Hiring well is only half the battle. Retaining top talent is where the war is won!
Finding the right person to join your team can be a challenge. Surprisingly, the real battle may be retaining that talent once you find it. Add a global pandemic, more employees working from home, less personal interaction with coworkers, managers and company leadership, and the fight is on to retain top talent.
Employees stay with organizations because they’ve built an attachment or positive connection to the organization. Find ways to help them connect to retain the talent you worked so hard to hire.
Start Building the Connection before Day 1
Proactively manage the time between offer acceptance and day one working for your company by filling this critical transition time with messages that helps them build attachment to your team and begins to loosen the bond with their old team. Some ways to do this might include:
- Reach out to them on the day they plan to give notice to let them know you’re looking forward to them joining your team.
- Send them a handwritten welcome note signed by their new team mates.
- Have their new team make a fun welcome video so the candidate can start putting names and faces together prior to arrival.
Make the Most of Time Spent Onboarding
Onboarding can and should be so much more than training the new hire on process and procedures. Be sure to include planned opportunities for conversations to build connection:
- To your culture—share stories that demonstrate your culture in the day-to-day activities of the team.
- To their career development – talk about their career aspirations. Begin to build the basis for career mapping that can be further developed during upcoming performance evaluations.
- To their feedback—let them know their feedback matters. Include polls and surveys as part of the onboarding to gather their thoughts on what went well and what suggestions they may have for improvement. Taking action on their feedback helps them see that their feedback matters.
Regularly Conduct Stay Interviews
A stay interview is a purposeful conversation to find out what is important to the employee and how your organization can engage and motivate them. It’s not another meeting or an informal chat in the breakroom. It’s not part of the performance appraisal process. It is a planned conversation to find out why they work for you, what drives them to come into work each day, what motivates them to build a career with you and even what may cause them to leave. Stay interviews are powerful tools to help you retain talent.
According to Gallup research, over half of exiting employees say that in the three months before they left, neither their manager nor any other leader spoke with them about their job satisfaction or future with the organization. In addition, the research showed 52% of voluntarily exiting employees said their manager or organization could have done something to prevent them from leaving their job.1
Benefits of a stay interview include:
- Builds trust and increases communication
- Continues to build a connection
- Shows your employees you care about their thoughts and feelings
- Gives you good insight and information to make positive changes within your organization
Begin stay interviews early in an employee’s tenure to avoid costly turnover. First-year turnover continues to plague organizations.
Over 1/3 of interviewees that exited their organization did it within the first year. Three in four employee turnovers are preventable.2
The ideal time to begin stay interviews with new hires varies by organization. Think about the people you’ve lost in the first year. When did they leave? If, on average they left within six months, do your first stay interview about 30-45 days before that.
Invest time in stay interviews and you may not have to invest it in recruiting replacements for your top performers.
Want to learn more about stay interviews? Visit our website and reach out to learn more!
- McFeely, S, and Wigert.B (2019, March 13) This Fixable Problem Costs U.S. Businesses $1 Trillion. Gallup. https://www.gallup.com/workplace/247391/fixable-problem-costs-businesses-trillion.aspx
- Work Institute 2020 Retention Report
GreatAmerica is the largest independent, family-owned national commercial equipment finance company in the U.S. and is dedicated to helping manufacturers, vendors, and dealers be more successful and keep their customers for a lifetime. A $2.4 Billion company, GreatAmerica was established in Cedar Rapids, Iowa in 1992 and has a staff of over 600 employees with offices in Iowa, Georgia, Minnesota, and Illinois. In addition to financing, GreatAmerica offers innovative non-financial services to help our customers grow. www.greatamerica.com