Employee Engagement Is Key to Retention

In today’s competitive business world, employee retention is a major concern for companies of all sizes. In fact, in 2017, 87% of human resource leaders across the nation said retaining employees was a critical priority for their organization, according to Fortune, and 42% of employers worry they won’t be able to find the talent they need, Indeed.com reported. With hundreds of job opportunities easily accessible on job sites, apps and social media at the touch of a finger, now more than ever organizations are searching for solutions to keep their employees satisfied in a fluid job market.

While improving employee retention is a high priority for human resources leaders, several roadblocks can prevent organizations from elevating the employee experience. Competing business priorities, a lack of resources and limited executive support can all hinder organizations from implementing effective employee retention programs, according to Business 2 Community. However, these challenges can be overcome if leaders at every level of the company buy in to the importance of employee retention.

Golden 1 Credit Union prioritizes building a team of employees who are committed to performing at a high level and who are invested in professional growth, as well as the growth of the company. We use a variety of methods to remind our employees they are valued and appreciated. We offer employees the education and tools they need to be successful, as a Golden 1 employee and in everyday life. We’ve thoughtfully implemented several initiatives to make sure we are doing our best to retain top talent and foster an environment where employees feel motivated and appreciated.

Here are some best practices that can help your organization strengthen your employee retention.

• Equip managers with tools to help employees grow. Strong companies have well-prepared managers. Providing them with the tools, training and resources needed to encourage employee development benefits the entire organization. For example, at Golden 1, we have developed a Manager Development Passport program that teaches managers the skills they need to grow into the best leaders possible. The passport serves as a guide for new managers, which in turn helps their teams. Over an 18-month period, the passport includes multiple learning experiences, leadership training, performance management guidance, employee and team development, project management and industry overviews. Along the way, these managers learn to be well-rounded on a multitude of topics through professional development, conversations with their peers and putting their skills into practice, which ultimately helps their entire team to grow.
• Create programs focused on employee retention. At Golden 1, we host Career Connections, a semiannual event that has provided more than 600 of our employees the opportunity to learn about other Golden 1 departments. For each event, approximately 20 participating departments send a leader to discuss potential career opportunities, and the skills, expertise and experience required for various positions. Career Connections events are scheduled after working hours to allow employees from different locations to participate. For those unable to attend in person, we offer a Virtual Ambassador program where employees can FaceTime with department representatives and ask questions as if they were present at the event.
• Provide customized recognition based on employee performance. Top performers and strong contributors are motivated differently and like to be recognized in different ways. Some enjoy receiving monetary rewards, while others may be motivated by company-wide recognition, or attending a community event. At Golden 1, we reward our everyday employee heroes in a variety of ways, including hosting employee appreciation events, offering compensatory recognition, and providing the opportunity to attend local events such as concerts or sporting events, all of which are pieces of our overall retention strategy.
• Make the most of first impressions. The first 90 days are critical in a new hire’s opinions about you as an employer, as noted in a Human Capital Institute blog post. According to a BambooHR survey of more than 1,000 American workers, one-third of those surveyed reported leaving a job before crossing the half-year mark. Factors like a poor onboarding experience, lack of clarity surrounding job duties and expectations, and a difficult boss were all cited as reasons for leaving a company. That’s why it’s important to show new employees their value during their first few days and continue to invest in their growth on a daily basis. At Golden 1, the investment in our employees includes educational programs, employee appreciation days, community experiences, cross-department projects, career networking, onsite benefits and employee well-being events.
• Provide learning opportunities. Employees want to see career growth opportunities. At Golden 1, we connect our employees with tailored professional development opportunities in order to continue advancing their careers. To make sure our employees stay motivated, we provide an environment where they feel challenged and supported. We also offer a tuition reimbursement program of up to $5,250 per year. This program can help offset the expenses associated with pursuing a college degree that will help advance employees’ careers.

Most important of all, keep listening to your employees. Even the employers with the best retention programs will not have 100% retention rates. Some employees will leave. It is important to take the time to learn why employees leave through exit interviews and other conversations. Employees are often willing to share insights your organization can use to better retain good employees.

Employee retention is achievable with a well-planned and well-executed program. Understanding employee behavior and providing a thriving environment is invaluable. Companies that invest the time and resources to build a culture of high-performing and motivated employees are ready for long-term success. Together, these tools will go a long way toward helping you stay competitive and maintain a winning team for years to come.

George Myers is SVP/Chief Human Resources Officer for Golden 1 Credit Union. He can be reached at gmyers@golden1.com.