Employee retention remains a hot button issue in the first few weeks of 2016 with many businesses continuing to cite it as a number one source of revenue loss.
According to a recent survey conducted by Robert Half Finance and Accounting, training and development are vital pieces of retention. About 64 percent of professionals indicated the availability of new skills is essential for their remainder in a certain position. Of those polled, 34 percent said new skills are at least somewhat important.
Keep ideas in mind when coming up with the strategy for your employee development and retention plan:
Consider establishing “stay interviews.” To begin, instead of a focus on employees leaving, invest time in their tenure within the business. How? Many of the questions asked during an exit interview can instead be asked during a “stay interview,” highlighting issues before they become reasons to leave. Exit interviews often ask the right questions at the wrong time, something that will continue to add to employees leaving.
“In both exit and stay interviews, the point is to go deeper into workers’ motivations. What’s important to them in a job? Why would you stay? Why would you leave,” asked Erin Pappo, client services director for Camden Consulting.
Consider creating a leadership development program based on the information gathered in your stay interviews. Identifying future leaders early on allows employees to grow at their own pace, while filling the ranks that will empty out as the years progress. If an employee has the potential drive and desires to remain in the business, be sure the opportunity is given.
Finally, start a mentorship program. A mentorship program between those in the same role and different positions will bolster communication, build loyalty and benefit the entire business.
Keep retention in mind as 2016 continues on.