When thinking about the “war for talent,” most HR professionals immediately think about fighting it out for top candidates. However, retention is a key piece of the recruitment puzzle. After all, if you can retain talented people, you don’t have to find people to replace them. If you’re struggling with long-term retention, it’s time to connect with your employees to help get them re-engaged in their work.
“Retention starts with a career development plan that leaders buy into and employees feel is legitimate. This helps to support a great culture that will drive results with your customers. Don’t be afraid to allow the employees to influence your culture with their excitement over quality people being promoted!” says, Sharon Tsao, CMO, Contemporary Staffing Solutions.
The Feedback Factor
Feedback is the key to unlocking engagement and performance in any organization. Employees who have a clear set of goals and who are provided with continual feedback know when they are making valuable contributions, they understand areas where they need to improve, and they have a reason to put their best foot forward every day.
Unfortunately, most companies neglect feedback and only focus on providing it once a year in an annual performance review. There are good reasons to start focusing on feedback to improve engagement. According to a recent Gallup study, companies with engaged employees outperform the competition in a host of areas, posting satisfaction rates that are:
- 10 percent higher in customer ratings
- 21 percent higher in profitability
- 20 percent higher in productivity
- 24 percent-59 percent lower in turnover
- 41 percent lower in absenteeism
As you can see, feedback isn’t just about your employees, it has a real impact on the organization’s overall success.
Leverage Mid-Year Reviews for Engagement and Retention
It can take a while to cultivate a culture where managers provide actionable, real-time feedback, but the HR team can get the ball rolling by implementing mid-year performance reviews. When managers take the time to check in on goals midway through the year, they can help employees see how far they’ve come and what they need to continue to do to hit their goals by fourth quarter.
Prepare for successful mid-year reviews by:
- Pulling an updated copy of the job description for both the manager and the employee.
- Providing a copy of the most recent performance review, highlighting the goals identified for this year.
- Gathering a concise recap of goals, objectives, and performance expectations.
- Creating a self-assessment for the employee to fill out that allows them to gauge their progress.
This mid-year review can be a little less formal than the annual review and should include salary discussions. Employees that are going above and beyond to achieve their goals should be considered for raises, even if they received a raise during their last review session. Even a small bump in pay can make an employee feel valued, and it gives them incentive to continue to improve over the course of the year.
Also, keep in mind: feedback should be a two-way street. HR teams and managers should create a safe space where employees feel comfortable suggesting improvements or bringing up concerns.
Are You Looking for Top Performers?
Feedback isn’t the only solution to the retention puzzle. Hiring the right people for your team can also improve engagement, performance and long-term retention. If you need to polish your hiring and retention processes, or if you are looking to staff your HR department with top talent who can make a positive difference in your organization, connect with the professional recruiters at Contemporary Staffing Solutions today.