(BPT) - Many companies recognize that attracting and retaining top employee talent can result in a significant cost savings because employee turnover can result in productivity loss and involve additional expenses associated with hiring and training new employees. An employee parting ways may leave with a strong knowledge base of company projects, clients and procedures, and depending on the job level, it can take several months before a new hire becomes fully productive.
While there are various ways of addressing staffing challenges, there are steps companies can take to help with employee retention.
Identify top talent.
A company’s future growth is often dependent on hiring new employees or retaining the most important ones. Having the right employees in place to meet the ongoing demands of business objectives is a process. Job descriptions and employee evaluation forms can be useful to identify new and existing top talent, but assessing all aspects of employee performance can help employers identify their true all-stars.
Employers should look to identify successors for key positions and provide career development opportunities that align with organizational needs and foster a more engaged workforce that puts top talent in line for future leadership roles.
Return to the basics.
Recent data from Towers Watson's, "2014 Global Talent Management and Rewards Study-At a Glance," found that key drivers of attraction and retention continue to point to base pay, career advancement and job security.
Their research, "Under pressure to remain relevant, employers look to modernize the employee value proposition," also found that top employees often consider the physical work environment important, another driver of employee retention sometimes overlooked by employers. Additionally, office arrangements such as open space plans, collaborative work spaces and hoteling may elevate the importance of the work environment and optimize work spaces to offer a compelling experience for employees that could potentially address talent retention challenges.
Work with the proper partner.
Companies can find talent development initiatives through working with outside partners like DeVryWORKS, the workforce solutions team from DeVry University. DeVryWORKS helps employers understand their critical business issues and workforce needs. The team also designs tailored education solutions with programs offered by DeVry Education Group’s institutions, as well as talent sourcing through DeVry University’s students and alumni.
DeVry has a history of working with leading employers to help companies attract and retain top talent while also supporting professional development and career advancement.
Not every employee retention concern can be addressed or promptly corrected, but those problems that can be solved may help companies hold onto what could be viewed as its most valuable resources while successfully competing in today’s global economy.
To learn more about ways that DeVryWORKS branded communications, recruitment campaigns and preferred partner tuition initiatives are designed to help companies improve their employee development and retention, visit DeVryWORKS.com.