(By Laurie Kahn) We all are aware of the tight labor market. We are also aware that your star talent is being recruited. Eighty-seven percent of today’s workplace, are open to making a move*, they may not be an active job-seeker, but they could be open to listening when other companies come calling. Think you are covered with a “non-compete?” Not so, many of radio’s brightest and best are being sought after by all sorts of businesses that are not considered competitive.
We should also know that turnover can cost your company at least two times the cost of employment – that includes compensation, cost of benefits, costs of hiring, training, loss of business, wasted office space but not what it can do to your recruitment if it is high – it’s a killer!
While it is a challenge to attract star talent, it is just as important to keep your local staff engaged and happy, thus more productive as well. Too many companies get the deal done and then a few days after the new person starts, they are not given as much attention.
The truth is, you really should keep the new hire engaged from the minute they accept and throughout their entire employment. Studies show that employees with low engagement scores are five times more likely to leave in the next six months, and 12 times more likely in the next year.**
Things that can help keep your entire staff engaged:
- Do away with annual reviews and do them more regularly, as real-time feedback is better
- Make sure employees feel valued; recognition in and out of the building is powerful
- Make motivations and incentives more targeted to each employee group – stay away from One Size Fits All
- Survey employees to find out what is important to them
- Have an open-door policy to all, no matter what level or position
- Keep them aware of where they stand at least on a monthly basis, if not weekly
- Conduct exit interviews with all who depart for a better idea if you hired correctly, had the correct training and support, and what could have been done better.
Obviously, over and above, build and maintain a culture where people want to come to work and brag about how much they love their job; a place where they feel confident, are appreciated, and can have fun.
Laurie Kahn is the creator and founder of Media Staffing Network. She has worked with media companies since 1993 helping them hire top managers and sellers.
*LinkedIn, Why & how People Switch Jobs 2015
**Glint Proprietary Data