Being a profitable, productive business is impossible to accomplish if your business has a revolving door. Retention is the goal, and the key to achieving it should begin with determining what type of retention problem exists. There are two fundamentally different types of retention issues. It could be that you have a toxic culture that repels employees, which is a broad macro problem. The other type a retention is concerned with losing hard-to-replace key individuals. Both problems are related to retention but have very different solutions, which is why we are taking a deep dive into the topic from many perspectives.
Prior to COVID, retention was a concern for business owners. During and after COVID, the Great Resignation took place. People were leaving their jobs in record numbers. Many were thinking that life is too short to deal with this #&%@*%#. This was especially hard on small- to medium-size employers. Losing productive employees is costly and painful.
The Great Resignation and the multigenerational workforce became a marketing frenzy for benefit manufacturers (insurance and investment companies). There was too much advertising that went like this: “If you want to recruit and retain, you must offer your employees X.” X was things like pet insurance or any other benefit they offered. This whole thing seemed ridiculous and a little disturbing.
Most employees left for a less toxic environment, but many left due to a lack of recognition. The thirst for recognition is not quenched by offering more benefits for everyone. You need to utilize benefits that are more selectively awarded, like Deferred Compensation and Executive Bonus concepts. These benefits are less familiar but certainly more effective in retaining talent. Thinking you can address all your retention issues without them is like trying to win a fight with one arm tied up.
How the Business Owner Summer Summit is addressing retention:
The macro problem is really a culture issue. Drew Harden’s book Retain is full of great ideas to help build a culture that makes Monday feel like Friday. His high-energy presentation will kick off the BOSS.
Another proven way to help with the macro retention problem is by providing a meaningful workplace financial wellness program. Imagine a workforce that is financially in better shape. Would they be more productive and loyal if you gave them the tools to solve some of their financial concerns and relieve their financial stress? This issue gets quite a bit of talk; however, many employers do not have a program in place and most that claim they do are lacking. We invited Savology to speak at the BOSS because they have a comprehensive, proactive digital platform that effectively combines technology with live assistance. It provides a financial plan as well as personalized action items.
Hearing what your peers are dealing with and doing about retention will likely be one of the highlights of the conference. Several local business owners will be sharing their experiences and ideas.
Patti Bell is one of Iowa’s best subject matter experts when it comes to designing benefits to retain talent – the solutions you need to keep your hard-to-replace employees engaged. These tools can be used in a variety of ways and for a variety of reasons. In addition to helping with retention, they are helpful in driving up business value.
The duo of Dawn Hafner and Deb Giarusso is a tremendous resource as it relates to ESOPs (Employee Stock Ownership Plans). Imagine having two competitive companies. One is employee owned and the other is not. Which company do you think has higher loyalty and less retention issues? An ESOP may not be appropriate for everyone, but understanding this business structure is helpful.
Sinikka Waugh brings both leadership and organizational skills designed to help businesses positively address retention issues and have better workdays so they can co-create better communities. We are excited to have her expertise as part of our lineup.
Being an athletic director of a Division 1 university has never been more challenging. NIL is here to stay and has changed everything. The recruitment and retention of staff and athletes has been taken to a much higher level. Jamie Pollard is a proven navigator of this new playing field and will be sharing his valuable experiences. We can’t wait to hear his insights.
Friday morning will be topped off by Lance Farrell, founder of Farrell’s Extreme Body Shaping. Over 400,000 people have been transformed in his 46 locations over eight states. We look forward to Lance’s message of inspiration before we enjoy some fun recreational activities.