Have you noticed how long it takes to hire the right person? Company trends today are to staff lean and be slow to hire. Being selective in the hiring process means extensive time invested in screening candidates, interviews, and starting over when the first or even second rounds don’t result in candidates who are the right match for the position. Because time is so limited for training and candidates are expected to be productive quickly, hiring the right person for the job is critical. I am sure you would be the first to say hiring and training a new employee is an expensive investment for your organization.
How much time do organizations spend to retain their current employees? Due to the lean staffing trends of organizations, losing even one employee creates a void. I started to say, a key employee, however I believe that any employee in your organization who has knowledge and experience in your business is a key employee and thus the void felt in productivity has an impact on the financial success of the organization.
Google “employee retention” and you’ll find around 13,900,000 references. So I will admit, I did not read them all. However, I did read a sampling, like this article, “Honey, Employee Retention is Much Beyond Money” by Ashok Grover, many agree that employees leave managers not companies. When I ask friends and family, how things are going at work. I find it interesting that their first comments are often more about their manager/bosses than the work they do or what is happening in the organization. How they feel about their boss influences everything about their work.
Regardless of the economy, every company needs a hiring strategy and a retention strategy. Are you developing a management strategy that once you hire the best for your team, leadership is focused on retention? Here are seven strategies to use:
- Get everyone involved – I’m not talking about the work they do but involved in helping the organization become better, smarter, and more competitive!
- Communicate to everyone what is happening – When people don’t know what is going on, they come up with their own interpretation. Give your people the facts and a vision for the future.
- Manage by walking around – People are managed by people. Managers should talk to their team more.
- Recognize performance – A formalized evaluation and recognition program is very important. However, a personalized pat on the back, a written note or team meeting recognition will go a long way.
- Training – Do you train managers to lead? Most supervisors never get formal leadership training. Organizations who invest in leadership training also have higher employee satisfaction and retention rates.
- Work/Life Balance – How does your organization rate in the area of work/life balance? Are employees encouraged to bring their life interests into the organization through social events or community involvement?
- Employee Training and Development – Does every employee have a professional growth plan included in their annual performance plans? Training is an investment that gives back to the organization.
Here’s a thought …“ Star performers, even when concentrating on their work, are hunted by recruiters and competitor organizations with attractive offers. As such, there is regular evaluation of their current situation vs. alternatives not only in terms of money, but with respect to higher responsibilities, work environment and growth opportunities. So if the current company does not value their top performers, somebody else will.” Article Source: http://EzineArticles.com/6451627
Employee retention should be at the top of everyone’s agenda. Hiring the best and keeping them allows your organization to grow even in the toughest economy. If you would like assistance in implementing a retention strategy, contact Yvonne Abel, ABEL CONSULTING, at 972-517-9085, yvonne@yvonneabel.com or visit our website www.yvonneabel.com.
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