4 Evidence-based Solutions for Your Employee Retention Problems

May 7, 2018

Any and every business is concerned with two things: 1) the bottom line and 2) return on investment. Everything else is in direct competition or correlation to those two benchmarks.

 

The question then becomes “Are you in business
for the long-term or the short-term?”

 

Short-term businesses make immediate decisions without navigating or considering the long-term effects of those fast decisions. Long-term businesses make informed decisions and create patterns of success over time.

 

Increasing employee value is an informed decision with multiple layers and varying patterns of success because the successful path for one employee doesn’t always work for another employee. This is where professional training and coaching creates long term success for the employee and therefore the business.

 

According to the Society for Human Resource Management (SHRM), their formula for calculating the cost per hire is “Total internal + external recruiting costs divided by total # of hires in a given time frame.” (Ideal article) On average industry benchmarks for the cost of hire comes to 16% of annual salary for a 30K or less job, which is up to $4,800 or 333 hours of work (2 months), and 20% of annual salary for a position making 75K or more, which is $15,000 or 417 hours of work (2.6 months).

 

Given this information – What could your business achieve with at least 2 more months of work from every employee? Here are a few facts to consider:

  1. One third of new hires quit their jobs after about six months due to the lack of goals or milestones to accomplish. Without appropriate goals, new hires become quickly overwhelmed or under-challenged. (TNLT Article)
     

  2. One third of new employees knew whether they would stay with their new company long-term after the first week. The first impression of your business to new hires is extremely important and leading them to understand their role will help the acclimation process more than if they try to figure it out on their own. (TNLT Article)
     

  3. Seventy-three percent of national organizations have revamped their on-boarding process to improve their employee retention. (TNLT Article)
     

  4. In 2016, the US retail industry lost approximately $9 Billion dollars to voluntary, entry-level turnover. Companies who invest in the retention and advancement of their entry-level talent not only improve business outcomes, but provide new options for individuals who face barriers to economic opportunity. (FSG Article)

 

The Foundation Strategy Group (FSG), in partnership with Walmart, has identified four evidence-based strategies for effective entry-level retention and advancement that work to decrease turnover and increase employee engagement.

 

While some of these strategies may not be for every business, a common theme among employees is to feel supported in their career growth and advancement.

That’s where my expertise connects with your bottom line to create win-win roadmaps for your employees, your customers, and your business growth. 

As a professional development expert, I will assess your current career growth and advancement strategies’ effectiveness with employee engagement and retention as baseline benchmarks. Together we will design and implement an educational strategic plan for individual employees that solidify your business’ workforce foundation while linking their goals to the business’ mission, vision, and values.

 

 

Schedule your Effective Educational Strategic Consultation by emailing janese@janesecarstens.com

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