Today, employee retention is more essential to a company’s success than ever. But at the same time, it’s more challenging for companies than it has ever been.
According to the 2017 Deloitte Millennials Survey, 38% of millennials expect to leave their job within two years. A recent Indeed report indicates more than 60% of employers are looking to hire more people than last year.
In order to ensure they have a winning team for years to come, employers need to be vigilant and creative not only in how they invest in new talent, but also how they retain the employees they currently have.
Securing talent is a difficult task, especially in a tight employment market. According to the Indeed report, more than 40% of employers are concerned they won’t find employees with the needed skill sets.
This is why investing in top talent within your company is critical to building and maintaining a winning team. Retention programs take on many different forms, but some common threads include investing in employees’ professional development and demonstrating employee appreciation.
At Golden 1 Credit Union, we’re committed to building a team of dedicated employees who enjoy coming to work every day and feel confident they can grow their careers with us. We view every day as an opportunity to engage our employees by demonstrating they are valued, and by offering chances to grow and develop. We make every effort to foster an environment where employees feel motivated and appreciated.
Two years ago, we launched Career Connections, a semiannual event that has provided more than 600 of our employees the opportunity to learn about other Golden 1 departments. During each event, a leader from the approximately 20 participating departments discusses potential career opportunities, and the skills, expertise, and experience required for various positions.
Golden 1 approves nearly $60,000 each year for its employee tuition reimbursement program, and we invite local universities to participate in the event to provide continuing education guidance.
Career Connections events are scheduled after working hours to allow employees from different locations to participate. For those unable to attend in person, we offer a Virtual Ambassador program where employees can FaceTime with department representatives and ask questions as if they were at the event.
Keeping quality talent is a winning strategy. It’s important that company leadership understands and fully supports retention efforts.
Golden 1 executives demonstrate their commitment to retention by attending Career Connections and sharing their advice and expertise. In addition, our senior leaders across all departments invest their time and support in this program.
Our goal is to grow our valuable employees within Golden 1 before we lose them to another organization.
Career Connections is just one piece of our overall retention strategy. These events supplement our competitive benefits package, clear career pathways and tools, employee appreciation events, and more.
We understand people like to be recognized in different ways, which is why we offer a variety of incentives for employees to grow with us.
There is no one-size-fits-all method for retention, but whatever approach your company takes, human resource executives and company leadership should be its biggest champions. You can’t afford not to in today’s competitive market.
GEORGE MYERS is the senior vice president/chief human resources officer at $11.5 billion asset Golden 1 Credit Union in Sacramento, Calif.