The best way to improve your employee retention is to create a strategy that you can systematically deploy which will address all of the essential elements of staff retention. When it comes to creating a retention strategy, there are the 5 main areas you want to have covered. This is not meant to be an exhaustive article on each stage but rather an overview of some of the things you want to be thinking about for each one.
1. Attraction
Think of being single, and putting your best foot forward to attract a date. The more attractive you appear as a place of employment, the more interested most qualified applicants will be. The more applicants, the more choice, and the better chance you have of picking top-notch people. The question is, how attractive are you? It doesn't matter how attractive you think you are. What do others think of you? What is your brand (reputation) as an employer? Most organizations do no have a brand because they do not put any effort into creating one. Size does not need to stop you from creating a brand as an employer of choice. Gone are the days where the only marketing you did was for your product. Now also you have to give thought to marketing your image as an employer. You may be the best place to work on planet earth but if no one knows about you, then you will not create the attraction you are looking for. First determine what you want to be known for, then figure out how to get the word out. Many companies are doing some innovative things these days to become 'attractive'. Placing a job offering in the classified section is not one of them.
2. Hiring
From the moment someone interviews to the time they sign a contract is the hiring period. Often we think the hiring process only includes those we end up hiring, but in reality, anyone who interviews for your organization is a part of this period. Think of the hiring stage as having multiple people over to your house for dinner, one after another. You will have far more guests than you have spots at the table. Eventually one will be chosen. What about the other 5 who sat down with you? As they leave your house, what will they say about you? How you handle the applicants you rejected will do a lot to shape your reputation as an employer. I heard of one firm offering movie passes to anyone who took the time to come in for an interview. It's a small touch, but it makes an impact.
Interviews are like first dates. Both parties try to impress the other, and because a lot is on the line, candidates have their inner radar dialed up to spot any kind of flaw, imperfection, disorganization etc. Make sure this process is smooth, planned, and professional. When was the last time you took a good look at your hiring process to find ways that it could be better, faster, and more compelling?
3. On Boarding
The first 90 days is all about connections. There are numerous studies that show a new employee can make up their mind within the first week whether or not they will stick around for the long haul. This is your chance to rope them in. Most companies do a good job of supplying people with information for their role but do a poor job when it comes to the more important connections like relationships. Emotional connections need to be forged quickly for a new hire. You want to make sure you connect them to the team, to their manager, and to their role, in the context of how it affects the company. These connections naturally happen for some but for most people they need a little help. In my workshop on retention I outline in more detail how to create an on-boarding plan that you can use to help cement new hires to your organization. The key is to create a step-by-step process that helps new hires make those essential connections early.
4. Length of Stay
This is really the duration that someone stays with your organization. Your goal is to increase the length of stay for each employee. The ultimate goal is to make your organization their last stop before retirement. This is where the bulk of your retention efforts need to be focused. It is always more efficient to put your energy into employee retention than employee acquisition. Take care of what you have. This is where the bulk of my training is focused. You want to create an engaging workplace, and you do that with inspiring leaders who know how to lead people and manage projects. You want to make sure you have a healthy culture of challenging and exciting work, great teams, rewards and recognition, training and development, fun, and inspirational leadership Inspiring leaders: know how to communicate and create a compelling vision; solicit input; are enthusiastic about their role; set great examples; foster great culture; and, sincerely care about their people. Equipping your mid-level managers to create engaging workplaces is where the bulk of your training time should be spent.
5. Departure
Everyone will leave your organization! Even you. The best-case scenario is that people leave to retire. But for everyone else, how we say goodbye will do a lot to affect the first point we discussed - Reputation! When any employee decides to leave a company it is never an easy decision. There are many fears and anxieties involved as an employee severs ties. As a boss you may be hurt, angry, bitter or maybe even happy. The key is emotional management. If you ever want a chance of seeing them come back again, then let them leave on a good note. If you never want them to come back again, let them leave on a good note. Everyone that leaves your organization on bad terms is like negative advertising for your organization. They can be a poison that leaks into the talent pool you so desperately want to tap into. It does not take much to create a process that ensures almost everyone leaves on a good note.
You also want a way to keep in touch with those who have left. Treat them like alumni, or extended family. If you can keep in touch occasionally via email news bulletins or other means, you are able to keep your organization on their minds. This is especially great when their new workplace is giving them grief and you just happen to send them a cheery email that same day!
Keeping an alumni who left your company on good terms is like having unpaid recruiters out in the field for you. When you need a spot to fill you can send word out to your alumni asking if they know anyone who they could refer for the position. Add in some kind of paid compensation for referrals and you can build a powerful force that is always keeping your pipeline of new recruits full.
If you can create a strategy that eventually covers each of these stages I have mentioned, you will begin to see a dramatic difference in your retention rate. As more people stay in your organization longer, you will see an incredible transformation in morale, your culture, productivity and overall fun. For starters pick something easy that you can address like a strategy for those departing, and then move on to some of the bigger more complex issues. If you need some ideas, give me a call.
Having talent attrition problems? Talk to our talent retention & HR consultancy in Singapore. Website here.
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