Learning & DevelopmentYou’ve heard it all before. Of course we all want our employees to stick around – it’s expensive to hire and train new talent, turnover interrupts operations, so on and so forth. But what if in this New Year we take a new twist on how we traditionally think about retention? What if we turned our old thinking upside down? Read on for some new ideas for transforming your retention strategy in 2015.  

 

Spotlight on Retention: 5 New Twists on Tired Thinking

Light bulb.jpgYou’ve heard it all before. Of course we all want our employees to stick around – it’s expensive to hire and train new talent, turnover interrupts operations, so on and so forth. But what if in this New Year we take a new twist on how we traditionally think about retention? What if we turned our old thinking upside down? Read on for some new ideas for transforming your retention strategy in 2015.

Compensation.jpgOld Thinking: Just pay them more money and they’ll stick around.

New Twist: Compensation paired with a commitment to engagement makes for a better retention formula.

While compensation is certainly an important component of retention, results from Gallup studies suggest that employees are more likely to remain committed to a company if they feel their work is meaningful, they are supported in what they do and they get recognized for their achievements.

Promotion.jpgOld thinking: Promote employees based solely on a strict formula.

New Twist: Factor in your company’s overall strategy and culture when considering your promotion approach.

Career-pathing is a big piece of the retention puzzle. Have you taken a fresh look at how you promote employees within your organization? If your company is trying to create an innovative and progressive culture, perhaps a performance-based merit program versus promotion by seniority would better help you achieve your goals. Rather than thinking in a silo when it comes to your promotion approach, step back and evaluate how all of the pieces in your HR strategy fit together.

Retention All.jpgOld thinking: Must retain all employees.

New Twist: Focus efforts on keeping those employees who truly want to work for the company.

Companies like Amazon and Zappos have taken bold steps when it comes to creating a committed workforce. They are among the companies offering to pay their employees to quit in an attempt to weed out employees who are unhappy or disgruntled. While not all organizations are interested in being this extreme, Amazon and Zappos’ actions suggest an alternative way of looking at your workforce – that is to consider focusing your energy and efforts on the majority of your employees who truly want to help the company be successful.

Hire.jpgOld thinking: Hire for talent and talent alone.

New Twist: Hire for culture and talent.

When hiring, you not only need people who can do the job well, but you also need employees who feel an emotional commitment to the company, its mission and its people. As you hire, it’s imperative to factor in the cultural fit. If your company culture is still ambiguous, take the time to define who you are, what you do and why you do it. This will help you hire right in the first place so you can better retain committed employees.

Two-way street.jpgOld thinking: Retention is HR’s job.

New Twist: Get your managers involved to better retain your employees.

Your managers are your biggest assets when it comes to motivating and engaging your workforce. They are at the front lines when it comes to retaining employees as they can best tailor leadership and roles to suit each individual contributor.

“Equipping managers with resources and tools to engage and motivate employees is a win-win when it comes to retention, particularly when managers can find ways to intrinsically motivate their employees,” says Jennifer Piliero, senior product manager for Ceridian LifeWorks.

For more information:

  • Read about harnessing middle managers for engagement and retention success
  • Check out our Engagement Toolkit for more resources
  • Learn about Ceridian LifeWorks - our EAP/Work-life/Wellness solution