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4 Ways to Improve Employee Retention

Posted By Michael Haddon, Wednesday, August 29, 2018

from PropertyCasualty360.com

Remember the days when athletes, regardless of the sport, would spend their entire careers with one, maybe two teams at most? Today, for better or worse, the days of ballplayers whose names are forever associated with a particular team or city are long gone.

That same dynamic shift is under way in the workplace. Lawyers or accountants who once might have made partner at a firm and then remained there for entire careers now routinely jump from firm to firm in search of the next best thing.

The tech community also is witness to constant personnel movement as companies grow rapidly only to be acquired or merge with other firms that provide complementary services.
Millennial workers in particular have a reputation for constantly being on the hunt for that next job.

Recognizing that company loyalty doesn’t mean what it used to, businesses — particularly small businesses — have been forced to come to grips with the fact that shorter employee tenures are the new norm. Although salary, benefits, retirement plans and vacation will continue to play a key role in attracting employees, companies have begun to adopt a much more proactive approach when it comes to employee retention.

No 4: Perfect your on-boarding process

According to the Society for Human Resource Management (SHRM), 70% of workers say they are more likely to stay at their new company for three years of more if they experienced a smooth, favorable application process. Clearly, first impressions do matter.

Unfortunately, the on-boarding process is often hurried, with new employees quickly slotted into vacancies and expected to get up to speed on their own. That approach is counterproductive.

Instead, new workers need to understand who their new employer is and what is expected of them. Management needs to ensure that on-boarding is as streamlined and engaging as possible. New employees need to be introduced to key personnel and processes. Open and frequent communications are essential in making new hires feel comfortable and confident from day one.

No 3: Emphasize professional development

A mutually-agreed-upon plan for each employee's professional development is equally important. According to a recent Gallup poll, only a third of new employees feel fully engaged in their new jobs.

As part of the regular review process, keep employees updated on the various certification and training opportunities available to them.

No. 2: Engage often

Today's employees want to know that the work they are doing is important to the company's success and that there is a definite career path for them. Working together on a professional development plan sends a powerful message that the business cares about its employees and wants to help them in attaining their personal and professional goals.

No. 1: Consider a flexible workplace

Providing a flexible, mobile work environment is likely to produce not only happier employees, but a more productive workplace and increased opportunities for retaining those productive workers for a longer period of time.

 

 

Tags:  employee  insurance agency  retention 

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