April 17, 2019: Forbes – 4 Ways to Keep Employee Retention High in the Age of Low Unemployment

Apr 18, 2019 | News

Performance Scoring Reviews: Mike Kappel’s Article on 4 Strategies to Keep Employee Retention High 

In his recent Forbes article, “4 Ways to Keep Employee Retention High in the Age of Low Unemployment,” Mike Kappel discusses strategies to improve employee retention well into the future. Kappel begins by acknowledging that, “the unemployment rate has been staggeringly low throughout the past year.” This fact has been the topic of much conversation, and typically breaks down to hiring and keeping top talent. Staying with the thought of keeping talent, Kappel asks “how can you keep employee retention high during this time of unemployment (and beyond)?” This is important to note because the strategies that Kappel discusses are both easy to implement and are long-term solutions for a company. 

1. Onboard New Hires

“Onboarding is a make or break time for employees,” begins Kappel. Getting off on the right foot is critical when it comes to new team members. He goes on to say, “done poorly, onboarding can result in employees quitting within six months of starting.” Within a six-month time frame the expenses of time and resources dedicated to that employee were great, and wasted. Make new employees feel welcome and keep continuous and open communication to ensure their path to success is free of obstruction. The onboarding period is a time where performance management systems, like Performance Scoring, are a great tool to break the ice on communication by prompting management to engage. In addition to prompting management to engage, Performance Scoring sends automated email notifications of performance data to prompt employees to engage with management. If employees are confused, “they could become frustrated with the lack of communication, leading to disengagement,” and at increased risk of leaving. 

2. Develop a Relationship of Mutual Respect

Once you have established open and continuous communication with new employees it is important to maintain this harbor an impactful relationship. Kappel cites that, “some new research suggests people quit their bosses, not the jobs themselves.” Even if this is not a blanket statement, there is at least some merit to the suggestion. After all, quitting because of a boss or because of the job itself still lead to the same unnecessary attrition cost. Expressing anger or being demeaning to employees if they make mistakes “isn’t the way to show you respect them as talented workers.” We can see once more how an effective performance management process is beneficial to these strategies. The inherent coaching and engagement prompted by performance management systems, like Performance Scoring, shows employees that their development is a priority. This in turn garners mutual respect and trust.  

3. Engage Employees

The third strategy that Kappel mentions is one that many don’t prioritize because they see the final product and are intimidated. Employee engagement is done continuously and “with the right attitude, leadership, and strategy, you can create a naturally engaging culture.” Engaging employees needs to be done in a manner to drive business success and not just to develop personal relationships. Therefore, the most organic way to achieve this is with implementing a new performance management process. To engage employees first “try setting business-wide and team goals,” Kappel recommends. Once the goals are set, “engage employees by pointing them in the right direction,” and then measuring progress and development with reporting tools, such as the Performance Scoring ScoreBoard. “Another way to encourage employee engagement is to give them ownership over their jobs,” proposes Kappel. Start to engage employees by “encouraging development” and continuing the growth of a relationship based on mutual respect. 

4. Offer What Other Businesses Can’t

The final strategy that Kappel mentions is to separate yourself from the competition in your offering to candidates. However, don’t try and make offers that you can’t afford, “offer what other businesses can’t” outside of expenses. An easy place to start is with job flexibility, which “can be inexpensive to offer,” writes Kappel. This being an easy starting point though, recent surveys suggest most companies have already adopted this strategy. It is important to control what you can control though, which is your company and its culture. Offer to “give employees more leadership” and “treat your employees like family.” A culture where this is the norm keeps employees motivated, happy and most importantly retained. Each of the previous strategies lead to separating your company from others, and prioritizing them will improve employee retention now and well into the future and they can all begin by getting started with Performance Scoring today.