Stepping Up Your Talent Retention Strategies
There’s no doubt about it – it’s a job candidate’s market out there. The question is – how are you going to respond? It’s important to take a deeper look at your hiring process in this landscape, but it’s also critical to keep an eye on talent retention.
The unemployment rate keeps dropping, which paints an interesting picture for employers. Employee retention becomes a hot topic because it is getting increasingly more difficult to keep top talent as they seek out greener pastures.
Meeting Compensation Needs
While salaries are bumping up ever so slightly, the workforce is demanding more compensation in the form of benefits, which means talent retention strategies should account for these needs.
What options do you offer your employees in terms of paid time off and sick days? Maintaining a work/life balance is high on the list of priorities for the majority of the workforce. Any slack in this department will lead to burnout, which is what causes employees to jump ship, effectively killing your retention goals.
Keeping Top Talent
Communication is one of the most important aspects of a high-functioning workplace. Your managers need to be expert communicators. They need to listen with intent to what employees say, and they need to be empathetic. Managers should learn how each individual prefers to be managed, because there is no one-size-fits-all way to manage the entire workforce.
When employees do leave your company, their final piece of communication, in the form of an exit interview, can hold the keys to how you can keep the floodgates closed. There’s nothing like an honest exit interview to reveal your weaknesses.
Retention Begins Early
The job openings you list are often the first contact a future employee will have with your company, which is why you need to consider that in your retention strategy. Job descriptions need to be updated constantly, and before a listing goes out, make sure it is 100% accurate. A faulty listing can lead to onboarding someone who will figure out within a month or more that they’re in the wrong position.
Your recruiting process must be on point. Furthermore, the importance of a proper onboarding program has never been more important in improving talent retention. Successful onboarding, which can span many months, helps employees understand exactly what is expected of them, and the tools to get the job done right are easily accessible.
The Predictive Index method needs to be part of your retention strategy, because it is a scientifically proven method of dismantling the complexities involved with understanding workplace behaviors.
At PI Consulting Group, we use cognitive and behavioral assessments that offer comprehensive insights. We’ve conducted hundreds of validation studies and have identified more than 7,000 positive correlations between business performance and our assessments. Contact us, and let’s work on improving your employee retention.