There are many factors that make attracting and retaining top talent extremely hard. One of our biggest challenges today is the low unemployment rate. Basically everyone who is ready, willing and able to work, is already employed. That’s why it is so important to find and implement new retention solutions.
Employers across the nation cannot fill their open positions. When this is the reality you face, you cannot afford to be cavalier in your attempts to retain employees. Progressive leaders know attracting and retaining talent must be a top priority if they want to stay competitive.
The Skills Gap May Not be the Source of Your Retention Problem
Many employers instantly point to the skills gap as the source of their retention problem. That could be true but there is also a good chance it’s not. Before you blame a system outside of your organization, take a close look within. Examine your corporate culture.
To truly take a close look at your corporate culture you have to go deeper than assumptions and goals. What you, as a top leader, think the corporate culture is and what it actually is, may be vastly different. Don’t assume you know.
Additionally, you may have goals for your corporate culture, but it’s important that you know what the culture is today rather than the future you envision. In a nutshell, you need an accurate reading of the employee experience inside your organization. The best way to do that is with a culture audit. We can tell you from personal experience that we have gained invaluable insight that we could not have obtained without the audit. (you can read more about that here.)
Find Out What Is Important to Your Employees
A significant factor in cultivating a healthy corporate culture, which in turn increases retention, is the benefits you offer to your employees. This is where the creative solutions come to play. You have to know what is important to your employees in order to give them the benefits that are most meaningful to them. You have to learn their struggles so you, as a progressive employer, can provide solutions.
Maybe the reason people are leaving your organization is because of childcare issues or because they’ve never been taught to manage their money which leads to financial hardships. Maybe they don’t have reliable transportation. These are life-altering issues that your employees are facing. Business leaders need to ask themselves, “What can I do to lessen the obstacles in my employees’ lives and help them be successful?” The leaders who are looking for answers to this type of question are the leaders who will win the talent war. They are the leaders who will attract and retain dedicated employees.
4 Retention Solutions that Employers are Implementing
Emergency Loans – employers are creating structure that allows employees to get quick and easy loans for emergencies such as car repairs. The loan is paid back through payroll deduction. Employers who do this have a very high repayment success rate.
Workforce coach – employers are providing access to an individual, separate from HR, that comes in and works with the staff to help them when life throws them a curve ball. For example, if an employee’s primary childcare provider is sick, he or she will need help to find someone else to watch their children. The coach can help them find a suitable replacement until things can get back to normal.
Financial Literacy Classes – classes are offered to employees to help them understand their paycheck. The attendees gain an understanding of budgeting, taxes and interest on loans. All of these things equip them to make better financial decisions in their personal life.
Flexible Work Hours – allowing employees flexibility in the hours they are physically at work can make life more doable for a lot of people. Shifting the regular work hours to accommodate their personal needs or being open to a temporary change can make the difference in an employee leaving permanently or staying.
Retention Solutions Must Start at the Top
Finding creative solutions to the retention problem is a big deal. The CEO and top management must understand on a very deep level, the need to put new benefits in place. This is essential for the survival of the organization. When they make improvements in the offerings they have for their workers, they will reap business results. The organization will become more profitable, more recession resistant, and deliver a better product.
Leaders who say “We know we have a problem and we know we need to find solutions,” are the leaders that will succeed. That’s the type of leader we love to come alongside and equip with connections and resources to put these solutions in place. Retention problems are not going away without action. We can be that action for you.
Let us know if you need to find retention solutions: