By MPN Staff
A large number of employers typically emphasize the recruitment process. However, it is equally important to be intentional about keeping great employees on staff. According to the Bureau of Labor Statistics, the average person will only stay at a place of employment for a maximum of roughly 4 years. Help your company combat the tough odds of losing great employees after exerting vigorous energy and effort into attracting and hiring the ideal candidates. Here’s our short list of tips to help R.E.T.A.I.N the MVPs of your company:
Re-evaluate the salary- Two is the magic number. Salary reviews should be conducted on each job position at least every two years. Conduct research to ensure the pay is comparable to industry standards within the city where your company is located. This could be a crucial move in assuring your company maintains a competitive edge. In most cases, it is more costly to hire and retrain a new employee than it would be to offer a raise and keep an existing employee onboard for another few years.
Establish an ideal work environment- Analyze available data regarding how current and former employees view the company. Draw conclusions based on surveys and previous exit interviews. If your company does not have access to existing data, conduct a mandatory, anonymous survey of existing employees. The survey should collect vital knowledge about what their ideal work environment looks like as well as the current status. Take active steps towards narrowing the comparison gap.
Train managerial staff- Leadership is not an innate ability. However, it is a skill that can successfully be taught. Minority Professional Network offers courses to train the leaders within your company on how to effectively lead their peers. For instance, we place emphasis on clear communication, identifying the weaknesses and strengths among the team and developing employees professionally to achieve their full potential.
Activate growth opportunities- Growth does not necessarily mean elevation, it could mean breadth. Avoid employee stagnancy when possible. Encourage lateral transitions which offer a similar title or salary, yet implements a transition to a different team or department. This allows employees to gain additional skills and knowledge while also developing potential mentorships throughout the company. If stipends geared toward continuing education courses or college tuition is outside of the company budget, consider paying annual fees for employees to become active members of professional organizations within the industry.
Inquire then incorporate innovation- Improvement is a proved, bonafide method of moving your company forward. While tried-and-true company protocols may not need to be completely abolished, a critical analysis would indicate if modifications are necessary to increase efficiency and overall productivity. Create “think tanks” between correlated departments to evaluate existing inefficiencies. Be responsive regarding the feedback obtained and create permanent resolutions to resolve any identified issues.
Neutrality as a way of life- According to a recent survey conducted through Family Living Today, the U.S. ranks 30th in 38 countries for work-life balance. 11.4% of participants report working 50+ hours a week. The end result translates into work regularly impeding on the employees’ weekend, holiday and vacation time. Consider small, but effective ways to implement a more stable work-life balance to ensure employees stay productive and happy.
MPN’s C.J. Bland is a subject matter expert in the area of employee recruitment and retention. He will offer his insight as a featured panelist at the American Express Summit for Success in Atlanta on March 28, 2019. If your company could benefit from 1-on-1 consultation or group training or facilitation from C.J. and his staff, contact Minority Professional Network to learn more about how our team can help your company with staffing needs from recruitment to retention and everything in between.