News – Asset HR

Employee Retention Strategies: The Best Ways to Keep Your Staff Engaged and Happy in Their Role with Your Company

Are you looking for ways to improve employee retention and provide your organization with the consistency it needs to sustain continued growth? That’s wise of you. Employee retention is crucial for your organization, and it’s not just about providing consistency or maintaining a good reputation, either. High turnover costs your company money, time, and resources that you could use in more productive ways.

If you’re interested in learning more about the importance of employee retention, as well as some key employee retention strategies, read on.

Why Is Retaining Top Talent So Important?

As the leader of your organization, you’ve more than likely heard the term “employee retention” more times than you can count, but what you may not know is what exactly makes it such a critical concept in the HR world.

The obvious answer is that no organization wants to seek out, hire, and train new employees constantly. Therefore, retaining the ones they do have is a high priority. While that is undoubtedly true, there’s a fair amount more to it than that. Let’s look at some of the biggest reasons that retaining your top talent is so important.

Inconsistency Is Bad for Business

To make this idea crystal clear, let’s pretend you’re a restaurant owner who is constantly hiring new chefs and teaching them your menu on the fly. As a result of constant turnover, your customers will get a different version of the same dish every time they dine at your establishment. This lack of consistency will likely drive many customers away. You can apply this example across any industry of business.

Top Talent Is Hard to Come By

Employees are more than just numbers. Each one has a different set of skills, talents, and a unique perspective they bring to the table. Losing top talent means you lose all of those things. Some employees may very well be irreplaceable.

Remember that seeking to retain your top talent involves keeping them and their unique abilities with your organization and keeping them away from your competitors.

Workplace Culture Suffers

It takes time for employees to acclimate to company culture and build strong relationships with their co-workers. In a company with high turnover rates, you’re much more likely to find a weak or even non-existent company culture and a workforce that isn’t all that connected.

These conditions do not foster productivity, nor do they promote good employee morale. As a result, more workers will likely leave, worsening your employee retention rate yet more.

It Hurts Your Bottom Line

The point of any business is to make money, and if there’s a fixable issue that’s costing your business money, it should be a priority to set things right. High turnover is a costly issue. From the money spent in the hiring process and the resources used in the training process to customer dissatisfaction with your staff performance, organizations lose a lot more due to high turnover than investing in employee retention.

What Are the Different Types of Employee Retention Strategies?

Now that you know how vital employee retention is, you’re probably wondering how to do it. Here’s a list of the different types of strategies you can use to keep your top talent on the books.

  • Offering competitive wages
  • Improving working conditions
  • Creating a feedback system – and using it
  • Developing a positive company culture focused on leadership, professional development and community engagement
  • Offering bonuses and benefits that enhance the employee’s life
  • Focusing on work-life balance and leading from the top
  • Encouraging team building and strong relationships
  • Placing a focus on employee recognition
  • Offering ongoing training & development opportunities

As you can see, employee retention isn’t an overly complicated matter. The key is actively focusing on improving the employee experience any which way you can. Of course, this list could probably do with some more detail to really make the picture clearer. Let’s take a closer look at the top employee retention strategies.

What Are the Top 3 Employee Retention Strategies?

The following employee retention strategies have proven to be among the most effective for organizations of all kinds.

Offer Competitive Wages and Great Benefits

Very few of us show up to work every day just because we love it. The number one reason for working is to earn money and get good health insurance. That being so, the first thing your organization should do to retain employees is to offer competitive wages and the most desirable benefits that you can. We help our clients expand their benefit offering with additional enhancements that improve employee engagement and retention – connect to learn more.

Make Fit an Important Aspect of the Hiring Process

Some job candidates look stellar on paper. Still, all the job experience and qualifications in the world won’t matter if a candidate is a bad fit for your work culture. When developing your hiring process, be sure to make finding the best fit just as important as finding the best resume. In addition, keep your potential employees engaged in your hiring and onboarding process with a systematized approach to this process, like our iSolved applicant tracking system.

Create a Feedback System

You may never be able to get to the bottom of why your organization has such a high turnover rate until you allow its members to tell you themselves. Creating a system through which your workforce can provide feedback will not only clue you into what you’re doing wrong, but it will also show them that your organization is committed to bettering itself.

Get in touch with Asset HR to learn more about opportunities you might be missing in attracting and retaining top talent through enterprise-level technology with a family-owned and operated approach to service.

Succession Planning for Banks and Credit Unions

Succession planning is a vital process for any company, from a small business to a national manufacturing corporation. It’s important that employees are fully prepared when the time comes for the current leader(s) to leave their position(s), whether they resign, retire, or pass away. This is especially true for banks and credit unions.

These financial institutions rely on their strong leaders to guide day-to-day business and strategic planning; these leaders also play a critical role in the lives of bank investors and communities. Identifying and developing potential leaders (which are the two main steps in succession planning) for your bank or credit union will ensure your institution doesn’t suffer when it’s time to fill critical roles.

Why Succession Planning for Credit Unions and Banks Is Important

No matter how stable your organization’s leadership is, things happen. You may find yourself having to fill a managerial position or another critical role when you least expect it.

Oftentimes, when a CEO decides to step down, they announce their decision far in advance in order to give the company time to find a successor and prepare employees for the big change. Other times, illness may strike your leader(s), or perhaps an executive may be recruited by another company. In these cases, you will have very little time to fill the leadership position, and that gap can place you and your team at a significant disadvantage.

If an organization has overlooked or ignored succession planning, the board may find themselves scrambling to find someone to step into the position. It’s important to avoid this at all costs since making the wrong choice can have long-lasting consequences.

Creating a Plan for the Future

Succession planning for banks and credit unions doesn’t have to be a highly stressful process. In fact, it should be the opposite—succession planning should help ease tension by providing you and your employees with a plan for the future.

Succession planning isn’t necessarily about identifying the specific persons you would like to bring into the executive position. Although it’s never a bad idea to develop a shortlist of candidates, the main point of succession planning for credit unions and banks is to establish the best practices and processes for choosing the next person to fill a position.

The Succession Plan Process

Succession planning is never the same at every institution. Each bank or credit union has its own culture, its own set of ideals and principles, and its own strategy for the future. Still, the one factor that should make its way into every succession plan is communication, especially between the executives and the board.

Communication

Chief executive officers and other execs should be clear about their own career paths, particularly if they have a target date for leaving their position. This culture of open communication gives the board plenty of room to operate as well as scope for initiative in their succession planning.

Talent Development

The next step is to start considering potential hiring pools both internally and externally. In terms of internal candidates, there is likely already an existing pool of employees who have been groomed to assume key roles in the company when current employees leave, and these internal candidates should be vetted as potential replacements. As for candidates outside the organization, you can find these people by studying your competitors and using your contacts within the industry.

Other Options

Another piece of business to always keep in mind is the potential for mergers. For both institutions involved, a merger may make more financial sense than the replacement of an executive or executives. With a transaction like a merger or acquisition, companies can pool their financial and executive resources and make a new, more competitive organization. Trends in executive compensation can have a major impact on this strategy, so keep abreast of where compensation is headed.

Use Outside Resources

Finally, it’s always a good idea to consider consulting with an employment agency as part of your succession planning efforts. For recruiters, succession is the name of the game. They may have some insights into the process that could be extremely valuable to your bank or credit union, so you may want to engage their services as partners in your succession planning.

How to Think About the Legacy You Want to Leave

For any executives or board members reading this now, your legacy is an important part of your career. What mark do you want to leave on the organization? Sustained growth is one obvious goal, but an institution’s overall stability is just as honorable an achievement.

Succession planning is a way to help shape your legacy and to provide an outline for how you would like your time with an organization to be viewed. This isn’t just about shaping the past—it’s also about the direction the company will take in the future. Succession planning is about finding the right way forward so you can move on from your company with respect and the ultimate success.

Asset HR

At Asset HR, we offer support on HR and HCM capabilities. Our focus is on providing enterprise-level solutions with a family-focused level of support. When you call Asset HR, you’re not reaching a call center; instead, you’re speaking to one of our very own professionals. Our team is ready to answer all of your questions and provide you with solutions.

Recruiting Challenges and Solutions for Rural Organizations Looking to Grow

Recruiting in rural areas is a significant challenge for companies. While many businesses are headquartered in or have satellite locations scattered throughout rural areas, HR managers and recruiters still struggle to attract top-level talent.

Even as recently as a year ago, the unemployment gap between rural and urban populations was considerable. However, due to the COVID-19 pandemic and the rise of telecommuting, that rift has narrowed considerably, leaving both metro and rural businesses looking to rural markets to acquire competitive talent.

Today, the traditional hiring approach (or, post and pray recruiting method) is no longer practical when hiring in rural locations. To find highly qualified people for rural job openings, your company needs to consider other variables.

Here are our top four tips for recruiting the best talent for your business in a rural community!

Consider telecommuters

The COVID-19 pandemic has contributed to a massive boon in remote work. Tapping into local companies as you create target lists is a great place to start, but don’t neglect professionals in rural locations who also telecommute. According to a study by Edelman Intelligence, freelancers make up 35% of the American workforce. Now more than ever, it’s easy to access a pool of deeply experienced and qualified freelance talent. Depending on the role you are filling, this can expand your talent search beyond the boundaries of your small town.

Consult with local institutions

Connect with local universities, chambers of commerce and other institutions related to the role you are seeking to fill. People in small towns tend to know each other on a more personal level and can help your business tap into their professional network.

Offer a robust benefits package

To attract high-quality talent to your organization, it’s also essential to offer an even more attractive benefits package. Are you willing to provide a competitive salary? Will you cover the cost of relocation expenses? Does your benefits package include top-level health insurance benefits, profit sharing and unlimited PTO? Rural companies often have to put in twice the effort of their urban competitors to entice candidates to consider the position.

Promote your community

Your candidate is not only buying into your organization but the community as well. Be ready to fields questions like average home prices in the area, local school ratings, and if the community offers ample outdoor recreation space like parks or lakes. These are all things that will help you sell the candidate on making a move to your area. To give your company serious consideration, candidates need to picture their home and work life in your community.

In a small town, a business’s reputation is their bond. Your company needs to be a positive force for the community. In time, you’ll become a trusted brand, and a business people want to work for.

Hiring for a rural position is no cakewalk. Using a cookie-cutter approach in your recruitment practices will ultimately result in too few candidates, more open positions and high turnover.

To be successful in your recruiting efforts, follow our tips and ensure your HR or recruiting professional has the expertise and perseverance to get the job done!

Right Partner, Right Platform, Right Sized

The situation: Trafera, formerly Trinity3, supplies K-12 schools nationwide with learning technology to connect in a virtual environment. The onset of the COVID-19 pandemic ignited the demand to get devices in students’ hands and with it the need to support employees in new and challenging ways.

Our work: When Trafera first partnered with AssetHR, they had eight employees. In less than two years, the company ballooned to over 300 staff members through organic growth and mergers – equating to an astonishing 300% increase in employees all served on the isolved People Cloud.

As Trafera entered the final stages of their merger, they arrived at an impasse. Trinity3 was using isolved and FireFly was using another provider. A choice had to be made.

The results: There were arguments on both sides, but what tipped the scale was Trafera’s relationship with AssetHR. While we provide an enterprise-level technology system in our iSolved platform, the core of our business is our relationships and the family-level service we’re able to provide with our team. 

“There’s a level of service you get with AssetHR that you can’t get elsewhere,” said Bill Hansen, HR manager at Trafera, “When you know someone who can back up the technology, it sets them apart. With AssetHR, I have their work number, their cell number and that person answers the phone to the degree that I feel you are talking to isolved. They never say, ‘I need to check with isolved.’ They already know because they have studied and learned the system and stay educated as enhancements are rolled out. It’s as if we are talking to isolved, AssetHR is that deep in its product knowledge.”

Since the merger, Trafera’s HR department has adopted our enterprise-level technology solution for payroll, hiring, employee engagement, benefits administration, and open enrollment. 

At the encouragement of AssetHR, the next phase of growth will be to automate more HR processes to free up time and focus on people over burdensome processes.

Return on Relationships – The Gunnar Project

We pride ourselves on being relationship-focused, so much so that one of our core values is something we call ROR, or Return on Relationships. As part of this focus, we partner with multiple nonprofits that do good for the communities we serve.

One of those organizations is The Gunnar Project, which was founded by our friend and client Marc Miller. Learn more about the nonprofit and how they help kids across the United States create happiness in their own lives in the video below: