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Revising Retention Strategies for the New Normal

In the “new normal,” employees are asking themselves more than ever if their employer aligns with their values, lifestyle, and needs. 

When the answer is “no,” to that question, millions of talents are upping and leaving, according to Forbes

Turnover is undoubtedly part of your business, but that doesn’t mean you should encourage it. There comes the point when too many people leave, and your days suddenly revolve around replacing replacements. 

Here’s some more context: employers have lost around $600 billion because they have no plan to retain top performers. 

The fact is, too much turnover is inefficient for your business--even in high-turnover industries

Now is the time to revise your retention strategies for the new normal, and this blog will detail how you can do so successfully: 

Give Your Team a Chance to Develop 

Employees want a chance to learn and grow as people and professionals. Proving this idea is how 94% of surveyed employees claim they’d stay longer at companies that invest in their professional development. 

With that said, be mindful that professional development opportunities are a commitment and not just a tick-box item. 

It’s crucial to get a pulse on your employee’s learning styles to cater to their needs, such as choosing the most applicable e-learning program. 

Another option is providing tuition assistance if you can’t offer development opportunities internally. 

Prioritize Onboarding 

Almost 70% of employees who have a positive onboarding experience are more likely to stay with their company for 3 years. 

Furthermore, a Glassdoor study found retention rates improve by 82% with well-executed onboarding while productivity improved by 72%. 

Here are the components of all successful onboarding programs:

  •     New hires should receive corporate training
  •     Establish goals that help new employees remain motivated
  •     Encourage teamwork
  •     Immerse new hires in the company culture (assigning them a “buddy” will help) 

Ask Employees for Insights 

Why play a guessing game with retention when you can go right to the source? 

An open-door policy with your team is a great way to encourage open communication, where you can ask feedback-based questions. 

However, not everyone will want to be 100% honest, given the power dynamics involved. 

Something more anonymous like surveys offers employees a safer place to express their feelings about these issues:

  •     Company culture
  •     Re-opening safety
  •     Social justice
  •     Diversity and inclusion
  •     Employee experience 

The above factors drive retention or turnover in the new normal, based on how companies navigate them. 

After doing the research and getting the feedback, it’s time to make possible improvements. You’ll help yourself by analyzing the data and see what issues seem to pop up most often. 

And be transparent about feedback. Tell your team you’re doing everything in your power to change and be the best employer possible. 

Not sure if obtaining and acting on feedback is a valuable way to spend your time and resources? 

You should then know that HR thought leader SHRM points out that responding to feedback increases retention, reduces absenteeism, and boosts productivity.  

Partnering with a Specialized Staffing Firm 

A crucial part of staff retention is hiring the best possible people in the first place. 

Factors such as cultural fit, skills, and values each play their role in attracting the most suitable candidates. 

Realistically, though, you’re focused on your everyday operations--not only hiring and attracting candidates. 

But recruiting top talent who’ll stick around requires intense focus and industry expertise. 

As such, crafting a retention-focused recruitment process requires partnering with a specialized recruitment firm like Bear Staffing

At Bear, we know the ins and outs of industries with high-volume staffing needs and what those companies desire in a long-term hire. Most importantly, we have access to a broad pool of talented candidates who can make a lasting impact on your business. 

Contact Bear Staffing today and create a successful employee retention strategies for generations to come.

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