3 Tips To Attract and Retain Employees
As I recently shared in a piece for the Central New York Business Journal, those of us in healthcare and many of us in other industries are in a “battle for talent” – and we need to get creative to ensure our businesses win.
The Federal Reserve’s March edition of the “Beige Book” provided insight into an economy that is improving but continues to present challenges. Among those challenges are workforce shortages, high inflation, and having a tough time “finding workers with desired skills or experience.”
Fortunately, in addition to sharing these challenges, we can also share ideas for success. My big-picture strategy is to get creative – and there are three specific tips I have, regardless of industry, to help businesses win this battle for talent.
Offer educational opportunities to your employees.
LinkedIn’s “2023 Workplace Learning Report” shows that two of the top five factors people consider when pursuing a new job are opportunities to learn new skills and grow in their careers. To attract and retain talent, businesses must invest in training programs tied to career and wage growth.
We all have different skills and experience we’re looking for in employees – as a business leader, you know the needs of your business best, so why not create a custom on-the-job training program? If you aren’t sure you have the resources to do it alone, look for organizations like your local community college or economic development agencies to help identify partners that can team up with you to create training programs for new and current employees.
At Loretto, we do both. We partner with organizations in Central New York to support healthcare training programs, and we’ve launched our own training programs. Why? Because there is a need for training programs that will attract people not just to Loretto but to the healthcare industry as a whole.
Brainstorm ideas to diversify funding sources so you can offer competitive wages.
How can we cope with inflation while keeping up with market demands for wage increases and sign-on bonuses? Loretto is one of many organizations experiencing a dire lack of funding due to relying on Medicaid reimbursement. Organizations confronting funding challenges should actively think outside the box – maybe even outside your industry – when finding new revenue streams to support their primary business.
Begin brainstorming ideas without boundaries or limitations. Think broadly, freely and creatively—“in an ideal world free of rules”—and then apply the rules and constraints after going through that process.
Create an innovative environment where people want to work.
We all enjoy working in a space with the latest tools and technology and a purposeful design. Why? Because cool factor aside, it shows a business that has demonstrated a commitment to innovation. Deloitte’s “Innovation Study 2021: Beyond the buzzword” discovered that “organizations with a strong executive-level commitment to, and understanding of, innovation are more likely to report recent revenue growth.” In other words, there is a correlation between business innovation and success.
Yes, employee recognition and pizza parties are part of creating an environment where people want to work; but being truly innovative in your industry will also make your organization a place where people want to work.