By: Jodie Morman, Vice President of Human Resources
Regardless of what industry or business vertical your organization operates in, your people are your most vital assets. This is true even in today’s tech-driven information age, where new algorithms and platforms tend to steal the spotlight—and the headlines. But behind every business solution is a team of people working diligently – To provide clarity. To innovate. To disrupt. To transform.
That’s why attracting, and more importantly, retaining top talent plays such a critical role in your company’s ability to compete. Holding on to employees for the long haul is also in your financial best interest: Countless researchers have calculated the cost of a lost employee, with one study reporting that it costs employers roughly 33 percent of a worker’s annual salary to hire a replacement if that worker leaves. For example, an employee earning a salary of $45,000 per year would cost $15,000 on average to replace.
From a facilities and operations perspective, the stakes are even higher when you consider the broader industry landscape. Skilled tradespeople continue to exit the workforce at increasingly rapid rates, which puts the squeeze on multi-site businesses seeking facilities, construction and operational support.
So, how do you attract top performers and keep them from flying the coop? Start with a smooth onboarding experience and continue to train, develop, support and upskill each employee throughout their tenure.
Streamline Your Onboarding Process
Automating your onboarding process is a great way to ensure your new employees and enjoy a seamless implementation experience. Utilizing a workforce management system, for instance, will help keep employers and employees on the same page, and all pertinent paperwork in one spot.
Whether you’re seeking talent on the trades, tech or operations front, it’s important to meet prospective employees’ personal needs and circumstances. Offering “alternative” schedules is one way to provide flexibility, which can be extra helpful for employees who are juggling other responsibilities like continuing their education.
Invest in Education and Continuous Learning
Education and training are important for employees at all levels of your organization. When employers step up and offer learning opportunities, workshops or scholarships, they are sending a clear message to their employees that they value their skills and expertise. What’s more, companies benefit from this influx of knowledge, too, as each employee’s new skills will be used to enhance business.
Show a Clear Path to Growth
If employees don’t feel they can achieve growth within their roles or move up in the organization, it won’t be long before they seek out other opportunities. Many workers, especially those from the Gen Z or Millennial generation, appreciate when leaders take the time to coach them. By carving out a clear career path, you can show employees you’re invested in their personal and professional growth.
Create a Succession Plan
Even the best, most engaged employees won’t work for you forever—people move, change career paths or simply age out of the workforce altogether. Succession planning will help you identify and develop new leaders to replace former ones so that when they leave the company, they don’t leave an unmanageable skills gap behind.
Retaining employees and keeping them engaged is a constant challenge. Outside forces, such as industry-specific shifts or broader economic turbulence, will ebb and flow, but empowering your people is an investment that will always reap rewards—for businesses and employees alike.