A strategic approach to hiring, developing employees that stay
Perhaps you are one of the honored Best Places to Work featured in a special section inside this edition. Congratulations.
[caption id="attachment_15310" align="alignleft" width="108" caption="Chuck McPherson"][/caption]
[caption id="attachment_15311" align="alignleft" width="108" caption="Scott Omerod"][/caption]
What if you are not one of the honored companies, but you want to become a best place to work (if not recognized publicly, at least from the view of your employees)?
You can be a best place to work if you demonstrate the true value you place on the people that make your company successful. How? Consider retention as a core practice of the business.
Hiring is the core activity for any company with more than one employee. Retention, on the other hand, can be viewed as a non-core activity or something that occurs organically (as if by magic from the managers). Leadership comments such as “people should be happy to just have a job,” or “we are so busy working with our customers,” or “we need to reach profitability” are focus-stealing excuses diverting leaders from the activities to retain wonderful team members recruited so diligently by the company.
Simply put, retention is securing your talent for the long term and advancement of the company. The depth and quality of your retention practices today will distinguish you as a talent winner from the talent losers when the economic recovery begins.
It is not unusual to have a talent and recruitment shuffle during recovery as team members seek a more fulfilling opportunity. When you consider the high cost of finding the right team member, it is surprising to see companies not spend more time and effort on retention.
If you want to understand what it is really costing your company to lose employees, examine your turnover rates for the last five years. Put a number on the cost of lost intellectual company knowledge, talent and reduced productivity and then you might reconsider what it really costs to retain great team members. The numbers can be staggering.
Attract, develop and retain
Most of the Best Places to Work company owners will readily tell you, their greatest assets go home every night. Creating and maintaining high employee morale is mission critical to retention and more often than not a measure of the ultimate health of an organization. Retaining your best employees ensures customer satisfaction, product sales, satisfied co- workers, effective succession planning and deeply imbedded organizational knowledge and learning.
The same goes for attracting great employees. Applicants often ask about a company’s culture and professional development opportunities as well as inquire about the support of management. Speaking directly about the company retention program and sharing retention successes reassures the applicant that the company is a fit for them.
Jonna Greene, vice president of human resources with La Tortilla Factory in Santa Rosa stated: “First and foremost, you have to be the organization that you present to the applicant. If ongoing training and professional development are selling points offered by your company, you better deliver on your promises. A key factor in employee motivation and retention is the opportunity to grow and develop career-enhancing skills. In fact, this is one of the most important factors stated in an applicant’s decision-making process.”