Employee retention is crucial for the stability and growth of any organization. It is the opposite side of the Recruiting coin. Organizations spend a great deal of time, money, and energy on recruiting. But once you hire that great employee, how do you ensure they’ll remain an engaged and happy team member for the long haul??
Retention actually begins during the hiring process.
- Assessing candidate “fit” – we talked in a previous blog about the importance of “fit”. When you bring new team members to your organization, emphasizing the alignment of goals and values in addition to hard skills and experience, is the key to successful long-term placements.
- Utilizing the Pre-Onboarding Time: It is critical that you engage your new hire after their offer letter has been signed and before their official start date. Make new team members feel welcome before they even step foot in the office on the first day – write them a personal note, send emails, schedule a team lunch or happy hour. Taking the time to establish a bond with your new employee is an investment in their future success at your organization.
- The Offer: Ensure employees are fairly compensated based on industry standards and their qualifications. Provide attractive benefits that include opportunities for professional development. Below is a link to LinkedIn 2023 Employee Trends and the top three values candidates are prioritizing when considering employment opportunities.
LinkedIn new 2023 Industry Report: https://business.linkedin.com/talent-solutions/global-talent-trends?trk=bl-po&veh=GTT_Takeaways_Blog_Post#
Trends in employee values
Employees’ top values have stayed consistent through the turbulence of the past two years.
Despite swings in the labor market and economic uncertainty, employees globally continue to highlight these three areas as top priorities when considering what they want out of work.
How employees rank their priorities, March 2023
- Compensation – Excellent compensation and benefits
- Work-life balance – Organizational support to balance work and personal life
- Flexibility – Flexible work arrangements (i.e., when and where you work)
When you take the time to make sure there is a high degree of alignment between your organizational culture and a qualified candidate’s personal goals and values and combine that synergy with an offer package emphasizing an attractive combination of the high-priority values listed above, you are setting up your company for long term employee satisfaction, retention, and success.