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PLATINUM GROUP NEWS & VIEWS

The Complete Guide to Improve Employee Acquisition & Retention

by Julie Miles / June 2, 2021

Employee acquisition and retention are vital to every company. Doing it right means your company will benefit from reduced costs, reduced turnover hassle, improved morale at work, and increased overall productivity. 

If you’d like to know more about how you can improve employee acquisition and retention, keep reading the five tips below. 

Create a Positive Company Culture 

A company culture engulfs the three pillars of a work environment: communication, connection, and contribution. Positive company culture means creating a working environment/ community where employees feel valued, respected, and heard. 

Employees should be free to connect with other employees to create rapport and build productive relationships. As for contribution, employees should express their concerns, opinions, and suggestions without fear or discrimination. Otherwise, if they can’t contribute within their work environment, the workplace becomes toxic, and your employees will be unwilling to stay in the company. 

Another essential aspect to consider when creating a company culture is diversity or inclusivity. Encourage your employees to show differences and unique capabilities within themselves; such inclusivity will offer your employees a sense of belonging and foster growth and development.

If you want to learn more about these features, such as creating a diverse/ hybrid office, adopting a malleable workforce model, and instituting ethical leadership in the workplace, read about the 2021 trends for a New HR.

Offer Rewards and Incentives 

Salaries and benefits should be within the payment rates of that job, meaning you should offer your employees great incentives to remain working for you. A significant percentage of people who quit or resigned from work come from poor or low rates, lack of health benefits, or no money incentive such as payment for overtime. 

Instead of employees looking for better jobs besides what’s in your company, offer financial incentives that match the talent they provide your company. Also, you should pay attention to what the employees need, whether it’s a better salary, more health insurance, or a 401k for their retirement. 

Additionally, you don’t have to offer monetary incentives. While money is great, you can offer rewards, seasonal bonuses, or additional benefits such as discounts and gift vouchers. 

Rewards and recognition are one of the best retention strategies because you can offer incentives as you please; for example, you can offer tips to the employees with the most sales or offer all your employees a discount if they work in consumer companies like restaurants and boutiques. You can choose to have structured vs. random programs or simply a benefits package for employees for as long as they work for you.

Rewards and benefits show appreciation to your employees, and in return, your staff feels more motivated to work. Moreover, morale within your team leads to improved productivity and less turnover.

Invest in Upward Mobility for the Staff

Upward mobility refers to the ability for employees to scale their levels at work, either from junior to senior positions or further career advancements. The HR department has to ensure that employees are constantly engaged and motivated to work to encourage them to stay within the company. 

Corporate upward mobility can include staff rotations, internal hiring or promoting, succession planning and training, mentoring programs, and leadership development programs. All these initiatives will offer staff opportunities to advance in their careers and the corporate environment altogether.

To aid with your employees’ upward mobility, you can use performance management tools that assess employee's performance and evaluate their progress against the company’s performance. Such devices can aid with career growth, performance management, and planned internal moves. 

Offer Upskilling to All Employees 

Upskilling your workforce is crucial to success because it benefits employees as well as the company at large. As a company, learn to offer training and continuing education to your staff; this way, they can acquire new skills and increase work productivity leading to increased profits in the company. 

Employee learning and development is an excellent way to introduce your staff to new or improved processes, techniques, and technology in your company. Furthermore, investing in your employees can build employee engagement which is also essential for retention. 

An easy way to boost employee engagement is by using a learning management system (LMS). An LMS is a web-based platform or software which you can use to develop, manage, and deliver educational resources to your staff. You can classify the resources depending on job positions which then helps you target particular job areas. 

Then LMS is customizable to any company and offers numerous benefits, including:

  • Keeping employees updated 
  • Providing easy to use learning resources 
  • Increasing targeted education
  • Analyzing success
  • Delivering a social learning experience 

Continuing education for employees is beneficial to both acquisition and retention because new staff can appreciate a working environment that boosts the growth and development of the employees.

Use Skill Mapping for Employee Acquisition and Retention 

Skill mapping is a skill management approach that allows you to showcase your employee’s skillset to create development programs. The skills map shows qualitative and quantitative skills that an employee needs to perform their job optimally.

You can use skill mapping for a single employee, at the team level or organizational level. The aim is to note what skills the company needs to succeed, what skills are available currently in the company, and what skills are missing. To achieve such information, you will use a skill matrix or competency matrix to assess your employees’ abilities to perform tasks within the company.

skill-mapping-final-infographic-platinum-group

From the skill mapping assessment, the company can acknowledge the available talent and search for new talent to fill any skills gap. 

Skill mapping is beneficial to all parties: the team, the company, clients, and employees. Besides hiring new people, the company can redistribute internal talent, saving on talent acquisition costs. Moreover, employees can work on improving their skills based on their strengths and weaknesses. 

Bottom Line 

Using the five tips above, you can significantly improve your company’s employee acquisition and retention. Use skill mapping often to ensure optimal talent in your company, and if your employees need more skills, use the LMS to upskill their talent. 

To learn more about the learning management system, register today for an Isolved LMS demonstration. 

About Platinum Group

Platinum Group is a human capital management resource with solutions to help you streamline operations so you’ll have time to manage your business. No matter which division you work with: Payroll/HR or Accounting, our team is built upon a foundation of support, service, camaraderie and collaboration that we share both in-house and with our wonderful clients. For more information about Platinum Group, or to schedule a demo of iSolved, please visit our website.

 

Tags: Payroll & Human Resources Company Culture Platinum Group Employee Retention HR New Hire LMS Acquisition

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Julie Miles

Julie Miles

Julie’s passion is to act as a liaison between the Platinum team, their wonderful clients, and the community, striving to tell their stories and make connections.