The Secret to Achieving 97% Employee Retention
June 23, 2014
Take a good look at your company. What gets your employees excited to come to work in the morning? Is a fridge stacked with unlimited snacks really your answer? Sure, cool perks or the opportunity to work for a “hot” company might get your employees pumped temporarily. But if you truly want them to stick with you throughout the growth of your company, you’re going to need a better employee retention strategy.
That means putting in work, says Monetate VP of People Ben Russell. And unfortunately, there aren’t many shortcuts that will do the trick. You can have all the perks in the world, but when it comes down to it, “there’s no substitute for a really good leader and a good manager,” Russell advises. In fact, the former SVP of Talent at Bullhorn says great leadership was the secret to that company’s 97% retention rate of key players.
In the video below, Russell describes exactly how Bullhorn was able to keep employees happy and motivated.
How to Achieve 97% Employee Retention
1) Have Strong Leaders and Managers
It doesn’t matter how many perks your organization has, in order for your employees to stay successful, they’re going to need strong leaders.
2) Illustrate Growth Potential
It’s not enough to be just another “hot place to work,” Russell explains. Offer employees the opportunity to grow up in your organization. This is especially true when hiring recent grads: They might start off eyes-wide-open, but don’t expect them to stay after 3-4 years unless a clear career path has been painted for them. In the video, he describes the journey of one Bullhorn employee who started out as a intern and eventually became a C-level executive.
3) Never Stop Recruiting Your Employees
Recruiting doesn’t halt when the talent search stops. Russell explains that constantly recruiting your employees means consistently evaluating compensation, total rewards, benefits, and career path.
Additional Resources for Boosting Employee Retention
- 4 Pillars of Strong Company Culture
- Employee Retention Tactics: Creating a Happier Workforce
- 3 Simple Ways to Get Your Team Out of a Rut
Photo by: martinak15