Recruitment is a time consuming and expensive process. From the time cost in managing a recruitment process, through to the cost of staff training and ramp up time, costs can spiral quickly. And when 33% of new hires typically quit within the first 6 months, your chance to benefit from staff investment evaporates pretty quickly. We're firm believers in putting people first, so naturally, we want to help companies retain their number one asset - people.
In this post, we explore how you can use Administrate to maximise your staff retention, and help your team develop new skills.
Through Learning Tracks, you can use Administrate to manage an employee from hire to retire. Teams can devise custom learning tracks, or supplement existing common processes, to make sure that new hires are up to speed as quick as possible. You can also decide whether these courses should take place in a series, or in parallel. This lets you make your onboarding process flexible to any number of possibilities or learning styles. You can also use a mix of eLearning and Instructor Led Training (ILT) and track progress over time. Furthermore, if there's been a large intake, eg, a new cohort of interns, you can measure and compare each learner's progress against others. As such, you can compare individual performance against that of the group, identify top performers, and address any common weaknesses.
Of course, employee education doesn't stop after an employee is up and running. Employee education requires Continuing Professional Development (CPD) in order to develop your team, and build business success. Learning Tracks can be used to track and measure an employee's growth overtime. By setting key goals and milestones, staff have a clear marker of what is required in order to progress within the organisation. According to Forbes, a lack of vision and future are listed as the two key reasons why top performers leave. An easily accessible, manageable and meaningful personal development plan is a sure-fire way to address this.
Reviews and Feedback
Getting feedback is critical to building a successful team. The thing is, feedback runs both ways. It's not just for management to let employees know what needs to be better, it's for employees to let management know how to do better. However, different people like to give and receive feedback in different ways. With Administrate, you can accommodate feedback in a range of styles. Using the team calendar, you can find and schedule regular appointments from a shared point of contact. This can be hugely beneficial in terms of saving time, and making sure that feedback sessions get the time they need. Secondly, you can run surveys to your team and beyond, and gather anonymised feedback from departments. While this might not be the most direct form of resolving issues, it enables teams to be responsive and act on quantifiable feedback - and measure the improvement over time.
This improvement is typically best assessed in the form of a Net Promoter Score (NPS). Put simply, measure and improve your internal NPS, and soon you'll see staff retention increase, and productivity multiply. Created by Bain and Co, NPS is a tool to measure customer satisfaction and as a result, their likelihood to refer. The impact of the score can account for as much of 60% of a company's growth rate.
Translated into Employee Net Promoter Score (eNPS), there's real benefits to having staff that are motivated and engaged. According to a survey by the American Management Association, increased staff turnover leads to low morale, disengagement, distrust, lack of team spirit and in turn, a greater likelihood that a respondent will consider leaving. By monitoring eNPS through reviews and feedback, you can ensure that your place of work is desirable, and prevent a spiral of dissatisfaction.
Staff development and retention is highly reliant on common understanding, and shared values. No employee can be expected to achieve their full potential as a lone wolf. That means there is a need for a central point of reference for both culture, and process.
Protecting team culture is vitally important to a successful training operation. That doesn't mean "team building" over a few stage-managed glasses of wine with the C-suite. It also doesn't mean spending a day at the company volleyball tournament. Happiness and learning are increasingly close relatives, and they shouldn't be exclusive concepts. Get to know the team, and what they like. You might find that rotating a weekly Starbucks run is all it takes to make that big difference.
Of course, culture is about more than coffee. It's an ongoing commitment to be a continually improving place of work. That's a big deal. But with small steps today, you can start to build a culture that works for the many.
At one time or another, we've all experienced the impact of different processes colliding. Chances are, it happens every day in your organisation. Your intern spends an hour crafting a multi-paragraph email, justifying the business case for spending some money on new coffee for the office. In this email, there's reports you'd never dreamed of - "what on Earth is a bean liquidity ratio?", you ask. Sweat dripping, they hit the send button. Several hours later, they get a thumbs up/thumbs down emoji, or worse - TL;DR.
All of which can be avoided with brand guidelines. We know they work - that's why ours are public! Having a common knowledge base removes these awkward conversations, and ultimately save everyone multiple hours over the course of a work day. Less needless emails is always a good thing.
Taking measurable steps to reduce staff turnover and increase staff ability can only benefit your organisation. That's why with Administrate's training management system, we give you the power to do just that.