Is Your Retention Strategy 'At The Ready?'
November 2019
The low unemployment rate is giving employees at all levels, more options and leverage than they have had in years. A vast majority are either job jumping or on the lookout for new opportunities. Employees with talent (and even those without) have the power.
- 45% of employees reported having either changed jobs in the past 12 months or planned to do so in the next year. (Randstad)
- 51% of workers are looking to leave their current jobs (Gallup)
We have a problem: Employee turnover has a cost. Not only does the employee disconnect from your customers, there is also a proprietary risk when they move over to work for your competitor. And, replacing employees (if that is even possible!) is expensive and time consuming.
We also have an opportunity: It is time to pack your organization's parachute with a Retention Strategy that creates the ultimate culture and climate for employees, especially those that are your Top Talent, to experience extreme engagement with your company... practical and doable methods and actions that address extreme engagement.
Gallup says that "70% of the workforce is disengaged." Are your employees engaged, really engaged in your company's success?
Implementing the ultimate customer experience applies to both your paying client as well as your employees and company leaders. Serving your staff is your first customer. If you don't offer a safe, diverse, and collaborative culture for every employee in every position, she will have no problem finding another job while you are still looking for her replacement.
So how do companies stop career jumpers and avoid a talent free fall?
Whether you are running your own business or you are a leader with a team, your job is to:
- Hire the right people for the right positions.
- Provide a new on-boarding process that sets new hires up to win!
- Create a professional relationship that builds trust and safety.
- Engage, collaborate, and listen to employees.
- Design a courageous diverse culture that serves both the employee and the customer.
Here's a great example of a company that has a powerful Retention Strategy in place. Their success leaves clues that other companies can follow:
Equity Methods in Scottsdale is the top small business to work for in AZ, according to AZCentral ranking of 2019.
Equity Methods stays busy keeping their employees happy. Here's what works for them:
- Create a culture of nurturing leadership. Their CEO Takis Makridis emphasizes that they take leadership on all levels very seriously. They have created opportunities for their leaders to try new things and be challenged. Equity Methods says promoting from within is a critical component of their success.
- Offer extensive employee benefits. All full-time employees are eligible for the company wide bonus program, 401(K) matching program and incentives. (Your business benefits don't have to equal Equity Methods dollar for dollar, especially if you are a smaller team or business, but think outside the box. What unique employee benefit could you offer that your employees would love? Tip - ask them!)
- Award winning client service. "We're always experimenting with ways to improve training and provide outlets for employees to develop new skills," says Makridis. "This leads to a better client experience." It's a win-win hands down as this firm has been rated #1 in client satisfaction and loyalty for 5 years in a row. You can bet your bottom dollar this impacts their bottom line!
And, there's more. Click to find the full list of top Arizona companies to explore more ideas.
Career Jumpers is your wake-up call to pull the ripcord of your Company's Parachute before it's too late!
Here's one more stat that just might motivate you to pick up the phone and call me now:
"94% of employees say they would stay if a company would invest in helping them learn."
~ LinkedIn 2019 Workforce Learning Report
I'm here to help! Work with me! CLICK HERE.
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