We aren’t sure if you noticed but there is a talent war going on out there. Once happy employees are looking for new opportunities. With wage stagnation at an odd high, who could blame them? It has never been more important to have a strong retention strategy in place.
Recruitment is where retention starts.
Pop quiz! When should you start thinking about retention? Time’s up. The correct answer is during the hiring process. Many hiring managers are tempted to grant their open positions to the “good on paper” person. The harsh truth is, cultural fit is a much stronger way to predict the quality of a new hire. And 46% of the companies we surveyed for our annual talent landscape report agree.
Adecco’s Definitive Guide to Building a Better Workforce delves into the attraction and retention strategies of the nation’s best (and not so best) employers. They are surveyed and compared based on factors correlated with success. Best-in-class organizations take that time to get to know a candidate’s strengths and weaknesses with profiles, assessments results and more.
Start there, and see your retention rates soar!
If you see something, say something.
The TSA mantra works for many situations. An employee exiting the organization can be a shock, but it doesn’t have to be. People have various motivations for leaving, not all of them are unavoidable. Here are some simple steps you can take to help increase retention.
Look for the signs.
We might hate to admit it, but we can be predictable creatures of habit. There are events the precipitate someone leaving your company. Maybe they were passed up for a promotion or just finished a year-end review. Think logically. If your top talent has experienced an event that had them reassessing their place at the company, they might leave.
The best way to determine if someone is ready to leave is to ask. Encourage an open and honest dialogue and go to neutral ground. Most importantly, listen. When your top talent is ready to leave the organization you need to know why. That way, you can effectively offer solutions.
Take care of your best people.
For the most part, by the time someone has decided to leave, it’s too late. Don’t spend too much time trying to keep an unhappy employee. Ultimately, no one wins. Instead, refocus your energy into your team. Make sure that they are happy, engaged and in it for the long haul.
Retention is more than money.
Don’t mistake us, great compensation and benefits are crucial. But there are other factors that influence a person’s decision to stay or go. You have to keep people engaged. You do that by:
- Offering training and development opportunities
- Explicitly connecting their day-to-day to the bottom line
- Make sure they feel like part of something bigger
- Keep their work challenging and intriguing
- Be appreciative and reward hard work.
But don’t underestimate proper pay.
Like we said, money isn’t everything but it’s a major factor. Most people work to earn a living. Best-in-Class companies review their compensation packages to ensure their employees are being compensated at market. Not sure if your employees are being paid at market? Use Adecco’s Salary Guide to find out.