Each month, Hueman hosts Hues & Perspectives, an executive virtual roundtable that brings together HR and TA leaders from across the nation. These sessions offer attendees the opportunity to ideate on industry challenges and build connections while sharing best practices.
During the latest roundtable discussion, attendees addressed the vitality of employee engagement, methods for attracting talent, and the role exit interviews play in retention strategy.
At the beginning of the session, the group emphasized employee engagement as the culmination of the entire employee experience, from onboarding through retirement. Employers must not lose sight of engagement initiatives as employees gain tenure at their companies. A key part of engagement means weaving core values into the fabric of an organization's culture. That way, employees feel emotionally connected to a mission that motivates them.
Attendees agreed that surveys are crucial in driving employee engagement. Even more critical is acting on and acknowledging survey feedback — not doing so could be to the determent of a company's employee value proposition (EVP.) Giving employees a forum to provide feedback empowers employees. It offers them a measure of ownership, assuring them that their opinions matter, thus improving engagement and productivity.
When times are challenging, ancillary benefits that address real-life issues may be a better sell to employees than standard offerings. One attendee stated, “We have to consider the life situations of our employees. An hourly worker focuses more on early wage access than 401K matching.” Forbes reiterates this point statingthat employers must find employee benefits partners that "understand [their] organization and employee population, instead of taking a cookie-cutter approach."
As a symptom of “The Great Resignation,” 1 in 5 employees who left their job during that time frame said they regretted it. An attendee mentioned seeing the beginning stages of “The Great Regret” through boomerang employees — those returning to the organizations they left. The attendee suggested that organizations try old hiring practices to see if those methods work in attracting today's candidates.
Other discussion points around attracting talent included:
- Having a clear EVP that properly represents an organization’s workforce
- Referral programs based on the tenure of successful referrals
- Weekly pay versus bi-weekly pay to attract employees interested in the “gig” economy.
Exit interviews provide an introspective insight into why an employee is leaving your organization. Our attendees recognized two major complaints in exit interviews: management and compensation.
Employees often leave because they are unhappy with or lack a relationship with their manager. The group agreed that employees want mentors/advocates who care about their workforce. Effective leaders and managers will help up-skill employees and guide them toward more opportunities, improving retention.
Two attendees at the roundtable agreed that they see employees leaving because they feel they aren’t properly compensated. Demonstrating transparency and educating employees on how their pay is calculated has helped them minimize compensation grievances and improve job satisfaction.
When employers are diligent about solving for grievances made in exit interviews, they have the knowledge and hindsight to implement practices that minimize turnover, thus improving retention.
Interested in joining the dynamic discussion at one of our future roundtables? Contact us today!