Your ERS - Employee Retention Strategy

ERS 1 of 10

In this series we are looking at creating, implementing, and executing an Employee Retention Strategy for the survival of your business over the next 24 months. 

Every day I am talking with candidates who are preparing to make their next workplace move and they could be members of your team

I have previously described our talent shortage as the result of a perfect storm of migrant worker restrictions, low unemployment and the Covid climate.  But now we are also facing a tough economic climate and a possible recession within the next 24 months.  Tough times for many are starting to become tougher.

Employee retention refers to the ability of an organization to retain its employees for a reasonable tenure.  Businesses should aim for a retention rate of 5 years and be happy with 3 years, but anything less is too low and is cannibalising your profits.  Just as it costs a business 7 times more to acquire a new customer it costs a business significantly more to acquire new talent, so it is critical to have an Employee Retention Strategy in place to protect you bottom line.

Your Employee Retention Strategy starts with your Employer Brand and Employee Value Proposition which combined communicate internally and externally your value and focus on the employee experience and the retention of your employees.  Your EB describes your reputation as a place to work, and your EVP which is a component of your EB reflects the value you place on talent and their retention in your business.  Combined they are how you attract, engage, and retain your people.  Only 30% of SME have documented EB and EVP statements which is put plainly is business negligence.  So, if you are in the 70% that don’t have these, I urge you to get started today and the first step is to engage a partner like us who can guide you through these processes from an analytical and unbiased position. 

There are 10 components to an EB and EVP, and I will briefly cover each of them throughout this series so stay tuned into my VLOGS:

1. EB and EVP Alignment with your organisation’s brand

2. New Hire Welcoming & Onboarding

3. Talent Compensation & Benefits

4. Company Culture and Morale

5. Diversity, Inclusion, & Equity

6. Leadership

7. Career Pathways

8. Training & Development

9. Performance Peering & Check Ins

10. Employee Ambassadorship. 

I can’t stress enough how important it is for business leaders to understand and take action on their Employee Retention Strategy.

Stay tuned into the VLOGS as this series demystifies the 10 elements of your EB and EVP. 

You can also contact me at any time for a no obligation chat.  I’m known for being generous with my time and RIPPLE has all the services you need to plan, implement, and execute all components or you Employee Retention Strategy.