How to Make Powerful Employee Career Paths that will Retain High-Performers

March 15, 2018 by James Taylor

Creating career paths for employees can be a challenging but worthwhile initiative. In today’s ultra-competitive job market, it’s becoming more and more important to invest in your employees, so you can retain them in the long-term. The problem is, many companies are simply not doing a great job at providing tangible vertical career paths for top-performing employees.

A recent survey by Gallup found that 93% of people advance their career by taking a position with another company. This means that just 7% of employees are being promoted internally. For high-growth companies, recruiting might seem like the only option to quickly obtaining the best talent.

However, promoting internally can save you the time and money that would traditionally be spent on recruiting external candidates. Beyond this, internally recruited employees typically have a far shorter “ramp-up time”—meaning they can start making a big impact in their new position immediately.

In this post I’ll explore the benefits of creating clear career paths for your employees and outline a step-by-step process to launch your own career pathing program.

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How to Build a High-Impact Employee Retention Program Without Spending a Penny [Webinar]

March 9, 2018 by Taylor Group

As a business leader, your people are one of your most important assets. In our upcoming webinar we'll explore several high-impact strategies that will help you attract, develop, and retain high-performers.

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What is an Unlimited PTO Policy and How to Do it Right

March 8, 2018 by Keri Overman

In today’s market, it’s becoming more difficult to attract and retain top talent. Offering competitive benefit packages has become increasingly important for organizations looking to add top-performers to their team. Standard benefits packages with medical, 401K, and two weeks vacation are quickly becoming overshadowed by more diverse, unique, and impactful employee benefits packages.

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Taylor Group Welcomes Gary Schafer

February 28, 2018 by Taylor Group

Taylor Group is excited to announce an important addition to our growing team: Gary Schafer joined us as a Partner earlier this year.

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The Surprising Truth About Cyber Security for Small Businesses

February 27, 2018 by Tim Taylor

It's not uncommon to hear about large cyber attacks on high-profile companies like Target or Sears. For many organizations, hearing about these attacks has raised awareness about the potential threat of a cyber attack.

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Boost Your Compensation Confidence with Six Creative Comp Tactics

February 27, 2018 by James Taylor
Compensation strategy is an important component of your company's overall hiring strategy. You already understand that compensation is very important to be able to hire and retain top talent. What you might not know is that there are some simple strategies you can use to increase the value of your compensation without increasing base salaries. In today's post I'll explore how to understand your total compensation package and offer six unique strategies to increase the value of your total compensation offered.
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10 Reasons You Should be Obsessed With Employee Retention

February 20, 2018 by Keri Overman

It's only February and "employee retention" and "employee engagement" are already emerging as top HR buzzwords of 2018. In this post I'll explore ten data-backed reasons why employee retention must be at the top of your priority list this year.

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5 Tactics to Retain Top Talent at Growing Companies

January 15, 2018 by James Taylor
Employee Retention Quick-Facts:
  • It costs nearly 20% of an employee’s annual salary to replace a current employee.

  • Roughly 63% of employees are actively looking for a new job.

  • Engaged employees are 87% less likely to leave their organization.

  • The majority of turnover (52%) occurs in the first year of employment.

  • One in four employees would leave their job for a 10% raise.

  • Only 17% of organizations are aware of the costs of employee turnover.

  • About 65% of employees believe they can easily find a better position that pays more.
5 Tactics to Retain Your Top Talent:
  1. Know who to retain. How do you identify top performers at your organization? Pinpointing rising stars is crucial to your overall retention strategy. Look for employees with the following traits: dedication to high-quality work, desire for growth, self-starter, decision-maker, critical thinker, and great communication skills.
  2. Provide realistic job expectations. Be explicit and clear on the responsibilities entailed in a position from the beginning. Employees should have a clear understanding of the scope of their position and have a general idea of what their day-to-day will entail. Unrealistic/untrue expectations lead to employee disappointment, frustration, dissatisfaction, and ultimately attrition.

  3. Get compensation right. Compensation is a critical component of your overall retention strategy. If you can afford to compensate over-market, you should. You should also factor in the value of your total compensation package, which includes all the benefits you offer. It’s important to make sure the value of your total compensation package is clearly explained to new employees. Your current employees should also be continuously made aware of the benefits offered to them.

  4. Provide clear career-pathways. Annual performance reviews can be stifling for goal-oriented, fast-moving top performers. Instead, design an individualized career-path with clear goals and quarterly performance milestones for each employee.

  5. Connect employees beyond their manager. In a study completed by The Herman Group, 75% of employees leaving a position claimed they left due to a bad manager. This figure demonstrates the importance of helping employees connect with the organization beyond their direct manager. Some effective ways to do this include providing each employee with a mentor, implementing 360 degree performance reviews, or leveraging peer reviews.
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Health Care Update: President Trump’s Executive Order

October 18, 2017 by Taylor Group

                        On October 12th, President Trump signed a new Executive Order on health care. With Open Enrollment beginning in only a few weeks on November 1st , many people are worried about what that means for their coverage in the near future. We know that sudden changes can be nerve-wracking, but there is no need to panic. Here is what you need to know.

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Filed Under: Affordable Care Act, ACA, Healthcare, hr, hr services, health insurance, employee health, hra, obamacare, health care, Trump, executive order, President Trump, AHCA, American Health Care Act

Reading List Round-Up: September 2017

October 2, 2017 by Taylor Group

In September we were focused on security, whether than meant protecting data from hackers or maintaining a safe, comfortable work environment for employees. From coverage to caring, here is what we learned about looking after what matters to you.


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Filed Under: Human Resources, Employee Benefits, hr, Workers Compensation, hiring policy, hiring, hiring process, hiring practices, benefits, Entrepreneur, Reading Round-Up, SHRM, job search, equal pay, Namely, soft skills, workers comp, sexual harassment, Al Capone Theory

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