Are you having trouble attracting and retaining top talent? Have you lost a prospective employee to a competitor? We understand your frustration and may have a solution.
So, you have gone through the interview process; you have identified a potential candidate, you have offered them a position, they accepted, came aboard and completed training, and a few short months later, they give their notice. All of this time, energy, and money have been invested in a new employee, and youʼre watching it circle the drain. You are now starting over and left wondering what happened. This is the plight of employee retention.
According to the Bureau of Labor and Statistics from 2009-2013 there was an average unemployment rate of 8.6%. This was great news for employers as there was an abundance of high-level talent looking for work. Generally speaking under the basic rule of supply and demand, this talent could be hired for less money, employers could pay lower wages and provide fewer benefits and still attract top tier employees. However, since 2014 there has been a dramatic shift in the unemployment rate to an average of 5.73%. Over the last three years, the balance has shifted - leaving more jobs available with fewer qualified candidates to fill them.
But just what does this all mean for your business? Employers who still think they can pay lower wages and provide lower quality
benefits (if they offer them at all) will not just fail to attract good people, they will find their people leaving for “greener pastures”. To better help illustrate this point, I recently met with a potential new client. I asked her “what is your number one challenge?” Her immediate response was “Employee retention.” She was looking to our company to help her find unique and fun ways to keep her people happy and engaged. She realized that to keep employees happy and “on the job,” she needed to go beyond the paycheck. Our solution - provide her with options for a comprehensive employee recognition program.
Employee recognition programs are becoming an integral part of employee retention programs. Gallup.com recently reported that, “This underscores a recent finding from the U.S. Department of Labor that the number-one reason people leave their jobs has nothing to do with pay or promotions -- they leave because they "don't feel appreciated.” So what is an employee recognition program? This is defined as: Communication between management and employees, which rewards employees for reaching specific goals or producing high quality results in the workplace. Recognizing
employees for this level of service is meant to encourage repeat actions, through reinforcing the behavior you would like to see repeated.
To help our new client establish an employee retention program in her office, we're creating an online solution for our clientʼs management team to easily acquire products, gift certificates and awards to give to their employees to recognize a job well done. A gift paired with a personalized note from the manager will go a long way to help keep these employees happy and feeling appreciated. The end results should yield a higher retention rate. Are you having trouble attracting and keeping top talent? Are your competitors snapping up all of the best talent? If so, an employee recognition program (or overhaul) may be in order. If you need help developing or refreshing your employee recognition program, donʼt hesitate to contact the Bradley Company team www.thebradco.com
Topics: Recognition, Awards, Human Resources, Employee Recognition