As the costs associated with employee turnover continue to go up, retaining your senior managers and other top talent is essential for a thriving organization. Leaders that make employee retention a priority sooner rather than later benefit from increased performance, higher employee morale, and improved quality of work. But, a growing number of automotive dealers are also searching for innovative ways to survive the corporate brain drain from experienced workers retiring. Even though some natural employee turnover is inevitable regardless of the business, you don’t want it to become an excessive rate. Fortunately, it’s not too late to retain your top managers using these tips.
Recruit and Recognize Loyal Managers
Building a roster of employees that are more likely to stay on your payroll starts during the recruitment process. For instance, screen resumes for candidates with a history of longevity at previous jobs. Automotive recruiters also suggest shortlisting and interviewing people who participate in team sports or volunteer regularly because it shows a level of commitment that other candidates typically don’t have.
Keep Team Members Challenged
According to a recent survey reported by the Wall Street Journal, executives want to work on challenging tasks and take on more responsibility at work. You can retain more of your top managers by promoting from within, investing in ongoing education, tuition reimbursement, etc.
Freelance Soon-to-Retire Managers
Work-life balance is becoming more of a priority regardless of the generation. As the number of Baby Boomers retiring continues to grow steadily, businesses need to take the necessary steps to retain at least some of their most experienced assets. And, the solution could very well be in the form of freelancing. For instance, did you know that about 25% of U.S. gig workers are over the age of 55? A growing number of companies are leaving the door open for alumni to return by offering flexible work schedules, remote work positions, and generous paid time off policies.
Modern tech tools like AI almost make it possible to predict who is going to resign and when. For example, data has helped some companies discover patterns regarding when employees quit, and it’s usually after they receive the end of the year bonus payments. Another strategy involves looking at which employees have the most extended commute times to work. These people could be more likely to resign because they are dissatisfied with the time they have to spend away from their families. Some other effective bonus options that can be used in place of year-end are retention, spot, and performance-based bonuses. With these, you shouldn’t experience a mass exodus of employees at the same time every year.
These tips can help you retain more of your top managers. But, you also have to be prepared for critical leaders to step down, also known as succession planning. If you focus on developing the knowledge and skills of everybody that you hire, then you will have a better depth chart of employees ready to assume leadership roles.
So when you’re ready to have the recruitment team at Autopeople in your corner, give us a call at 1-800-659-9501, visit our website at www.autopeople.com or email us to discuss what Autopeople can do for you.