The foundation of any successful company is its associates. Many companies invest a great deal of time and money into finding and recruiting highly desirable talent, however some seem to neglect the importance of retaining these qualified associates.
The national voluntary turnover rate in 2014 was 11%, and it’s estimated that $11 billion
is lost annually due to associate turnover. High associate turnover rates are a drain on company resources and often lead to declining moral.
Since we founded our company in 1991, our associates have remained a top priority, and we place significant value on providing resources that can help our team grow and develop into – what we believe to be – some of the best in the business. As a direct result, our company has experienced great success and grown tremendously over the years.
Here are the top 3 things you should consider when looking to develop a successful recruitment and retention program:
Nature vs. Nurture:
When we are interviewing, our overall foundation is ensuring that candidates have the correct character traits and values that complement our culture. We are able to help an associate enhance particular skills, but it’s much more challenging to teach someone to be conscientious, dependable, honest and humble. If you do a good job of identifying these character traits and put them in an environment that values learning and development, your mission will be supported at all levels.
Referrals and networking have always been our best source of talent. People tend to surround themselves with likeminded individuals, so our associates’ industry relationships often benefit the company. We also value connections made at industry trade shows or networking events. This is often when we connect with top talent – those looking and ready to grow their career and take the next step in their development. By assembling a team of associates that exhibit the character traits, works habits and qualities that our organization values and tasking them with growing their personal networks, our associates become an important part of our recruiting efforts.
Build a winning culture:
If you build a team with ideal character traits, you’ll find the culture begins to create itself. Give associates ample opportunity to get to know each other outside of the office. A work environment that includes shared, personal experiences is critical to building trust and solidifying a team. We also feel it’s important to engage associates through growth and development programs. Continuing education and team building have always been a large part of the culture we strive to maintain at Phillips Edison. PECO University
, PECO NOW
and Innovation Labs
are just a few of programs we have implemented to create a culture of opportunity and growth that attracts and retains some of the best people. Any one initiative alone isn’t likely to draw key talent but a well-planned program investing in growth and development of associates draws job seekers.
In the end, the most important thing is clear communication. You’ll find that you can develop a winning culture if there is transparency and trust within the organization, and you will have a higher retention rate for your talent.