Thinking/Perspectives
Hire Once
3 elements of a talent retention system any organization can use.
"Employee turnover" is shorthand for "people don't want to work here."
Employers resent turnover for good reason: it's expensive. Departures interrupt business operations and ding efficiency and profitability. Departures also scrap any initial investment in onboarding and training. All in, an employee leaving costs their employer between 10% and 30% of their salary. That's on top of wages already spent plus the cost to source their replacement (Source: American Progress).
Yikes.
At some level, turnover is a natural part of life and business. People move. Family situations change. Work aspirations evolve. We can't control those dynamics. A "Hire Once" company does its best to control for all the other reasons employees leave: lagging compensation, toxic culture, and few options for professional growth. To mitigate those risks, "Hire Once" companies have three basic goals.
To make employees feel:
- Rewarded
- Healthy
- On a path toward growth
Each element can help drive retention on its own. Taken together, they form a comprehensive retention strategy. A "Hire Once" mindset takes practice and time to implement, but it's the antidote to the financial misery of high turnover: $100,000s in savings.
01/Employee rewards
Here are a few topics to explore that can help you go deeper on strategy #1:
- Fair Pay and Salary Bands
- Recognition and Non-Cash Rewards
- Benefits That Employees Actually Use
- Transparent Promotion Criteria
02/Employee health
Here are a few topics to explore that can help you go deeper on strategy #2:
- Healthcare and Wellness Benefits
- Workplace Mental Health Policies
- Paid Leave and Recovery Time
- Sustainable Workload Design
03/Employee growth
Here are a few topics to explore that can help you go deeper on strategy #3:
- Career Pathing
- Manager Enablement
- Learning and Development Plans
- Internal Mobility