Tagged: employee retention

Learning and Development to Increase Retention

Most companies would choose to invest in ways to enhance employee retention over hiring and training new ones. The process of replacing employees can be expensive. You have to spend time and resources on finding, interviewing, and acquiring the best talent out there. When you already have quality employees, it is much more cost-effective to find ways to keep them. One of the most essential ways to improve long-term retention is to build a culture of learning and professional development.

-According to a 2015 Payscale report, 57% of employers place employee retention as a top priority.

Executives and managers need to be ready to adapt to the needs of their employees. This process starts at the very beginning. For example, it might seem like a good deal if you can negotiate a new employee’s salary under market value. However, this can come back to bite you when they leave for a better offer, taking the training and experience you provided with them. There are several strategies and methods you can implement that will boost your retention and employee happiness.

Ways to Develop Higher Employee Retention.

  • Hire Correctly: A significant portion of companies lose employees in the first 120 days of employment. Your human resources personnel need to keep this in mind when hiring. The culture and requirements of the position need to be made clear. Shrouding the negative aspects might seem like a shortcut to getting someone hired, but it won’t result in long-term employment.
  • Embrace the Referral Process: Referred employees have some of the highest retention rates in any industry. This is partially due to the fact that your current employees already understand what the job needs and the type of people that could fill a position. Referrals act as a free screening process. Employees are also less likely to refer someone who is a poor fit because it could reflect poorly on them.
  • Don’t Get Too Comfortable: In a busy workplace, workers who require more supervision often draw more attention. Your employees who struggle less still need your attention, however. Not being recognized can lead to feelings of resentment, so don’t underestimate the power of encouragement or recognition.
  • Check-In with Your Workers: Establish regular times to check in with your employees. Discuss their goals, challenges, and triumphs. Find out ways they think things could be improved and be willing to listen. Employee engagement will also foster retention.
  • Don’t Hide: Many leaders fear to be transparent. The truth is that this can lead to workers feeling like they are lied to. Build a culture of teamwork by offering transparency on how your company is succeeding. Be honest about what can be improved and recognize those departments performing well.
  • Follow Through: When you make promises to your employees make sure you can back them up. This is true for raises, bonuses, or even day-to-day operations. Following through on your promises build a relationship of trust between you and them. Companies that foster trust and partnerships with their employees have shown higher rates of retention.
  • Develop a Culture of Learning: When you bring all of these strategies together, you will see a workplace where employees know what is expected of them, feel equipped to succeed, and see room for growth. Employees will stay at a job if they see a future there for them.

Providing a future for your workforce means understanding their needs and finding ways to deliver them. Building a culture of retention starts with hiring the right people, rewarding their success, and fulfilling your promises to them. Today, a business leader needs to be willing to learn and grow along with their labor force.

6 Recruitment Strategies to Help You Reel in Top Candidates

Hiring top talent has become a high-stakes game of online recruitment warfare.  Today’s candidates are relying on professional networking sites like LinkedIn to market their talent and turning to anonymous employee reviews on websites like Glassdoor and Yelp to influence their decisions.  In this constantly evolving recruitment market, how can you differentiate your company as the best place for prospects to work?  The answer isn’t simple, but the way that you approach the situation should be.  Here are some top recruitment strategies for your company to focus on to make 2018 your best year for recruiting top candidates.

  1. Continue Focusing on Diversity.

According to LinkedIn’s 2018 Global Recruiting Trends Report, diversity is the top trend shaping the future of recruiting and hiring.  In fact, of the 9,000 talent leaders and hiring managers across the globe that were surveyed, 78% said that diversity was the “top trend impacting how they hire.”
In today’s globalized world, diversity is at the forefront of every social landscape, and in the workplace, it’s been proven time and again to improve productivity, develop new innovations, and create a higher level of engagement and collaboration from employees.  The report revealed that 62% of survey participants focus on diversity to boost company and financial performance, and 49% do so to better represent their customers.

  1. Revolutionize your Hiring Process with Innovative Tools.

In second place to workplace diversity, 56% of talent professionals and hiring managers from the aforementioned report say that new interview tools are the top trend impacting how they hire.  At TotalRewards, we truly believe that our award-winning Recruiting Acceleration Platform is an unparalleled tool for organizations of any industry.
CandidateRewards Software allows your company to demonstrate why it’s the “Employer of Choice” through conveying your employer brand, exemplifying the total compensation of employment, and speeding up the time it takes to hire on a top prospect.  According to LinkedIn, 36% of traditional interviews fail due to too long of a process, and CandidateRewards eradicates this common fallacy.

  1. Revamp your Reputation Management

Social media has changed so much about how we interact as a population, and the implications have affected the job market in remarkable ways. Research by LinkedIn has proven that more than 75% of job seekers research about a company’s reputation and employer brand before applying, and 69% say they would not accept a job from a company that had a bad reputation – even if it meant they wouldn’t have a job.  To overcome this challenge, take a look at these tips to help you build, promote, and reinforce a positive company brand.

As competition for top talent continues, developing a positive employment brand can be a major differentiator and strategic advantage for employers. Here are some tips to create a better employment brand in your organization.

  1. Overcome the Challenges of Automation and Embrace the Benefits

Artificial Intelligence is here to stay, and it’s time that we embrace the transition.  LinkedIn found that 35% of talent professionals and hiring managers say that artificial intelligence is the top trend that impacts how they hire.  Workplace automation is something that has been feared for generations, as our memories tend to point back to robotics stealing the jobs of Detroit auto manufacturers, and Hollywood haunting our dreams with Skynet going live.  However, the truth is that there is little concern that AI will replace your job, as only 14% of talent acquisition professionals surveyed by LinkedIn thought AI would take their jobs.

In actuality, AI has a massively positive impact on your recruitment process.  As LinkedIn explains, AI is most helpful in sourcing, screening, nurturing, and scheduling candidates.  Workplace automation also creates a unique opportunity for businesses to maximize human talent.  By utilizing machines to take care of the busy work mentioned above, your organization should focus human workers on strategic, business-growth initiatives that can take your business to the next level.

We’ll Shape your Recruitment Strategies for You.

We live in a generation today that’s defined by the “Age of Information Technology,” and it’s vital that your organization has the tools to keep up with its impact on recruiting the top talent. At TotalRewards, we’ll take the stress out of your hands and build recruitment strategies that promote your company, its mission, and culture alongside the monetary value of your job offer so top candidates view your organization as the Employer of Choice.  Contact us online or try your free trial of TotalRewards Software today!

Creatively Addressing Workforce Automation

 

Automated technology continues to replace human workers in a wide variety of jobs and industries. This includes the retail, transportation, manufacturing and agriculture industries, just to name a few. Businesses with a backbone comprised largely of brick-and-mortar stores are struggling to keep up with online retailers, autonomous cars are threatening to replace humans in transport jobs, and automated farming technology continues to make leaps and bounds. Furthermore, according to a Harvard Business Review article, “robots have probably taken about 85% of the 5 million manufacturing jobs that have disappeared from the United States since 2000.” Companies are struggling to find a way to adapt their business models to accommodate the rapid replacement of humans in the workplace. The article further states that: “While our first instinct might be to help employees find new jobs, what we really need to do is is help companies shift into new markets focused on human services and adopt new business models that will allow employees, customers, and communities to benefit from technological change.”

More Than a Store

Providing community-focused human services is one way to combat plummeting brick-and-mortar sales, but it isn’t such a far-out proposition as it seems. Walmart, for example, is already rolling out optometry services, beauty salons and restaurants at various locations. Imagine the various potential revenue sources from offering similar services such as day care, elder care or a community meeting space. Doing so would not only give employees being replaced by robots a new job, but it would make businesses an integral part of the community.

Stock Options

Another tactic some companies are trying is offering employees replaced by robots generous stock options. If an employee was replaced, yet holds stock in the company, they could benefit from the increased value as a result of utilizing automated workers. Consider the example of the Chobani founder, Hamdi Ulukaya, who gave 10% of his stock in the yogurt company to 2,000 employees, while the rest received stock options worth about $150,000 each. This approach provides a financial buffer for employees that will suffer from technological unemployment. This tactic is particularly valuable if a company has immediate plans to automate its jobs.

As reliance on enterprise technology continues to grow and automated workers begin replacing humans, companies have a duty to invest in the potential of their employees. While the knee-jerk reaction might be to simply help employees find new jobs, companies that shift into new markets and adapt their business models to allow employees, customers and communities to benefit from technological change will see a prosperous future in automating the majority of their workforce. Want to discover other leading industry trends? Read this article about what HR teams need most in 2017.