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How to Create a Winning Employee Retention Strategy: 3 Tips

Employee Retention Strategies

Where Is All the Great Talent Hiding? 

Attracting top talent has captured significant attention in today’s competitive employment climate. We all want the best and brightest on our teams and are willing to go the extra mile to engage potential all-stars. 

But what about the team you’ve already built? The group of top performers with a track record you can personally vouch for. Are you doing enough to re-attract them and maintain employee retention? 

Indeed’s Talent Attraction Study revealed that 71 percent of employees are actively seeking or are open to new job opportunities.

What’s more, the average cost to replace an employee is six to nine months of their salary. An employee making $60,000 annually will generate $30,000 to $45,000 in recruiting and training costs if they choose to leave.

Put these startling figures together and it’s easy to see why developing an effective employee retention strategy is essential for your organization’s success.

3 Tips to Keep Top Employees Out of the Job Market

1. Start with Recruitment

The hiring process isn’t just about finding the perfect person for the position; it’s about finding a cohesive addition to your team. In the TINYpulse 2015 Employee Engagement & Organizational Culture Report having great colleagues was the number one reason employees were happy with their jobs. Coincidently, employees cited coworker disputes as a primary cause of reduced productivity and poor job satisfaction.

Hire smart by considering working style, teamwork and leadership experience and personality when vetting potential candidates. Next, ensure a clear understanding of proposed roles and responsibilities and reinforce onboarding goals with structured training and orientation programs. The time taken to recruit the right employees will not only help them become a lasting part of your organization but will improve employee retention across-the-board.

2. Build Better Benefits

Your employee benefits program is a one-two punch in the fight against voluntary turnover. It clearly lays out major perks of your company while also offering an opportunity to engage and delight — driving a sense of loyalty among employees.

As a leader in identity protection for employees, EZShield works with trusted employee benefits partners to develop benefits plans aimed at improving employee retention. Identity protection may seem like a unique approach to the problem, but it’s quickly becoming a standard offering among employers.

Now identity theft affects over 35,890 individuals every day — taking an emotional and financial toll on victims. These stresses often spill over into the workplace as victims spend an average of 18 hours working to repair the impact. Most of these efforts take place during business hours, when credit bureaus, law enforcement officials and financial institutions are most readily available to speak with victims.

Don’t let an identity thief sour your productivity, or worse, your employee relationships. Introduce benefits offerings they care about and that can help them expedite any financial emergencies that could come their way.

3. Keep Them Focused on the Path Ahead

Above all else — keep employees productive, engaged and motivated by helping them set their sights on what’s next in their career. In 2015, three out of four employees believed they lack professional growth opportunities in their current position. This lack of direction can destroy employees’ drive to succeed, which could lead them to seek new employment.

Get to know your employee’s career ambitions and address their skill set to find growth opportunities. Ensure they have visibility of the potential career paths that exist for their position within your company.

Achieve this goal by conducting structured performance reviews and creating an open, collaborative company culture — where employees can feel comfortable sharing their goals.

Next Steps for Employers

Want to beat the odds in the battle of employee retention? It’s important to understanding the primary drivers for voluntary turnover and react accordingly. This means bringing on the right team, rewarding them with in-demand benefits and leading them down the path of success.

To learn more about reaching your retention goals through diversified benefits offerings, schedule a demo of EZShield’s award-winning identity protection plans for employees.

About Angela Murphy

Angela Murphy is the Chief Operating Officer at Sontiq, the parent company of the EZShield and IdentityForce brands. She has over 20 years of experience in Operations, Client Management and Human Resources and is responsible for all aspects of business operations, including Customer Support and Client Services, Human Resources, Administration and Risk Management.

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