many companies today are adding “stay interviews” to their arsenal of retention strategies. Unlike exit interviews that seek to determine why employees are choosing to leave, stay interviews are an excellent way for you to find out what’s important to the employee, why they choose to continue to work for you, and what would make them consider leaving. The answers to those questions can be used to boost your employee retention rates.
- Audit compensation frequently: After all is said and done, every worker wants to be paid a fair and competitive rate. To make sure you’re paying employees competitively, conduct an audit on your compensation and compare what you’re offering to current market rates. If you find your salaries are lower than market rate, make a three-year plan to raise salaries. Then, conduct compensation audits every three to five years to ensure you’re not losing employees to higher-paying competitors.
The bottom line is that by implementing employee retention strategies, your organization will hold on to talented and motivated employees who truly want to be a part of the company and who are focused on contributing to the organization’s success.
If you would like to discuss these and other solutions for attracting and retaining top-level talent to your organization, then turn to Purple Cow Recruiting. We are a seasoned group of recruiters who are passionate about finding the best talent for your organization’s most tough-to-fill positions—from entry-level to CEO. Contact us today.