Are you just a stepping stone? Create and follow an employee retention plan!
How are you intentionally creating an environment where your talent wants to stay and grow professionally?
An employee retention plan will define your retention strategies and provides a checklist for your team to track progress against goals. Its purpose is to improve employee retention.
An employee retention plan can save you time and money if you commit to it. Here are 5 tips to keep in mind:
Leadership buy-in: You must have leadership support to maintain an environment where everyone feels empowered to provide honest feedback. Additionally, people managers are critical to deploying most initiatives in an employee retention plan, so they need to understand and champion it fully.
Track your turnover rates: Compare your turnover rate to industry averages. Understanding where you are now is the first step in defining where you want to go.
Set goals: Determine the objective of your program. For example, you might want to improve your turnover rate by a specific percentage or improve engagement, but it’s important to set a metric for success.
Gather feedback: Use exit interviews, team surveys (anonymous), and one-on-one discussions to inform your employee retention plans. Building your employee retention plan from the foundation of your team’s feedback is essential.
Communicate frequently: When you launch your employee retention plan, be clear about why it was created and why it’s important. Sharing regular updates and any adjustments your team has made is vital. At a minimum, you should assess your employee retention plan's success annually.
As your company evolves, your employee retention plan will need to as well. However, one thing will always stay the same: time and resources spent on your No. 1 asset — your people — are never wasted.
Industry Perspective
“Employee retention is huge. That’s a huge part of training and development: The ability to show someone we’re going to give you the best chance at being successful at your current position, but we want to make sure that if there’s another position that you’re looking to grow into, we have that resource for you, whether it’s through Acme University our training facility here or if it’s through our vendor workshops or something else.”
––Andrew Larsen, Talent & Development Manager, Acme Construction Supply
This "Tip of the Week" is provided by the Talent Development Council | Texas A&M University.
INDUSTRIAL SUPPLY MAGAZINE
The November/December issue of Industrial Supply magazine features an in-depth cover story about Applied Industrial Technologies. Plus, we're featuring articles by contributing writers Dr. Bharani Nagarathnam and Frank Hurtte, as well as interviews with numerous product and distribution industry experts.
