Employee Retention – Listening to Employee Needs
Retaining top-performing employees is one of the biggest challenges employers currently face. Competition for talent is tighter than ever, and qualified job seekers are quickly snapped up by companies looking to fill positions.
When these productive employees leave your company, they hurt the business. Employee turnover comes with a price tag attached — a CAP Study estimates it costs up to 9 months of an employee’s salary to replace them (and even more for senior executives), not to mention the impact to productivity as their new replacement ramps up. It can be difficult to quantify these “soft costs” of hiring and training a new employee, but they can have a significant impact on a business’ bottom line.
To maintain positive employee retention, it is essential that employees feel they are heard. With the challenges of the pandemic, remote work, family demands and more, quality and timely connections with your employees are critical. A couple key topics to consider:
- If your employees have children at home, how are they doing with distant/hybrid learning? Are they struggling to maintain productivity while providing distance learning/homework support to their children?
Provide them information about Around Cloud Tutors – the free online tutoring platform for providing K-12 virtual tutoring support for our community – www.aroundcloudtutors.org
- Are they stressed with childcare challenges?
Securing and maintaining quality affordable childcare is one of our most critical challenges in our community today. The pandemic has only exasperated this issue to a crisis. Have you polled your employees to understand how this may impact your teams? Are you offering benefits to support your employees needing child care services? To learn more about work happening in this area or partner with our community to find solutions for your company and our community, visit United Way of Central MN’s website: https://www.unitedwayhelps.org/what-we-do/financial-stability
Taking time to listen and hear your employees is a key to retention of talent and will help identify you as an employer of choice.
Exploring Career Pathways for our Future Leaders
GSDC, along with several community partners, are very committed to helping connect classrooms to careers and life to learning.
Luke Greiner, our local DEED Labor Market Analyst, shares some great information and tools regarding career exploration and education:
If you are a graduating senior, the task of picking a career or education pathway can be a daunting task, possibly the reason why so many students plan to “figure it out later“. Committing time to research occupations and educational options is competing against a plethora of more exciting activities, but the value of gaining some baseline knowledge and direction can empower you to achieve your dream job.
Take a look at Luke Greiner’s Video Update and Monthly Blog to learn more.