Want to minimize recruiting challenges? Focus on your retention strategy.
Every successful organization knows the importance of identifying, recruiting, and hiring the right people for the right positions. But many companies don’t stop to think about the impact of retention strategies on the recruiting process. If your best employees are leaving at a rate higher than the industry, your HR department will have to spend a disproportionate amount of time on recruitment efforts. And poor retention has a high financial cost. Research shows that replacing a highly skilled worker can cost as much as 200% of the salary for the role.
The right approach to retention can help you avoid the need for frantic recruiting efforts to fill too many open positions. More importantly, studies show that organizations with lower than average turnover generally experience better financial results and overall performance.
Forward-thinking organizations know that investing in retention efforts helps them develop the workforce they need to thrive. Focus on these strategies to improve your employee retention.
Evaluate your managers.
A poor relationship with the boss is a main reason employees leave a company. But too few organizations take the time to focus on leadership development for managers. An integrated workforce management solution can help your company define KPIs for your managers and clearly communicate them across all levels and departments.
Offer solutions that improve employee engagement.
Employees who understand the company’s overall performance, and the impact of their individual work on the company’s success, are more likely to feel engaged at work – and less likely to leave. Engaged employees are enthusiastic about their jobs, perform at a higher level, and work hard to further your organizational mission.
When employees have the capability and autonomy to make their own choices and decisions, they tend to feel more engaged. Self-service options that give them ready access to time and attendance, scheduling, benefits, and other critical HR information provides control over decisions that affect their everyday lives, improving the employee experience. They can also use these tools for schedule requests, to swap shifts, and to update personal information. A cloud-based human capital management solution like Workforce Go! HCM provides these important self-service tools.
Provide opportunities for growth.
Motivated workers are looking for opportunities to advance their careers. If they can see a path to advancement with your company, they are less likely to look elsewhere.
The potential for growth has three components. The first, and the one most people think of, is a clear path to higher-level roles. Defining this path, and the steps an employee needs to take, can provide powerful motivation and improve retention. A workforce management solution can help you define the measurements to be used in evaluating an employee’s progress toward advancement.
The second component is providing ongoing training for your staff. In a rapidly changing business environment, with a regulatory landscape that is always evolving, adequate training is essential to the engagement of your employees.
The final component is the opportunity to learn new skills from peers and managers. A mentor system can facilitate this type of growth.
Provide flexible work opportunities.
An increasing number of workers are looking for flexibility in their work options. And the workforce is changing, with many companies employing a mix of full-time, part-time, contract, temporary, hourly, and salaried workers. Technology offers myriad opportunities to provide your employees with more flexibility. Cloud-based solutions like Workforce Go! give employees real-time access anywhere, from any device. And self-service options allow your workers to handle critical tasks such as scheduling and team communication on their own terms. Meeting flexibility needs will increase your retention odds.
Keeping your best people is critical to the success of your organization. Workforce Go! can help you develop and implement retention strategies that ensure you have the right people in the right places. Want to know more? Contact us today at firstname.lastname@example.org or 214-800-5575.