How to Retain Top Talent: Proven Staff Retention Strategies
Keeping your top talent is critical to the success of your business. When employees leave, it can be costly and time-consuming to find and train a replacement. In this blog post, we will discuss staff retention strategies that you can use to retain your best employees.
Poor onboarding is proven to be directly linked to employee retention.
- Has poor onboarding ever happened to you?
- Would you like to fix poor onboarding?
- Do you want to deliver an outstanding onboarding journey for all and fix employee retention?
Many companies make the mistake of spending months building a pipeline for recruiting the very best people, but then spend little time actually onboarding them to make sure they are successful.
The most common reasons for departing within 6 months include:
#1 – Poor onboarding – This means being prepared
- Did you send out a welcome letter to them and employee handbook
- Did someone call them to check that they know where they are going and what to do when they arrive on that nervous first day
- Good IT – Do they have laptop, email and access to systems etc
- Have they been given a buddy on day one – Not a manager, but someone to lean on to show them around.
- Maybe a swag bag with hoodies and other merch
- Do they have an orientation and training to help them feel confident in what is expected and the tasks they need to do
Who isn’t nervous, scared on their first day at work?
#2 – Not having clearly defined goals, tasks and objectives
Help them deliver small wins on the first day and every day thereafter.
#3 – Frequently check in
How was the 1st week and so on. Be open to honest feedback. New eyes looking over broken or damaged processes can be a blessing in disguise.
The unintended consequence of not doing this… is the feeling of not being valued…..
So the 31% make their excuses, find another job and leave, most often before they get effective in the new role.
Leaving you and your teams with even bigger problems and resourcing gaps!
Don’t feel bad… Most organisations are struggling to onboard excellently.
The impact to the organisation includes the following:
- A significant financial burden to the company – Because the job is not getting done due to time – effectiveness and the fact they are new to your systems and processes (if you have them)
- Colleagues have to pick up the mess… which is like a cancer and adds to employee burden and their own retention issues
- Cost and time of replacing the candidate
- Errors and mistakes caused by someone who is not motivated and probably only in post for the money
Lots of organisations turn a blind eye and do not seek the truth when people leave. Fewer still accept the truth and do anything to fix it. Few measure the burden and financial impact which when calculated enable teams to request small budgets to turn the tide and make an exponential difference to onboarding outcomes and employee retention in general.
Calculating the impact of onboarding effectiveness is easy.
Have you ever calculated the impact? This impact can be huge even for low-level employees and like a stone thrown into a pond the ripples can extend far and wide from customers, operations, fellow team members and then onto your brand reputation. As one new hire leaves, someone else has to pick up the slack as the process starts again.
We help our clients understand this and keep track of important onboarding and retention data automatically. Additionally, when the time comes most our clients have an off-boarding process tied into the system so they can learn and adapt.
Calculating the impact of poor onboarding and retention – then track the employee retention trends:
- Average time to effectiveness -Should be calculated as time and cost
- Effectiveness contribution – Week 1 maybe zero. Week 2 might be 10% if handling calls etc. In sales, it is generally a given that a sales rep will not make a contribution for 2-3 months. But that activity will happen on month 1 etc.. In large complex sales this can be 1 year – so tracking this performance and value by people in post is critical.
- Average time in post across the whole organisation and at department level
- Staff attrition over time – this year vs last
- Measuring the skill proficiency of the people you have and placing a value against this and the impact of them leaving.
- Reason for leaving and exit interviews/surveys
By using the CreateLMS onboarding tools and processes you will remove 90% of the burden for all stakeholders… Especially HR teams.
This is low hanging fruit and it should be grabbed with both hands. Most of our clients move from average to poor onboarding problems to completely fixing them within a month and fine tuning thereafter. Most completely transform the experience and process.
The Benefits of Onboarding Well Are Significant;
According to customer service onboarding statistics,
- Organisations that use structured onboarding saw a 60% increase in revenue year over year. That’s to say that a startup making a million dollars in revenue yearly is most likely to increase their revenue by a whooping $600,000, an exponential amount of growth can be obtained by just setting in place a few procedures. However big you are, these savings can be shared and small budgets secured to focus specifically on onboarding.
- They also saw a 63 percent increase in customer satisfaction year over year. An excellent onboarding experience produces employees who are not only productive in their assigned tasks but also committed to the organisation’s growth. Satisfied customers not only mean more revenue but also increased brand awareness. Happy customers speak to others and word of mouth referrals are very valuable.
- According to customer onboarding statistics. Employees with a sound onboarding experience will show more dedication towards their company’s growth. If you know your onboarding experience is bad, probably the best thing to do is appoint your current intake with the task of helping fix the process and putting an end to it today.
Mark the author of this would love to hear your thoughts and experiences. Email him at mark@createlms.com
To see outstanding onboarding and how easily you can semi-automate this – Book a demo
Why Choose Create LMS?
In his 2022 review of Create LMS, independent eLearning Consultant and Market Analyst, David Patterson of Learning Light praised our platform for its rare ability to offer a fully-comprehensive, modern feature set, while remaining quick and easy to set up and use. In particular, David drew attention to:
There are many different types of employee training, each designed to help employees learn the specific skills they need to be successful in their jobs:
- One common type of employee training is on-the-job training, in which employees learn by doing. This can be an effective way to learn new skills, but it can also be time-consuming and may not cover all the material an employee needs to know.
- Share the expertise and knowledge of your subject matter experts with ease through our LMS platform. Help foster a culture of excellence within your organization.
- Another type of employee training is classroom-based training, which can provide a more comprehensive overview of the material but may be less relevant to an employee's actual job.
- For instructors, we want to help simplify and organize lesson plans and content for reuse. By adding users to a class, all content is easily accessible in one place for instructors and learners. You can also track individual learner progress, skills attainment and compliance.
- Other types of employee training include online courses, webinars, and seminars.
- The Create LMS platform simplifies employee training by allowing for quick and easy content building and deployment, progress tracking, and compliance monitoring. This ultimately reduces training costs and burdens for organizations
Each type of employee training has its own advantages and disadvantages, so it's important to choose the right type of employee training for the specific needs of the company and its employees. Our team of training and HR experts will be delighted to share our customers use case scenarios and best practices.
staff retention strategies
employee retention strategies pdf
innovative employee retention strategies
employee retention strategies 2022
Employee training is important for 5 key reasons:
- First, it helps to ensure that employees have the skills and knowledge necessary to do their jobs effectively.
- Employee training can help to reduce mistakes and accidents.
- Employee training can improve employee morale and motivation.
- Employee training can help to increase employee retention.
- Finally, employee training can help to reduce turnover costs.
For all of these reasons, employee training is an essential part of any successful business.
staff retention strategies
employee retention strategies ppt
companies with best employee retention programs
The most common type of employee training is on-the-job training. This type of training generally takes place at the workplace and is conducted by a supervisor or more experienced employee. On-the-job training can be an effective way to learn new skills, as it allows employees to gain hands-on experience in a real work environment. However, it can also be time-consuming and disruptive to workflows. As a result, many companies use a combination of on-the-job and off-the-job training methods to provide employees with the skills they need to be successful.
Our mission with the Create LMS platform is to reduce the burden, time, and cost for both instructors and learners. We strive to make employee training easy and enjoyable.
staff retention strategies
Employee training programs are designed to improve the knowledge, skills and abilities of employees.
They can be used to teach new employees about the company and its products or services, or to help existing employees improve their performance. employee training programs can also be used to promote employee development and provide opportunities for career advancement.
In addition, employee training programs can help to improve employee retention by providing employees with a sense of purpose and contributing to a positive work-life balance.
Employee training programs are an essential part of any organization, and can have a major impact on employee productivity and morale.
When implemented properly, employee training programs can benefit both employees and employers alike.
staff retention strategies
- Develop a system for employee development and training that is comprehensive and well-organized.
- Encourage employees to take advantage of development and training opportunities.
- Make sure that employees have the necessary resources to develop and train effectively.
- Evaluate employee development and training regularly to identify areas of improvement.
- Support employee development and training with adequate resources and funding. By following these best practices, organizations can ensure that their employee development and training programs are effective and improve employee productivity and satisfaction.
This LMS comes from a mindset of a design team that desires speed and simplicity of set up… you can create your LMS in about 90 minutes with very considerable learning delivery capability.
David Patterson eLearning Consultant and Market Analyst