The Top 5 Employee Retention Mistakes when Talent is Scarce

The U.S. added 196,000 jobs in March 2019 – finally indicating a return to solid growth since the recession. With unemployment at its lowest since 2014 (at 3.8%), clearly this means there are more jobs available than there are people seeking work.

Though it’s great for job seekers, for employers, this rise brings to light a more competitive job market– and therefore less of a chance to retain key employees.

Why? Because opportunities for advancement are more abundant than ever - and if you’re making any of these top five mistakes, chances are your employees (and candidates) will have an eye towards better opportunities - leaving you in the dust!

Mistake #1: Forgetting to Do Your Homework.

Let’s start at the beginning – recruitment! Simply being aware of your ideal candidate and listing their must-have skills is no longer enough. Now, it’s time for the employer to do their homework, rather than the interviewee. This goes beyond the basic demographics of gender and age and delves deep into what the goals and passions of your key candidates actually are.

A few key questions to aid in success:

·      When possible, find out where else your candidate is interviewing. What are their preferences when seeking a new employer? How can you fulfill these?

·      Which company values appeal to them most?

·      What does a day in the life of their new position actually look like? Who are their colleagues and team?

·      Also, aside from a competitive benefits package, what kind of flexibility do you offer? (Think travel and opportunities to work from home.)

It’s time for you, as the employer, to be ready to respond to their needs! It’s also an opportunity to feature the strengths that your company holds in order to harbor an environment of success, well into the future.

Mistake #2: Remaining Opaque

The attitude of “don’t ask questions, do the work, and get paid” is an outdated perception of the workforce, and it’s far too impersonal for today’s digital world. People want to know that their input is valued, and that you can encourage progress as an employer.

To fill this need, transparency is key. Aside from confidentiality, what’s the point in keeping internal processes so secret anymore, when all of the information we need can be found with the touch of a keypad? Let your team and your potential candidates in on what your strategies, goals, and tools are – they’ll appreciate that you did. What’s more, it is a great indication to them that you’re honest and not afraid to collaborate for the good of the common goal.

Mistake #3: Putting a Halt to Coaching After Training

 Learning (and training) has a second half - and that’s progression. Once a process is learned, it’s progression that refines that knowledge and creates a solid foundation for the future.

Often overlooked, progression is the key to a successful work environment as a whole and provides long-term results. If coaching by peers is discouraged after the training period, productivity is bound to suffer. Instead, show your employees your care about their own success just as much as you care about company goals. Those in leadership positions should always be ready to provide extra support and knowledge to others - not only during the training period, but well into their teammates’ careers.

Mistake #4: Encouraging Only Singular Skills

Sure, you’ve hired highly qualified employees with the skills necessary to succeed in your specific industry. However, what if you built upon similar skills and passions to encourage their strengths? For instance, hiring someone with 5 years of work experience in IT may fit the job description for an IT professional, but what if they also have past skills or hobbies in graphic design?

Someone with design skills can pick up new processes fast and have a great eye towards detail. How can you apply those skills to new projects and goals? After all, building on individual strengths encourages innovation, teamwork, and creativity.

Mistake #5: NOT Rewarding Retention

In light of employee review processes, it’s projected that in 2019 and beyond, structures for promotion will become more fluid. Rather than following rigid structures for incentives and providing fewer promotions over time, many firms will be competing for candidates and showcasing better opportunities for advancement. Though not always possible for every business, many companies are offering new challenges and corresponding salary raises on an ongoing basis to better retain valuable employees.

The Final Word

Especially in positions that are the hardest to recruit for, a lucrative job market means employers must strive more than ever to appeal to and retain their key employees. There is little room for error! Though every organization is different, business leaders who take the time to consider how certain mistakes are impacting their companies will be well-equipped to keep their organizations creative, adaptable, and profitable - well into the future.

Carrie Charles

CEO BroadStaff