Improve Hiring & Retention

4 Low Cost, High Impact ways to Attract and Retain Employees

We all know the common ways to both attract and retain our team members.  Methods include all the obvious strategies such as monetary raises, aggressive bonus structures, title promotions and even the more physical aspects of the workplace such as our on-site amenities or the aesthetic design of our office space.  However, we should look beyond the obvious perks and benefits if we’re serious about competing for the best talent.  Here are four low cost, high impact strategies to consider in order to improve our hiring and retention rates.

Culture

Culture is one of the top reasons that an individual will make a move to a competitor.  We see many examples of people sticking with an organization due simply to its culture, even when the individual could make a move for increased pay or a better position.  Every organization has a culture, but most organizations are not intentional about creating and cultivating the right culture. It takes time and energy, but few dollars are required in order to have a good culture.  And, the return-on-investment of a good culture is immeasurable.

Branding

We typically think of branding as an activity that is intended exclusively for external customers.  However, we have an opportunity to use branding to build a better team environment internally.  No one wants to be associated with a tainted or undesirable brand.  On the other hand, we typically find a unique company when its team members voluntarily strut around in branded attire or are incredibly proud to be associated and connected with its brand.  A good brand allows us to belong to something bigger than a job or position.  If you have team members that buy into your brand, they also become brand ambassadors on the behalf of the organization.

Mentorship

Most organizations miss a great opportunity with mentorships.  A good internal mentorship program allows an employee to have a sounding board, a cheer leader and a confidante.  It also reassures an employee that the organization cares about personal development.  This also allows more senior team members to be valued beyond a single function and assists the organization in getting individuals out of a silo.  Strong relationships can come out of mentorships and this can help build a more connected organization.

Assessment/Feedback

Surveys and research continually show that most employees want and need more feedback than they’re actually given.  Good team members want to be challenged.  A good assessment process should also have a component that allows for a two-way source of feedback.  As the employer, it is expected that we have feedback for the employee.  However, we need to create a system that encourages feedback and honest conversations from the employee during the assessment process.  This is our opportunity not only to make our voice known to our employees, but it's also an opportunity to be proactive on retention by identifying motivations for a team member’s possible departure.  If done correctly, this process can ultimately strengthen our relationships.