Join us on 1/22 for our free webinar, 7 Best Practices to Attracting and Retaining Employees in 2015.
The ability to attract and retain great talent is the determining factor between the organizations that are thriving in the 21st century and the ones that are closing their doors. The CAP study reported that employee turnover costs 20 percent of an employee annual salary for a mid-range position in the $30k to $50K a year mark. As an example, the cost to replace a 50K salary employee would be $10,000. The 30 cases that were studied estimated between 5.8 percent to 213 percent for the cost of employee turnover, depending on the job and employee skills.
When reviewing your companies employee retention rates for 2014, you will want to pay close attention to which employees left the organization last year. A healthy turnover is removal of the organizations low performers, which typically prunes out the negative generating higher-performing teams and more engaged employees.
One of the most popular conversations within the talent departments right now is “How do we attract great talent AND retain them for several years?”
How to Attract Great Talent – Top 5 Priorities of 2015
#1 Make Certain You Have a Solid Employment Brand – the marketing and talent teams should be meeting monthly to ensure all is in alignment.
#2 Go Mobile with your Website – if you do not have a mobile website, you lost the game before it even started this year.
#3 Setup an Employee Referral Software Program – once established, partner with the marketing department to promote monthly to employees via email.
#4 Go Social – Talent team must hangout where the potential employees hang on social media – this is a must in order to be competitive in the markets.
#5 Create Employee Ambassador YouTube Videos – informal via mobile phones – let your ambassadors be creative and show your authentic brand by creating 2 minute videos within each department.
How to Retain Great Talent – Pour Some Sugar On Employees
It was the summer of 1987 when the song, “Pour Some Sugar on Me” played for the first time on the radio. I remember riding home from school with my sisters in our 1970’s Pontiac station wagon and hearing the incredible rhythm and beats of the song for the first time. A few weeks later, we had Def Leppards’ Hysteria cassette and I could not wait to pull out the Sony turntable-cassette player, and crank up the song! As the dance choreographer for the cheerleading team, this was the rhythm I had been waiting for to create the best dance routine that would rock the house during one of our football season pep rallies.
Our nearest neighbor was a mile down the road, so there was no worry about residential noise restrictions. While I created the dance routine that night in our backyard, the song echoed for several hours across the fields. Do you ever stop for a moment and say, “This is going to be one of those memories that last a lifetime?” I knew that night that Pour Some Sugar on Me was going to make history. It definitely rocked the house at our pep rally that year.
Let’s make history again with this song, shall we? Joe Elliot, I hope this is worthy of your praise! This year in order to retain your employees I want you to crank up the instrumental version of Pour Some Sugar On Me and start singing (teach your managers to sing) the following rendition of the song.
Pour Some Sugar On Me – 5…6…7…8…
Step inside, walk this way
Employee and Manager, hey hey!
Coaching is a tool that can make an employee rule
Performing like Knight Rider in a high speed chase
Acting like a champ in a team enveloped camp
Come on employee let me take your hand
Razzle ‘n’ dazzle ‘n’ flash a future promo
Generation x y z boomer is now singing like Bono
Sometime anytime grooming’s now complete
Little employee is now making history yeah yeah
C’mon take a bottle, shake it up
Break the bubble, break it up
Pour some coaching on me
Ooh, in the name of growth
Pour some coaching on me
C’mon build me up
Pour some coaching on me
Oh! I can’t get enough
I’m ready, set, let’s go
2015 with be the year of employee growth!
Make 2015 the Year of Attracting And Employee Retention
The early statistics are showing a high turn-over rate for employees who will be accepting offers outside their current organizations in 2015. It really is a simple recipe that is very easy to implement within every organization for attracting and retaining talent. The majority of employees who will leave their current organization this year are doing it for 2 reasons: #1 More Money and #2 Career Advancement
You have a chance to attract and retain performers, engage your current performers, and reap the outcomes of increased productivity and the bottom line. Spend the time this year pouring some sugar on each one in grooming them for upward mobility and a salary increase. My grandfather always said, “You don’t move people with vinegar, you move them with honey.” Every single one of your performing employees has personal career agendas this year. It is up to you to discover their motivators and ensure that each one is being poured upon.
Let’s make 2015 the year that the right talent came knocking on our door, retention rates were at an all-time high, and employees were engaged and productive.
“Culture is about performance, and making people feel good about how they contribute to the whole.”
“Employees who believe that management is concerned about them as a whole person – not just an employee – are more productive, more satisfied, more fulfilled. Satisfied employees mean satisfied customers, which leads to profitability.”
“To Win In The Marketplace, You Must First Win In The Workplace.”