During the “Great Resignation,” companies in every industry scrambled to find talent as workers played a nationwide game of employment musical chairs.
Companies that retained their top people during this time came out ahead. They conserved the time, money, and energy their competitors had to spend on the hiring process.
Here are three secrets of companies with high employee retention that every business can use.
1. Retention begins on day one.
Companies with comprehensive employee onboarding programs outperform their competitors when it comes to retention.
The best onboarding programs distinguish between onboarding and orientation. “Orientation” is merely the first onboarding lesson in a process that lasts for up to three months. As onboarding unfolds, new employees gradually meet teams and departments outside their own and learn deeply about how the company works.
Combine onboarding and job tasks each day, so that workers can connect with their teams at once while also gaining the knowledge they need to succeed.
2. Give new hires connection and supports.
Mentorship programs are also distinct from onboarding or orientation. Mentorship provides a new hire with an experienced connection right from the start. When your new hire has a question or needs help, their mentor is ready.
Mentorship benefits experienced staff as well as new hires. Teaching a skill is proven to result in deeper understanding for the teacher as well as development for the student, for instance. Mentorship also helps strengthen internal culture.
3. Review your compensation offerings regularly.
Are you compensating your staff similarly to other companies in your industry? Does your compensation effectively address the real costs of living in your area, so that your workers can focus on their jobs rather than worrying about their health or bills?
Compensation boosts retention when that compensation reflects the value your employees provide and the realities of their survival and health needs. Workers who are underpaid, have few or now health insurance options, or worry about retirement are more likely to look for a job that resolves these concerns – so they only have to focus on work.
Contact Our Experts at EPC Today
Looking for talent? At Employment Professionals Canada, our recruiters specialize in connecting companies in the Niagara Region and beyond with some of the best talent in Ontario. Contact us today to learn more.
