Employees in 2017 – Easier to Lose; Harder to Replace

Retention

My employees are much easier to lose and harder to replace these days…

This is the message more and more companies are experiencing in today’s shortage of technical talent. Anecdotal experience and studies abound to support this position, compounded by the fact that a recent report by the Society of Human Resources indicated 17% of new employees leave within the first 3 months due to poor on-boarding practices.

So regardless of the real or perceived severity of the problem, one truism exists; employee retention continues to increase in importance. What can you do to improve the odds of keeping your high value employees?

Here are 4 simple ideas:

First impressions matter

Employers need to pay attention to the onboarding process; and not just during the first 30 days of employment. Create a plan that begins prior to day 1; welcoming the employee to the team and better acclimating them to your environment. Continue to build on that effort with a 6 month success strategy. Here is a link to an article on this topic published by SHRM with some good ideas to consider.

Flexible benefits increase in importance

There comes a time when many companies simply cannot continue to provide significant raises, and flexibility and customizing benefits packages become key to employee retention. A recent article published by Bloomberg Law provides insight into how several larger companies are addressing this challenge.

Millennials want to grow and be coached

Traditional management techniques applied to baby boomers don’t cut it with most. That means non-millennial managers may need to revisit their management style, and even receive coaching on how to flex their management approach with this changing workforce. Agree or disagree; with over 6 million views on YouTube Simon Sinek stirred these flames in a controversial discussion on managing millennials & generational awareness last year.

Pay attention to employee connection & company direction

Both employee connection & company direction rank at the top of the most valued criteria according to a survey conducted by Workplace Dynamics for the Top 100 places to work for in the Dallas – Fort Worth area in 2016. They surveyed 124,744 employees in 319 companies, and received 81,344 responses. Connection to a company (feeling genuinely appreciated) was number 1 with 75% of the respondents, and Company Direction (confidence in the business direction of the company) was number 2 with 74% of the respondents.

Contrary to what many believe, employee tenure is actually higher in 2016 (about 4.2 years), than in the late 1980’s according to data in the Bureaus of Labor Statistics (BLS). Focused hiring initiatives, combined with a well-planned onboarding process and creating an inclusive work environment will help make 2017 the year of employee retention.

If your company is expanding, or if you must replace talent, VAR Staffing welcomes the opportunity to discuss our talent acquisition services to the VAR and MSP Community. Call us at 972-996-0966, or send an email to Ashley at awilliamson@varstaffing.com