Talent Acquisition is the process of attracting and hiring qualified people. Talent Management is how you develop and retain these skilled hires. It’s clear where they overlap but how can you manage both efficiently at once. This brings us back to the Corporate Dilemma, if you attract and hire good employees but don’t invest in their development, you won’t be able to retain them or unleash their potential! Let’s look at what may be hindering employee retention.
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Hiring Many Entry-Level Employees Who
Don’t Plan to Stay in the Position for Long
For businesses that are popular for having many entry-level employees, not even the best employee retention techniques will work. A few of your employees may stay with your company long term, and maybe even some of them will move into management positions. Others may enjoy the work as a long-term source of extra income or as a low-stress job in retirement.
First, taking the nature of your business into account is key! Instead of focusing solely on employee retention ideas, a better move is to invest more in your acquisition process and employee training programs. See, talent acquisition and management working hand in hand!
Second, provide more value to your entry-level employees so they can also succeed in their next steps. In doing so, it sets them up for moving up the ladder to a management role and sticking with your company longer because they can use their knowledge to its full potential.
Your Competitors Are Offering More
“More” doesn’t necessarily have to mean overtly financial through salaries, although it can. It can also refer to more flexible schedules, more benefits, and more of just about everything else. These extra perks and benefits—such as gym memberships or telecommuting—are going to lure your employees away and decrease your employee retention rate.
Benchmark Your Employee Retention
Rate and Employee Priorities
Use proven retention strategies, not guesswork! Don’t assume employees are happy, instead foster a high-feedback environment. Younger generations also have different priorities. In the past, the dream was to get a suitable job and stay with it until retirement. The idea of “work” and “career” has changed over the years and priorities have too. It’s increasingly common for a person to only stay in a position for a couple years before moving on.
Remote working opportunities have also increased. Unless you operate a brick-and-mortar establishment, it’s unlikely that every single employee needs to work in an office. However, many business owners and companies cling to the idea that in order to work, an employee needs to be physically present.
Virtual work isn’t for everyone or every position. Regardless, it’s a hugely appealing perk to many. In fact, along with childcare, it’s one of the most desirable non-monetary benefits.
Take a look at your current business position and see how many competitors are on par with what you’re offering as an organization. When researching your competitors, keep an eye out for what they’re offering beyond hourly rates and salaries. If a lot of the competition is hiring remote workers, it’s probably safe to say that a number of your employers are eyeing the exit. Provide a space to get the most out of employees and new hires in a high-feedback environment. Staying in communication with employees will allow you to know how they’re feeling and what changes need to be made.
FIT’s (Fit-in-Test) Talent Acquisition and Talent Management Solutions are specially designed to work with your team. Using our proven Learning Management System (LMS) for onboarding and new hire training, test customization that curates curricula to your organization’s essential talent question strategy, and FIT’s robust talent acquisition engine, FIT easily integrates into your organization. In conjunction with our robust data reporting tools, FIT can create, launch, and manage an unparalleled hiring solution for your team.
FIT combines all our performance hiring tools to provide you with a best-in-class workflow to fit your retention strategy. Contact us now for a free consultation today!
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