feature RETENTION STRATEGY
SLIPPING THROUGH THE NET
To have an effective recruitment strategy is naturally top of the business agenda, for obvious reasons, none more so than fulfilling that much-quoted idyll "right skills, right time". But for many organisations, what is often much lower on the to-do list is to set a strong retention strategy, which means all of the best practice in recruiting could all be undone in the longer term.
ARTICLE BY EMMA O’LEARY CONSULTANT
ELAS BUSINESS SUPPORT
ust why the importance of implementing an effective retention strategy is so often underestimated is difficult to understand. There seems to be a sort acceptance that if employees leave, usually because they believe they've found a ‘better’ job, then that is just part of the game. But given the statistics, which show that one-in-three new hires will leave a business after six months (Source eremedia), this should be setting the alarm bells ringing. Companies really do need to sit up, take note and develop robust strategies to ensure that they are able to retain their talented new starters. Most employers consider staff retention to be based on salaries and career progression, but generally an employee will stay in a company for a long period, if they feel secure, valued and appreciated. Monetary rewards such as salary increases will certainly give employees incentive to stay, but only for so long; once an employee has reached a certain salary their interests can turn to other, less tangible benefits or perks. In times of economic uncertainty it’s essential that businesses think both pragmatically and creatively in order to retain the very best talent. A business’ retention strategy will live and die with its recruitment procedure. Throughout the recruitment phase, candidates will get a feeling of whether or not the company in question is right for them. When the right candidate has been appointed it’s then essential that the company follows up on any perks and benefits that have been promised before the new employee reconsiders their position. Of course, it’s important to carefully interview and vet candidates in order to ascertain whether they will be a good cultural fit for the business. After all, hiring the right candidate for a role in the first place is the first part of the over all challenge - it’s pointless to implement a strong retention strategy if an employee isn’t right for the company to begin with. Once a new employee has officially joined an organisation it is essential that the onboarding process is a smooth and positive experience. The initial few weeks working at a new company will establish an employee’s perception of, and attitude towards, their new employer. Companies should be sure to outline their values and ethos to new hires during this period and put in place clear steps for any future training and development. Most importantly, an employee’s first day on the job should be one of reassurance to help ease any anxieties they might have about their new role. Ensuring that a clear structure is in place for the new employee’s first week will help ease them into the company and give them a clear sense of their tasks and goals. The shifting dynamics of the modern work place means that flexible working really is becoming an increasingly attractive incentive for employees. Allowing working hours to be tailored to meet employee’s specific needs has been shown to greatly increase morale and encourage a better work-life balance; factoring employees’ childcare requirements, length of commute and sometimes even hobbies into flexible working can create a more positive working environment, with fewer employees feeling restricted or resentful of strict working hours. Keeping lines of communication open and clear will result in an approach to flexible working which suits both parties and, ultimately, produces a more productive and engaged workforce.
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Along the same line, remote working - where possible - is another way to successfully incentivise employees. Advances in mobile technology can work efficiently from pretty much any location. Allowing members of staff the occasional day out of the office to work from home can add an extra level of appreciation that many employers overlook. With remote workers 50 percent less likely to resign than office-based employees (Source: eremedia), a flexible approach is something that employers should not ignore. As employee incentives
42 thehrdirector SEPTEMBER 2016
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