Team members sharing laughter and insights during a ‘Thriving in a Multigenerational Workforce’ seminar last August. Photo: contributed
Half of the people working in the United States are seeking new job opportunities, resulting in a trillion dollar cost to companies, according to a recent Gallup report. Yet more than 40 percent of that turnover could have been prevented by strategic intervention, according to those surveyed.
Attracting and retaining the best talent requires three key strategies: Investing in people, building a workplace where employees have a chance to contribute meaningfully, and creating opportunities for employees to succeed.
Here are key steps your company can take:
Focus on building strong relationships across the organization from Day One. The onboarding process should include grouping new employees as a cohort, creating deeper engagement and a sense of team. Members of the leadership team can host frequent lunches for team members across the organization. One-on-one conversations build familiarity and trust that encourages frank and honest discussions. Creating connections that matter generates high levels of engagement and employee satisfaction.
Empower employees with tools to fuel their careers. Multiple types of programs will spur employee development. Lunch-and-learn sessions provide knowledge and skillset development; a mentorship program with tailored mentor-mentee pairings ensures meaningful relationships that encourage personal and professional growth; and a leadership development program will equip new leaders with the tools, strategies, and confidence to thrive.
Builders team members are seen here collaborating on solutions for agents and policyholders. Photo: contributed
Maintain a culture based on purposeful work. Every role should offer a chance to contribute meaningfully to a company’s mission. For example, a company can provide the opportunity to create a community of givers, allowing team members who are interested in contributing outside of the office ways to donate time and talent. Employee impact groups can allow team members with various volunteer interests to come together to create a ripple effect of positive change from their collective efforts.
Build on a legacy of expertise. Many companies have the opportunity to leverage the talent of four generations in the workplace, and that is a powerful asset. Key tactics include providing opportunities for veteran talent with years of deep institutional and industry experience to disperse their knowledge. That approach creates a two-way street: Those learning are happy to gain new information and those teaching feel valued.
Let’s be honest. It’s called “work” for a reason. As business leaders, we have to commit to fostering the growth and development of our team members, and be intentional at every step of our employees’ career paths to maintain a culture where people are excited to work every day. It’s a commitment that pays dividends.
Kat Kyle is chief people officer, Builders, and Mark Gromek is chief marketing and underwriting officer, Builders.