Workforce Retention in 2023

Introduction

• Speaker: Jess Ray from Magnet Culture
• Date: Early 2023
• Topic: Workforce retention strategies

Importance of Workforce Retention

• Excessive employee turnover negatively impacts bottom line, product/service quality
• Importance of recruiting, onboarding, training

Overview

• Focus on strategies to slow turnover
• Special offer mentioned at the end
• Recording available on Magnet Culture YouTube

Who Owns Retention?

• Common responses: HR, General Manager, Everybody (which often means nobody)
• Importance of realistic ownership and timelines
• Introduction of a retention calendar tool for realistic initiatives

Key Influencers on Retention

1. First Impressions: New hire experience, onboarding
2. Leadership: Direct supervisors, managers, department directors

New Hire Experience

• Evaluate if the onboarding process is effective
• Importance of a comprehensive onboarding checklist:
  • Culture: Who we are, why we do what we do
  • Policies: Rules and guidelines
  • Procedures: Job expectations
  • People: Team members, leadership, customers/partners
  • Processes: Step-by-step job processes
  • Systems: Payroll, scheduling, etc.
  • Resources & Equipment: Tools needed for the job

Management Development

• Critical for retention at all levels: Executive to Frontline
• Importance of training and development plans
• Different levels of management:
  • Executive level: May need one-on-one coaching
  • Mid-level managers: Seasoned vs. newer managers
  • Frontline leaders: Often promoted from within, may manage peers
• Training topics: Emotional intelligence, generational training, feedback, resilience, etc.

Tools for Managers

• Magnet Vault: MagnetVault.com
  • Two-Minute Team Building List: Icebreaker questions
  • Get to Know You Sheet: Understand team members' preferences

Executive Actions

• Listening Tour: Executives engaging with front-line employees to understand issues

Retention Strategies for 2023

• Quarterly Retention Focus Areas: Break down initiatives into 90-day or 180-day plans
  • Example: Executive listening tours, leadership development plans, onboarding revamp
• Retention Audit: RetentionAudit.com
  • 10 questions to prioritize areas for improvement

Leadership Essentials Program

• Structure: Combines on-demand videos with live facilitated discussions
• Topics: Feedback, communication, team building
• Formats: Private classes for organizations or public courses
• Schedule & Enrollment: MagnetCourses.com

Q&A Highlights

• Realistic Retention Metrics: Importance of identifying organizational blind spots
• Focus Areas: Listening tours, onboarding, leadership development, advancement opportunities, scheduling

Resources

• Magnet Vault: Get to Know You Sheet, Two-Minute Team Building, Retention Calendar

Conclusion

• Contact for future topic suggestions
• Encouragement for proactive retention planning in 2023