Minimize Turnover And Retain Talent
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Minimize Turnover And Retain Talent

Minimize Turnover And Retain Talent

According to a new survey from Pew Research Center, most workers who quit a job in 2021 reported it was due to low pay (63%).  Still, the bigger story here is 63% quit due to no opportunities for advancement and 57% felt disrespected at work.

In the last article, Secrets to Retaining Your Top Talent, we discussed the motivations behind the "Great Resignation." People know how valuable they are to organizations, and if they don't feel respected and inspired, they will go somewhere else that can give them what they want.  Following are three strategies you can start to implement in your culture today to attract talent and minimize turnover.

1. Create a career ladder for each position.

People want to be able to envision a prosperous future with a company. They are not applying to your company hoping to land in one starting position and stay there forever. Creating a clear path for advancement provides the inspiration needed to put forth their best talent.

2. Create a good social media presence.

Prospective employees are researching and comparing your company among others to determine where they would be a good fit. So promote your company culture, values, community involvement, and outreach on your website and social media. As discussed in #1, people aren’t just looking for a job, but a future, somewhere to connect and make a difference.  Without a strategy to promote your positive organizational culture, you give the upper hand to your competition. 

Remember that what you communicate on your website can only be taken for face value.  Having people from your organization sharing their experiences and showing their commitment to the company on social platforms tells a better story and is a more credible account of what someone could expect.  Facilitating more realistic expectations for your prospects will not only help attract key talent, because you're decreasing their perceived risks and uncertainty, but you will also help improve your retention and decrease turnover.

3. Build relationships in advance.

Start building relationships with potential talent through Facebook, LinkedIn, and other social platforms before the need to recruit them arises. It will be easier to attract the best talent when they are already aware of you and what you are about. You can create this relationship without the pressure of formality and can share information about your company without sounding like you are trying to recruit them. Essentially, it's another marketing objective that you need to keep up with, which is marketing yourself to the best candidates.

Turnover is commonly caused by employees feeling undervalued and underappreciated. So the vital thing to remember is going that extra mile to recruit and retain the best talent is a must, and you can do that by:

  • Establishing and maintaining meaningful relationships with your employees.
  • Start building these relationships early.
  • Ensure employees can see a clear path for advancement.
  • Promote your values and culture on social platforms where your talent frequents

For more on this topic, watch the discussion: Turnover: What Causes It and How to Avoid It.

Kendall Rawls knows and understands the challenges that impact the success of an entrepreneurial-owned business.  Her unique perspective comes from her educational background and, more importantly, from firsthand experience as a second-generation family member of The Rawls Group - Business Succession Planners.  For more information, visit www.rawlsgroup.com or email info@rawlsgroup.com.

Published: April 26th, 2022

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