When the economy is strong, unemployment typically falls. As a result, available jobs stay open longer and companies have to compete for top talent.
In today’s job seeker-driven market, retention needs to be a priority. Whether you hire through staffing agencies in Painesville, Ohio or on your own, keeping your best and brightest on staff is essential. Otherwise, you may struggle to find high-quality replacements quickly.
Luckily, there are things you can do to keep your top performers, even if other organizations are losing theirs. Here’s how to get started.
Stand Face-to-Face with the Enemy
You can’t develop a strategic plan to improve retention if you do not know what you are up against. If you want to make smart choices, you first have to understand the enemy: turnover.
Begin by researching the “when” and “why” behind your employees leaving. Are there any managers who have higher turnover numbers or some whose retention rates are higher than average? Are specific job categories struggling when it comes to retention or ones that are thriving?
Also, take the time to conduct exit interviews for every employee, including temporary staff members. Discover how they felt about their experience, if there were any issues that need to be addressed, and the core reason behind their choice to leave.
It is also wise to determine which employees are the costliest or hardest to replace. This can help you identify priorities, ensuring your retention efforts are directed to where they matter most.
Get an Employee Retention Plan Together and Implement It Properly
Once you have reviewed the data, you have the ability to form a strong plan. Decide what you want to achieve, using real-world information as a guide, and then research which retention strategies could help you accomplish your goals. It doesn’t hurt to see what retention strategies do and don’t work for your competitors. Additionally, identify critical metrics that allow you to monitor results, giving you the data you need to make changes as required.
When you begin to center on a strategy, make sure your approach is diverse. Not every employee wants or needs the same things, so you need to have options available. You can begin by thinking in categories, such as job types or employee generations. This can guide your thought process, giving you the ability to consider how each of them is different and what they may desire from their employer.
Then, you need to gather a retention team. These managers, departments, or employees will steer your efforts, ensuring everything is consistent company-wide. Plus, they can help you build retention into every HR function, making the approach comprehensive. Select a leader to keep the group on target and who can provide feedback as things move forward.
As you begin to implement your plan, make sure to remain adaptable and flexible. Use feedback and research to determine what is working and what isn’t. That way, you can stay agile and adaptable, shifting your approach based on that data.
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