ACTIONABLE OPPORTUNITIES TO INCREASE EMPLOYEE RETENTION
Jill Davie, TEAM Software by WorkWave, CALSAGA Network Partner
Security contractors continue to face the challenge of a shrinking, very competitive labor force, which can be combated by integrating automation into current processes and focusing on employee retention programs.
TEAM Software data shows that the highest rate of turnover occurs in the first 60 days of employment, but retention efforts shouldn’t end there. Because we know long-term retention can be tied to employee engagement, it’s important to build a culture where managers have regular touchpoints with employees to discuss career development and goals, as well as day-to-day work assignments and questions.
Taking the steps to develop a stable, cohesive workforce is directly linked to retaining skilled and experienced employees. This ensures continuity in operations while creating a positive work environment that supports talent, welcomes innovative ideas and fosters collaboration.
Place value on top talent
The average cost of onboarding a new employee is nearly $4,700, according to the Society for Human Resource Management (SHRM). However, some employers estimate the total cost of a new hire can be three to four times the salary of the position, due to the time and energy that department leaders and managers must invest into supporting the hiring process.
Retaining skilled and experienced employees contributes to a stable and cohesive workforce, ensuring continuity in operations and fostering a positive work environment. Employee loyalty enhances organizational culture, as committed employees are more likely to invest in their roles, contribute innovative ideas and collaborate effectively with colleagues.
Loyal employees serve as brand ambassadors, promoting a positive employer reputation that attracts top talent and strengthens the company’s competitive edge in the market.
Using incentives and employee benefits
More frequent communication can help teams work more closely together, and it creates an environment that encourages retention. Other successful tactics we’ve seen professionals in the industry experiment with are incentive programs – not just for field-based employees, but also implementing incentive programs to reward managers for retaining employees.
Improving employee retention can have a very positive impact on the bottom line of a company, making these types of incentive programs self-funded. It may also help with manager retention, as great performers are rewarded and share in the success of the business.
Incentive programs that reward workers can support retention, as top performers are acknowledged. Some examples of incentive programs and rewards include monetary bonuses, referral programs, profit-sharing, flexible hours or work arrangements, additional vacation days and travel incentives, professional development stipends and employee training opportunities.
Career development
Because employees invest their time and hard work in making a business successful, they want to feel that same level of investment in return. Put plainly, most employees have ambitions to grow and professionally develop. They want careers and employment that allow them to learn new skills and earn more.
Offering a definitive path to skill and career advancement is crucial in retention. Whether it’s cross-training, job shadowing or a mentorship program – these are all cost-effective ways to advance the skillset of a workforce. Another approach is creating hybrid roles or new positions for employees who excel in particular functions.
Offering employees a clear path for advancement also requires specificity when it comes to setting short and long-term goals. Workers appreciate tangible and attainable milestones backed by incentives. In the end, staying true to promises made once milestones are reached will reinforce a sense of commitment to them while rewarding them for their accomplishments.
Taking the steps to incentivize and reward workers can aid businesses dealing with low employee retention rates. Motivating workers to commit to their professional growth can have a positive impact on employee performance while helping to ensure that a business stands out amongst its competitors as a place where people want to work.
TEAM Software photography by Lane Hickenbottom
Jill Davie started her career at TEAM Software as a summer marketing intern in 1996. At the time, TEAM was a start-up with 12 employees. After earning a Bachelor of Science degree in Business Administration and Marketing from Iowa State University, Jill joined TEAM full time in 1998 as a Sales Associate. Over the next 20 years, she assumed various leadership roles in Sales, Marketing, Communications, Customer Success, and Professional Services as the company grew significantly.