With average employment tenure
less than four years, contemporary
wisdom suggests that companies cannot succeed in today’s business environment if they do not improve and create
new programs to attract and retain employees. Companies that have experienced
extensive turnover costs are starting to
bend over backwards.
Receiving a paycheck each period is not
enough to bond today’s employees to a
company. So finding the creativity to connect employees with their companies for
long-term relationships is vital in today’s
work force management.
Smart Business spoke with the vice president of Delta Dallas Staffing, Kim Follis, to
gain some insights into how corporations
can attract and retain employees as one
way to strengthen their competitive edge in
today’s complex business environment.
How do employers create an atmosphere that
helps retain top talent for the long haul?
Employers need to evaluate five critical
factors when attracting and retaining top
talent for their company: culture, empowerment, appreciation, communication and
goals/direction.
Culture is the environment that represents the people, ideals, personality and
overall style of the company. Empowerment is the ability for employees to
impact the business, make decisions and
take the initiative in solving problems or
creating new ideas. Appreciation is the
ability and desire to convey among
employees the feeling that they are appreciated, needed and valued. Communication should be open, valued, candid,
respected and welcomed. Goals/direction
is the idea that the company and the
employees know who they are and what
they are striving for.
Recently, at an event sponsored by SMU
Cox School of Business, a new topic was
added, ‘Implementing Innovative Talent
Management Strategies.’ Discussions included the process of horizontal and vertical alignment in hiring congruently with
companies’ strategies. Additional areas
that need to be addressed in attracting and retaining top talent were defining clear
expectations, opportunities for development, talent fit, recognition and having
committed co-workers.
Does addressing those five critical factors
help employers retain their employees?
Once management ensures that the factors are in place, it should address them on
a quarterly basis. Doing so opens communication and confirms that the parties are
on the same page. It’s the role of the organization’s executives, management and
leaders to have these conversations and to
be in tune with their employees’ thoughts,
ideas and feelings. Executives and HR personnel have to be conscientious about and
hold true to those ideals and implement
them in their hiring process.
Many times companies settle for a hire to
fill a specific job rather than taking a look
at the long-term effect of the hire and how
this potential employee can help build a
stronger business. In such cases, they do
not share the expectations and goals that
they have for this person. Consequently,
they do not get a buy-in from the employee,
who may have the abilities and skill sets
required to do the job, yet is way off base
from the other critical factors. They understand what they are to do and how to contribute, but the ‘fit factor’ is not there.
How do employers benefit from retaining
their employees?
Employers benefit in tangible and intangible ways. For example, they foster a
sense of stability among customers.
Employees feel that they do not have to
tell their story over and over again, that the
company knows them and that the people
there have ‘company intelligence.’ That stability is complemented by ‘branding,’ which
results in constancy in message, goals,
direction, policies and procedures.
Another employer benefit is the sense of
knowledge and confidence that employees
develop in themselves and their employer
regarding policies, business practices and
decision-making, which contributes to a
positive work environment.
Finally, financial benefits are derived
from reduced costs of training, hiring and
loss of business when transition occurs.
Research from the Human Capital Institute
suggests that corporate market value is
increasingly defined as the sum of human
intangibles, ranging from public perception
of a company’s intellectual capacity to its
perceived ability to create new solutions,
enter new markets and respond to change.
What benefits do employees accrue from
staying with their employers?
Employees gain better senses of history,
empowerment and accountability. They
earn more leadership opportunities through
training, mentoring, management and leading by example. All these factors create
more personal and professional growth.
These benefits are made possible when
the five critical factors mentioned earlier
are in alignment with the personal and professional goals of employees. When this
happens, employees and companies benefit, which refutes the idea that neither
employer loyalty nor tenure exists in
today’s world of business.
KIM FOLLIS, CPC/CTS, is a vice president with Delta Dallas
Staffing. Reach her at [email protected] or (972) 788-2300.
