Rethinking Retention
Lance Christensen
Vice President Client Strategy - aka The Recruiting Strategy Guy ?? SCG Advertising + Public Relations | Recruitment Marketing | Employment Branding
Rethinking Retention
Most employers have spent the last several years relentlessly focused on talent attraction strategies. Sadly, this has reduced many retention programs to little more than anniversary gift catalogs. With TA leaders now facing record low unemployment numbers, many are shifting considerable resources toward improving employee? retention, and ushering in a new era of “Retention, it’s the new recruiting.” If the current labor market has you rethinking retention, here are a few things to consider.
Set a Budget?
Before jumping straight into building a best-in-class retention program, you need to determine your budget, and in most cases, from where it is coming. This may be as simple as shifting funds from a robust recruiting budget, or as complex as challenging your C-suite executives to consider a mid-year budget increase. Regardless of how this shakes out, make sure to include some discretionary spend to use for firefighting efforts at high turnover locations. Please realize, the current labor market has your competition fighting to capture the heart of your best employees. You need to budget for an effective defense.
A Winning Approach
Successful retention strategy requires two different areas of focus: new hires (employed 90 days or less), and long-term employees (the rest of your employee population).
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New Hires:? The churn rate of new employees has skyrocketed in recent years?— particularly, in remote workers.? New employees need to form relationships, find connections, and forge bonds before they realize a long-term commitment to an employer. A winning strategy focuses on building strong ties between new and current employees, and the organization as a whole. Here are a few strategy elements to consider:
Longer-Term Employees: After 90 days, most employees have adjusted to your organization. An effective retention strategy now broadens to include elements which maintain employee / employer alignment, encourage growth, and recognize achievements. Some long-term employee retention strategy elements to consider:
Recruiting the best talent is very important, but retaining the best talent is of at least equal importance. If you want to talk about either, shoot me a message, or give me a call. Don't forget to like, share, and subscribe to The Monday Minute. Have a great week in talent!
Building Transformative AI to Inspire, Teach, and Create | NeuSymbios Founder
2 年I dont know that retention is the big thing in my personal realm. The true test of how your business is going is, how many people have your, "retained" employees brought to the table? If I have an employee who needed to leave after a month, or even a year, but 5 years later, I'm still having interviewees say they suggested them for the role, that tells me I'm doing something right. But, what do I know...?
Hiring the best talent for the right seat!
2 年Great content.
Passionate, award-winning brand builder committed to curating meaningful, data-driven talent experiences through transparency, inclusion, + storytelling.
2 年Spot on, as usual Lance!
Considerate Human Being. Authority in Rescue Recruitment? bringing Clinical, Commercial, and Executive talent to healthcare clients while creating 99% retention rates. We help you make your team unrecruitable.
2 年Very good article!