Wednesday, May 11, 2022

HR Strategies for Employee Retention

Three Simple Ways To Keep Your Workforce, Happy, Healthy and Engaged

The pandemic workplace dynamics have led to unprecedented quit rates and a labor shortage. As a result, employees have more employment options and power, and keeping good people in place now requires more than just “work” and “pay.” To navigate this challenging landscape, business owners need to focus on what they can control. Here are three steps to invest in your employees’ well-being to build engagement and keep your workforce!

1. Conduct Stay Interviews

Stay Interviews are a great way to develop your employees and drive strategic change. These structured conversations between supervisors and employees are designed to learn about employees’ strengths and areas of interest. Employees at every level should participate in a stay interview to be effective and successful. Having these conversations at the start of the new year is a great way to engage the workforce and gather feedback. Based on the outcome of these interviews, implement measurable changes and evaluate them throughout the year. Quantifying the changes helps drive success. This can be accomplished by defining key metrics along with strong communications. Be consistent and plan to keep this process alive every new year.

To help get this process started, below are questions for managers to consider asking their direct reports. Structure these conversations as an opportunity for you and the interviewee to learn and grow.

Question 1: How can I improve my management style?

Remember, people tend to leave managers, not jobs. Embrace this question with an open mind and be prepared to receive constructive criticism.

Questions 2: What do you like about your job; what do you not like?

These questions will provide insight into the individual’s strengths since people typically enjoy doing what they are best at. Revising their job responsibilities to include more of what they like will help improve performance, thus fostering retention.

Question 3: What are your short and long-term goals? And how can our organization help support them?

Good talent leaves if they don’t see a clear path to career advancement. Leave this conversation with a clearly defined developmental plan and how the business can support the individual to achieve their goals.

2. Invest in a Wellness Program

A wellness program is an initiative provided to employees to encourage a healthier lifestyle. The bonus is that improving an employee’s well-being positively impacts productivity, engagement, company loyalty and helps reduce health care costs. In addition, it can be used as a recruiting tool. Here is a list of cost-effective wellness programs that can easily be integrated into your organization.

  • Wellness Challenge

Encourage team members to engage in workouts and to drink more water. Have them keep track of their accomplishments to win health-related prizes at the end of the month.Yoga/Meditation Classes

Offer lunchtime breaks that include 15-30 minute yoga or mediation classes. Classes can be found on Youtube!

  • Healthy snacks and lunch options

To advocate healthy eating, offer healthy snacks such as nuts, dried fruit, or fresh fruit in the breakroom.

  • Offer flexible work hours

The 9:00 to 5:00 day is a thing of the past. Allow your team members to set their hours.

  • Advocate for employees to take their vacation

Taking time off to recharge promotes productivity! Encourage your employees to take all their vacation days and do not encourage rolling over days or paying them out.

  • Say “thank you” and provide feedback

Showing appreciation makes one feel valued and helps people stay motivated.

  • Smoking cessation programs

Supporting smokers to quit their habit will help success rates! Fewer smokers will not only reduce healthcare costs but also improve productivity.

3. Review your rewards and compensation programs

In this competitive job market, it is critical to go beyond just salary to retain and attract talent. By building enticing compensation packages (packages that creatively combine the total value of base pay, benefits, rewards, and other perks into your business strategy), you can distinguish yourself as an “employer of choice.” While there is no one-size-fits-all approach, it is essential to evaluate the below offerings to ensure you are competitive and aligned with your market and industry.

  • Base compensation

You want your employees’ salaries to be equal to or more than the industry standard for a specific job title in that location.

  • Employee Bonus Programs

Giving incentives allows you to reward your  top performers. Here are the five most popular rewards programs: annual incentives, spot bonuses, referral bonuses, signing bonuses, and profit-sharing plans.

  • Non-monetary rewards

Employees put a lot of value into their quality of life. Here are examples of non-monetary rewards: flexible schedule, an extra day off, time for volunteer work, training and/or mentoring programs.

  • Benefits and Retirement

Research shows that a competitive benefits plan can play a vital role in attracting and retaining skilled workers. This plan should include:  healthcare, retirement savings and planning, paid time off, paid parental leave, flexible work schedule, and professional and career development.

  • Recognition and Promotions

Create a culture of recognition. A critical piece to the success of this initiative is regularly promoting your programs to make them appealing to your employees.

Remember, a more engaged workforce isn’t just a loyal workforce; it’s a more productive one. Building and retaining a great team is key to your company’s long-term growth and success. In an economy where workers have the upper hand, it is more important now than ever to incorporate employee retention strategies into your business plan.

The Author, Beth Williams of Warren Whitney

Beth Williams, Director of Human Resources at Warren Whitney, has worked in human resource management for more than 25 years with experience that spans many diverse industries, including energy, financial services, banking, legal services, pharmaceuticals, IT, and non-profit. She provides a full range of HR consulting services and strategic solutions, which are customized for each client and provide a clear direction to company goals and objectives. Beth has worked with many of her clients on a long-term basis, serving in interim HR director roles for several small and large businesses around Virginia.

About Warren Whitney

Warren Whitney’s HR team works with business leaders to strategically evaluate the best path forward. Their work includes in-depth compensation and benefits analysis, organizational structure and planning, as well as talent management.

About Virginia Council of CEOs (VACEOs)

Virginia Council of CEOs (VACEOs) is a nonprofit organization connecting CEOs for learning and growth. Formed more than 20 years ago, member benefits include placement in a peer roundtable group and access to a thought leader network, and a robust program of events for learning and growth. This is not a networking group, but rather a group of CEO peers who are invested in the success of each member. To qualify for membership CEOs must run a business with $1M+ revenue and 5+FTEs. Learn more at www.vaceos.org.

Posted by Scot McRoberts at 10:09 am

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