Do you have a retention issue in your team? Are you fixing it with continuous recruitment?
Retention is the key to winning the war on talent. Concentrate on fixing this, before you spend more money on replacing lost talent.
Common sense right? But like most people-based practices the basics of retention does involve common sense approaches which are executed well. Planned back to basic strategies not silver bullet WOW solutions.
Data | Genuine patterns not Retention Bingo!
In order to increase the retention of staff the first thing to do is to collect leaving data and then analyse that data. However, you must collect data across all parts of your business (including areas where you do not see a problem) over a period of time to make the exercise meaningful. Look for patterns in department, sector, HO vs front line, demographics, geographies, regional vs metro. When you think you have a pattern – dig again, this is a mistake many people make. Its not Retention Bingo! There may be many factors effecting your retention and therefore many patterns to find.
The next part of the puzzle is to focus on the unwanted turnover take the “wanted turnover out of the equation. Be conscious of the stage of growth or acquisition your business is in. This exercise is much easier in an organisation who has a embedded performance management and succession building programmes however don’t despair if you do not. Key here is to enable hiring managers to say that that a team member was “unwanted turnover” without fear of reprisal.
Data on why people leave an organisation is helpful but can be seen as tainted by the leaders of a business. Often more powerful data can be gathered by asking why the people in your business say there. This data is best collected as part of a larger EVP project and best delivered by an external or independent group. An Employee Value Proposition is what you offer existing and potential employees in return for their hard work and loyalty. It’s essentially what they say behind your back when asked about your organisation.
Think of your EVP as your own personalised Talent Magnet. It is not the exclusive domain of large organisations with established HR Departments. This is something that can be implemented immediately and doesn’t need an HR department driving it.
Why is EVP Important | Trust and authenticity
Understanding your EVP ensures you attract and hire the right people that join your business for who you are, they understand the environment before joining. Therefore, because they are a good fit, they thrive in your World, are more successful and stay for longer. It builds trust in your current team and sends an authentic message to the market.
Your EVP is part of your “Talent Ecosystem” and intrinsically linked to recruitment. Getting it right increases recruitment and retention efficiency
Once you understand it, you will….
- Differentiate yourselves better among your competitors
- Increase the efficiency of the interview process and therefore reduce the time to hire
- Increase staff retention
- Channel employee engagement funding to areas that create the highest return
- Increase employee productivity and loyalty
Here at Be we have a proven track record at understanding individual Talent Ecosystems and designing bespoke Talent Magnets to increase recruitment and retention efficiency.
Once you have understood and defined your EVP you can then use it in every medium that touches potential candidates and existing employees i.e. careers pages, intranet, website, job advertising, on-boarding and training.
Our clients have found this process invaluable. We have designed a bespoke 4 step process for each of them to enable us to obtain a really good EVP, enabling them to hire well in the future.
- Dig and listen | We dig a little at what your company already offers. Remember the company’s “EVP” is different to the Companies “Values” and listen to your employees’ opinion of your current offerings and what they expected when they joined. You might find the results surprising.
- Analyse what they want | The EVP is meant to create an agreement between employee and employer – so to make it work we really need to understand what they value from your current offering and what they would like to see. Are they getting what they expected when they joined? or is there a disconnect?
- Build your EVP | We work with your marketing and HR teams to translate the insights we have gained into a marketable EVP that transcends all levels of the organisation, reflects your actual company culture and is possible to maintain over time.
- Monitor, Measure and Adjust | Organisations change over time, mergers & acquisitions or change in management can change the EVP. Make sure this is constantly reviewed and adjusted.
You may actually be surprised by what your teams say. In our experience of running EVP projects for our Clients there has often been a disconnect between what the Executive Team think people are attractive to, why they stay and their actual reasons. Sometimes it’s the little things that count – not the big (or expensive) gestures.
Be careful though if you are thinking about doing an EVP yourself. To be effective it should always be carried out by an independent organisation. Otherwise, you run the risk of inaccurate results. If you want more than lip service you should use an external, trusted partner.
At Be we have over 40 years combined recruitment and Talent Management experience. If you would like to find out more about running an EVP project for your team or organisation, please contact Be @ [email protected]