Strategies for Workforce Retention in 2022

Aug 9, 2024

Magnet Culture's Workforce Webinar: Prioritizing 2022 Workforce Retention Initiatives

Presenters

  • Jess Ray: Workforce Strategist at Magnet Culture
  • Cara Stiletto: Speaker and Workforce Strategist at Magnet Culture

Webinar Objectives

  • Provide a score for different areas of your organization to determine prioritization.
  • Share top 5 quick wins and long-term initiatives for workforce retention.
  • Special offer at the end of the session.

Introduction

  • Current Workforce Challenges: Overwhelmed, overburdened, and overloaded employees.
  • Need for Prioritization: Companies need help to focus on critical areas due to limited resources.
  • Assessment Tool: A new audit tool is being developed, but initial foundational questions are shared.

Foundational Assessment Questions

  • Participants are to score their organizations on the following 10 questions (1 = strongly disagree, 5 = strongly agree):
    1. Manager Communication: Our staff feel their managers are effectively communicating.
    2. Onboarding Effectiveness: Our staff feel our onboarding is effective.
    3. Trust Among Staff: Our staff trust one another.
    4. Workload Management: Our staff feel their workloads are manageable.
    5. Manager Listening: Our staff feel their managers listen to their team members.
    6. Schedule Flexibility: Our staff feel they are given flexibility with their schedules.
    7. Compensation Appropriateness: Our staff feel their compensation is appropriate for their current role and responsibilities.
    8. Advancement Opportunities: Our staff feel advancement opportunities within the organization are accessible within a reasonable amount of time.
    9. Manager Training: Our staff feel their managers are adequately trained for their current leadership roles.
    10. Technology Sufficiency: Our staff feel the organization’s technology is sufficient for their needs.

Scoring and Analysis

  • Sum total score out of a maximum of 50 points.
  • Share scores in the chat.
  • Common scores ranged between 22 and 35.
  • Identifying areas with the lowest scores to prioritize improvements.

Prioritization and Goal Setting

  • Focus on areas with scores lower than 4.
  • Set realistic short-term and long-term goals.
  • Avoid multitasking; prioritize one initiative at a time.
  • Use available strategic time efficiently.

Quick Wins and Long-term Initiatives

Management Communication

  • Quick Win: Regular, genuine check-ins with employees.
  • Long-term: Reinstate or launch comprehensive management training.

Onboarding

  • Quick Win: Reinstate core elements of onboarding (values, mission).
  • Long-term: Develop clear, role-specific onboarding checklists.

Workloads

  • Quick Win: Show appreciation and support regularly.
  • Long-term: Reassess job loads; consider job pruning to manage workloads better.

Compensation

  • Quick Win: Implement a small, across-the-board compensation bump.
  • Long-term: Conduct deeper compensation analysis and educate staff on total compensation.

Advancement Opportunities

  • Quick Win: Implement micro-mentoring.
  • Long-term: Develop professional development and career pathing programs.

Special Offer

  • 2021 pricing extended through January for various Magnet Culture services like video series, workshops, boot camps, and assessments.

Additional Resources

  • Access the 10 audit questions and other resources on MagnetCulture’s MagnetVault.
  • New professionalism video available.

Closing and Q&A

Key Takeaways

  • Focus on prioritizing the lowest scoring areas to make impactful changes.
  • Use quick wins to build momentum while planning for longer-term initiatives.
  • Consistent, small efforts can lead to significant improvements in workforce retention.