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

Are You Fully Covered?: Rising Cyber Crime

September 19, 2017 by Taylor Group

            We’ve talked about it before, and we’ll likely talk about it again: cyber crime is on the rise. As technology and out relationship with it evolves, so does the threat of a breach. Even if you feel confident about your protections, there may be a chink in your armor, so it’s important to ask: are you fully covered?

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Filed Under: Cyber Security, Business Insurance, cyber crime, cyber threat, hiring policy, small business, cyber insurance, internet, internet usage policy, internet safety

Are You Fully Covered?: Pending Changes to Overtime Laws

September 13, 2017 by Taylor Group

            Do you remember when every business owner was freaked out about the Fair Labor Standards Act (FLSA) only to be left wondering if all of those changes were for naught? It’s been a wild ride, and the Department of Labor (DOL) is at it again. Here is your refresher course so you can get back in the saddle.

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Filed Under: hr, hr policies, FLSA, FLSA Final Rule, Final Rule, FLSA changes, overtime, hr services, FLSA halt, overtime ruling, overtime pay, SHRM

Are You Fully Covered?: Open Enrollment Season

September 5, 2017 by Taylor Group

            The days are getting cooler and pumpkin spice everything is back on the menu, so you know what that means: it’s Open Enrollment season. Now is the time of year when employees have to look back on how their needs have changed so that they can select their benefits options for the year ahead. What should be a time of value assessment and growth often becomes more of a headache than anything else. Here is what you need to do to ensure that Open Enrollment runs smoothly for you and your team.

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Filed Under: Employee Benefits, Healthcare, hr, hr policies, hr services, insurance, health insurance, employee health, health care, benefits, compliance, open enrollment, Are You Fully Covered?

Reading List Round-Up: August 2017

September 2, 2017 by Taylor Group

This time of year has everyone looking forward, excited to take on new projects and learning opportunities regardless of the last time they were in a classroom. Here are some things we learned that have us thinking about ways to grow.

 

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Filed Under: Human Resources, hr, Workers Compensation, hiring policy, hiring, hiring process, hiring practices, Reading Round-Up, SHRM, job search, equal pay, Insurance Journal, Namely, soft skills, workers comp

Update: NY’s New Paid Family Leave Regulations

September 1, 2017 by Taylor Group

            As of January 1, 2018 New York will join three other states in offering paid family leave (PFL) that is funded by employee’s payroll taxes. The state of family leave in the United States has long been a hot topic—and for many, a sore spot—that is usually left up to the discretion of individual businesses. With state investment in leave trending upward, here is what you need to know.

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Filed Under: Employee Benefits, PTO, hr, hr policies, maternity leave, paid maternity leave, paid leave, paid time off, maternity leave policy, paid maternity, hr services, compliance, eb, new york state, paid family leave, family leave, new york, ny, PFL, state regulations

Out of Office: 3 Things to Know About the Rise of Remote Work

August 10, 2017 by Taylor Group

            As the world becomes more connected, work no longer needs to be done in an office to be done right. According to a 2016 poll by Gallup, 43% of Americans work remotely at least some of the time, and that number is only likely to grow. Here is what you need to know to make long-distance work go the distance for you.

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Filed Under: Employee Benefits, hr, hr policies, hr services, flexibility, remote work, telecommute, telecommuting, work from home, flexible scheduling, equal pay, pay gap

Reading List Round-Up: July 2017

July 31, 2017 by Taylor Group

At Taylor Group we believe in Continuous Improvement, and summer is a great time for learning new things. This month, we've been reading a lot about the importance of the human element in business, from error to ingenuity.

 

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Filed Under: Human Resources, hr, Reading Round-Up, SHRM, forbes, human element, job search

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