Recognizing that company loyalty doesn’t mean what it used to, businesses — particularly small businesses — have been forced to come to grips with the fact that shorter employee tenures are the new norm. Although salary, benefits, retirement plans and vacation will continue to play a key role in attracting employees, companies have begun to adopt a much more proactive approach when it comes to employee retention.
Talent training and development. | The industry will experience high turnover soon thanks to the aging workforce. This means the next generation of claims handlers will need to be trained and prepared. "It is important that we carefully examine training programs that are in place and ensure that they are adequately preparing people to have the necessary skillsets to handle claims," says George. Statutes and regulations are important to learn, but so are soft skills (such as critical observation, conflict resolution, communication and negotiation, for example). (Photo: Shutterstock)
No. 3: Emphasize professional development.
Of equal importance is the need for companies to create a detailed, mutually-agreed-upon plan for each new employee’s professional development.
According to a recent Gallup poll, only a third of new employees feel fully engaged in their new jobs.
That’s disappointing, but perhaps not unexpected when you consider the way many companies often rush new workers through the onboarding process.
As part of the regular review process, companies can keep employees updated on the various certification and training opportunities available to them. With that in mind, many businesses offer tuition reimbursement programs to employees, as well as paid leave to complete relevant courses, which encourages workers to stay with the company longer. (iStock)
No. 2: Engage often.
Today’s employees want to know that the work they are doing is important to the company’s success and that there is a definite career path for them. Working together on a professional development plan sends a powerful message that the business cares about its employees and wants to help them in attaining their personal and professional goals.
To that end, many companies are replacing year-end reviews — which often are rushed — with regular, one-on-one meetings to review employees’ growth and establish short- and long-term goals. Such meetings also provide an ideal opportunity to provide constructive criticism, feedback and praise. (ALM Media archives)
Make backup copies of important business data and information: 84% of business owners acknowledge this is important but only 58% do it, according to U.S. Small Business Administration. (Shutterstock)