Recruit Talents Through an Effective Retention Program

— It’s all about the Employee Experience

You may have heard that sales are all about the “customer experience,” well, isn’t recruiting a form of sales? Of course, it is; you must sell your company to prospective talent.

Recruiting and turnover replacement are costly endeavors. Your solution for these must be concise and cost-effective, so construct an effective business improvement in Kentucky strategy. Solve them with one concept and create an employment brand! This brand must support a good and consistent employee experience that is also attractive to prospective talent.

Consider what is at stake.

A series of recent surveys paint a dire picture. The U.S. Bureau of Labor Statistics (BLS), 4.25 million people quit their jobs in January 2022, up from 3,3 million in 2021.

Gallup estimates that the cost of replacing an employee is one-half to two times the employee’s annual salary.

Some of the reasons for that expense include:

• Recruitment costs
• Training costs
• Operational inefficiencies
• Under-resourcing and delays
• Impact on employee morale
• Loss of organizational knowledge
• Loss of innovative thinkers and leaders (opportunity cost)
• Impact on customer experience.

So retention is a priority, and what you do to achieve that should also be a sales message delivered to new employee candidates.

Now consider the following when attracting and retaining top talent in Kentucky for your employment brand:

According to LinkedIn Learning’s 2021 Workplace Learning Report, the leading avoidable causes of turnover were:

• 18% Career-related: Opportunities for growth, achievement, and security
• 10.5% Work-life Balance-related: Scheduling, travel, and remote work preferences
• 10% Job-related: Enjoyment and ownership in manageable work
• 7.8% Manager-related: Productive relationship preferences
• 7.7% Environment: Physical and cultural surroundings
• 7% Total Rewards: Compensation and benefits promised and received

Achievers Workforce Institute’s 2021 Engagement and Retention Report found that the top reasons employees would stay in their current job include:

• Work-life balance (23%)
• Recognition (21%)
• Compensation (19%)
• Good working relationship with their manager (19%).

A workplace survey report found that 94% of surveyed employees responded that they would stay longer if a company invested in helping them learn.

These and other recent surveys I reviewed helped me conclude that your employment brand must address the following essential elements.

1. Trust Credibility
   1. Job security / Steady employment
   2. Competent leadership
   3. Fair and equal treatment
   4. Opportunities are provided
2. Good Communication
   1. Set expectations
   2. Share leadership’s vision
   3. Provide good and regular feedback
      1. Company Performance and Posture (Client Perspectives)
      2. Employee Performance
      3. Employee Ideas and Comments
   4. Provide timely recognition
3. Apparent Opportunities
   1. Opportunities to learn
      1. Trade / Technical Training
      2. Professional Development Skills
      3. Leadership Skills
      4. Re-skill training as is applicable
   2. Opportunities to grow and advance within the company
4. Employee-centered Culture
   1. A. Stated and practiced values are consistent with the company and employee needs
   2. A concerted effort to maximize employee skills and talents
   3. Recognize talent, ideas, creativity, and skills
   4. Create reasonable and practical flexibility in a work-life balance
5. Competitive Compensation
   1. Wage
   2. Benefits
   3. PTO
   4. Incentives / Rewards

Of course, “The Devil is in the Details.”

Want to learn more about how to develop your effective employment brand?

Email DIAD Consulting, Inc. at info@DIADconsulting.com or contact Us at www.DIADconsulting.com and receive exclusive business coaching in Hebron, Kentucky.