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3 Key Elements of an Employee Retention Strategy

 

We talk a lot about talent attraction at Strategy House, but retention is just as important. After all, replacing employees is an investment in company time and resources.

Talent attraction and hiring is a costly and lengthy process; skipping vital onboarding steps can leave employees feeling disengaged.  According to the Society for Human Resource Management (SHRM), employee turnover can reach as much as 50% in the first 18 months of employment — meaning the first year of employment is crucial for retention.  

Instead of risking losing new employees, invest in an employee retention plan that ensures a smooth transition for new hires and helps them to become acclimated to their new job and team. If your business could use some help with talent retention, these strategies will get you started.

Develop an Onboarding Plan

Starting a new job is overwhelming. There’s paperwork to be filled out, introductions to be made and new systems and skills to take on. If you don’t have an onboarding process to ensure that employees aren’t rushed through these crucial steps — or worse, they aren’t given all the necessary tools and training to succeed— you need one. In its simplest form, an onboarding plan will make sure you build a connection with new employees and make that time welcoming and easy.  

New hires need more than one or two days of training. The first couple weeks (and even months) can feel can be stressful. Expecting people to retain a large amount of new information in a short period of time can be a recipe for disaster on both ends. It’s best to have an extended onboarding plan in order to improve retention.

For example, an onboarding plan that includes a First 90 Day campaign can help you create intentional touchpoints that span over a 90 day period to keep new employees engaged and encourages them to feel welcomed and informed as they begin their career. A First 90 Day campaign can include a mix of emails and engagement with team ambassadors that ensure a positive first impression on your company’s culture while providing employees with expectations and the necessary information about their new position.

Reinforce Company Culture

New hire integration is crucial to an employee’s success. Coupling that with the reinforcement of your company culture that helped to attract them in the first place creates an even stronger foundation for employee retention. These are a few of our favorite strategies to welcome new employees and engage current ones:

  • Access to leadership. The next generation of employees craves purpose. They want to understand what they’re working towards and how what they’re doing contributes to your company’s overall mission. An employee will be more engaged if they feel they are working toward a common goal.

  • Quarterly vision updates. Implementing quarterly state of the company meetings that address company goals, progress and success is a great way to keep employees old and new connected to the overall company vision.

  • Transparent communication. An open line of communication with leadership shows employees that their opinions are valuable. Transparent communication also allows leadership to get insight into improvements that can be made to boost overall employee happiness.  

  • One-on-one reviews. One-on-one quarterly reviews can be a great way to check in on employees. This doesn’t need to be formal. Simply sitting down to have a private conversation about what’s working, what isn’t, and how to change, gives insight and realigns the team.

  • Employee spotlight programs. Creating an employee spotlight program can encourage employees to engage with each other in the office. Leverage your existing team to build culture materials and engage employees at the same time. This could be a blog featuring a new employee, an internal newsletter, or even an employee of the month poster.

Company culture is often a make or break element for employees. Finding ways to keep employees engaged and to make them feel valued can go a long way when it comes to retention.    

Offer Career Coaching and Mentorship

Employees want to know they have room to grow and build upon their career. According to LinkedIn’s 2018 Workforce Learning Report, 93% of employees would stay at a company longer if they felt their company invested in their careers. While Gallup stated 87% of millennial employees said professional growth and development opportunities are top priorities.

Career coaching is no longer reserved for the c-suite. Creating a clear path for new hires that includes career track coaching is a great way to show employees you’re invested in their future. Engage in conversations about long-term goals and how you’ll help them get there through ongoing training, mentorship options and educational opportunities.

Whether you choose external coaching, peer to peer mentorship or group training, furthering your employee’s personal growth is crucial to their confidence and job satisfaction.

Continue to Invest in Your Employees

A strong retention strategy ensures employees feel invested in, are engaged in company culture, and have room to grow not only as employees, but as people.

Of course, not every manufacturer has the time and resources to create and execute these strategies. Get in touch with the Strategy House team to talk about how we can leverage your company culture to create a talent attraction and retention content strategy suited for your manufacturing business.