Employee Retention Strategies
You invest a lot in finding and training the right people. It can take months of recruitment marketing, vetting candidates and onboarding new hires before you’re up to full capacity, and competition can be fierce. Pair that with the characteristic short attention span of today’s largest consumer/employee population, the Millennials, and you have the potential for constant churn and reduced efficiencies. That means that once you have them, you want to keep them, particularly your high performers and highly-skilled workers. Investing in internal insights and employee retention strategies can preserve the value and engagement of your valued workforce.
Two Important Categories of Employee Retention Strategy Initiatives
We see employee retention strategies in two distinct ways: Baseline and Targeted.
Baseline Employee Retention Strategies
Baseline employee retention strategies require an ongoing employee satisfaction and engagement program. These initiatives apply to the entire employee population and require regular, periodic research to identify trends, progress, gaps and/or issues. We normally gather this type of data via employee feedback or satisfaction surveys. Analysis of this data can help answer questions like:
- How engaged are your employees?
- Is your workplace culture contributing to or detracting?
- What initiatives might make the biggest impact on employee satisfaction?
Targeted Employee Retention Strategies
In many cases, our clients have specific subsections of the employee population they consider a higher priority for employee retention strategies. These can be employees in higher demand, at higher risk, harder to replace or possessing especially valuable institutional knowledge. Things like geography, marketplace competition, and job function and level also play a role in this deeper analysis. Gaining insights into these employee groups can have a great impact on mission-critical employee retention. Some of our methodologies include practices like:
- Cross-tabulating multiple surveys to gain deeper insights
- Incorporating a qualitative research component like focus groups or interviews
More Information and Insights
The Millennial workforce is well on its way. Following closely behind is the massive Gen Z market. Learn more about Gen Z in the workforce in our blog, Gen Z is Coming to Your Workplace: Are You Ready?