Feature Article 5 Keys to Attracting and Retaining Employees by Julie Markee, Key Process Innovations


three managers discussed different areas of change within their businesses. One of the common themes was the short- age of qualified workers. The panelists addressed this shortage by increasing automation, enhancing productivity or outsourcing some of the processes. Re- gardless of the tactics utilized, it is still critical to have a strategy to ensure that your business is able to attract and retain the most qualified employees. This arti- cle outlines 5 keys that can enhance the effectiveness of your strategy.


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Know the Reasons Why What is your employee retention rate? Why are you hiring new employees? Are you losing good employees to local companies? Knowing the answer to these questions will help identify which areas of the employee experience need to be augmented. If the retention rate is slipping, ensure the exit interview captures the reason for the employee’s departure and then take steps to address areas of deficiency. If the business is growing and more employees are needed, highlight that message in the job postings. Employees want to know they are working for a healthy, growing company. The Society of Human Resource Management (SHRM) estimates the cost of losing an employee can be 6 to 9 months of their annual salary. Other organizations estimate the cost to be much higher. When evaluating the business cost, consider all factors including the team’s time to review applicants,


performing background


checks and interviewing selected candidates in addition to the time spent training the employee.


Understanding


these costs and taking steps to improve employee retention can have a direct impact on the bottom line.


24 ❘ January 2018 ®


uring the 64th Annual Fall Tech- nical Conference’s “Manag- ing Change” panel discussion,


Onboarding


Another area which can impact company profitability is onboarding. A report from SHRM found that half of all hourly employees leave within the first 120 days. However, another study completed by the Wynhurst Group found that having an effective onboarding process can increase employee retention by 58 percent, and improve employee performance by 11 percent. Most employers believe onboarding


entails having an employee sign the required company forms, safety training and possibly lunch on the first day. However, an effective onboarding process goes beyond the employee’s first day. It can extend 30, 60 or 90 days and beyond. Wikipedia defines onboarding as the mechanism through which new employees acquire the necessary knowledge, skills, and behaviors to become effective organizational members and insiders.


Key steps in an effective onboarding


program include preparing for the employee before she arrives, developing an onboarding outline containing a calendar of scheduled meetings including information the employee should gather from those meetings and established goals at predefined intervals to measure the employee’s progress as he adjusts to his role within the company. Once onboarding is complete, begin to shift the conversation towards employee development and advancement.


Recognition and Rewards How do employees receive feedback for good performance? A common misconception is the only way to show appreciation is through financial rewards.


It can increase productivity, improve employee


But, a recent Gallup study


revealed that having a formal or informal recognition program does a lot more than boost employee morale.


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