Recruiting, Hiring and Retaining Top Talent
Beyond being merely inconvenient, employee turnover incurs real costs. In addition to time and money spent on advertising and recruitment, there are hidden costs when an employee voluntarily or involuntarily separates from the organization. These costs include onboarding and training the new hire, which diverts focus from generating revenue or managing operations. This is especially true with mid- and senior-level management positions.
Surprisingly, 87 percent of employees who were surveyed as they were leaving a company said they never felt truly integrated into the organization, according to one study. In fact, compensation is only one factor in whether an employee is satisfied in his/her job, and often it’s not the most important. The happiest employees are those who feel valued, respected and listened to by peers and management. Employees are also more likely to stay with an organization if they have a clear understanding of career opportunities and an internal mentor who can assist with goal setting and professional development.
DEDICATED’s years of experience in helping employers attract and retain good people can greatly benefit your organization. Our assistance can include guidance and coaching on these and other issues:
- Coaching new HR managers. Some organizations retain our services during a time of growth or structural change in their companies. Others desire to have their experienced and new managers participate in regular coaching on problem solving, developing effective teams, communication and employee retention.
- How – and how often – to conduct performance reviews. We design the performance review to effectively communicate feedback and help employees understand where their skills blend with the company’s needs. Annual reviews are no longer enough; the employee must clearly understand expectations and have regularly scheduled opportunities for feedback.
- Interview training and successful onboarding of new employees. Whether employees feel truly valued by an organization is influenced heavily by their first contact with the company: That’s right: during the interview process. If your hiring and onboarding processes are outdated or nonexistent, let us help you develop a consistent, defensible process to retain the best talent while minimizing risks.
- Developing and implementing Performance Improvement Plans (PIP) for employees who are not meeting expectations. A clear communication about unacceptable performance or behavior, and an opportunity and a plan to make corrections, is crucial to building confidence and trust between the employee and manager.
- Identifying high performers, creating career paths, and developing succession plans to enhance employee experiences and add stability to the company’s future. According to a study cited in Harvard Business Review, 57% of employees prefer corrective feedback to praise, and 72% believe their performance would improve if their manager gave them more corrective feedback.
According to the Harvard Business Review: The modern workplace demands more from employees — and managers. Employees today want personal and professional development as well as purposeful work. To meet employees where they are and help them reach their full potential, managers need to connect with their teams and have ongoing engagement-focused and strengths-based conversations.
- Conducting “stay” interviews with current employees — and exit interviews with departing employees — are ways we help companies improve onboarding, training, and retention techniques. When we identify and share developing trends and opportunities for improvement, it allows supervisors and managers to more effectively lead their teams and strengthen their own leadership skills.