Your employees are the lifeblood of your business, and your operation would grind to a financially devastating halt without them. To keep your firm stocked with top talent, treat your workforce as your most important asset - because it is. But the royal treatment needs to happen more than once; it’s ongoing throughout the entire employment relationship. We refer to this as the Employee Lifecycle and we’ve got tips for you to optimize each phase.
Before we get into employee lifecycle optimization strategies, let’s get clear on what the term means. The employee lifecycle is the journey your team member takes while they’re connected to your organization. It’s comprised of six distinct phases:
Let’s briefly discuss each phase.
The attracting phase is all about enticing professionals to work for your company. Brand perception is key, and prospective talent will look at your mission, vision, values, culture, and reputation to determine if they can see themselves working for your organization. If they feel aligned with your firm’s beliefs and actions, they’ll be much more likely to participate in the next phase, recruiting.
The recruiting phase involves posting job advertisements, screening and interviewing applicants, and making job offers. Candidates will pay close attention to every aspect of the recruitment experience and take note of how they feel. If they come away with positive emotions, they’ll be more inclined to accept an employment offer and move into the onboarding phase.
The onboarding phase is when a candidate officially becomes an employee. It involves completing paperwork, going through a new hire orientation, meeting other key team members, and getting acquainted with the environment and position. If it’s done well, the recent addition will settle in and start building their career at the company.
The developing phase is when an employee continues to learn and grow as a professional. It could include pursuing or finishing degrees, earning industry certifications, participating in training opportunities, being mentored, taking on new responsibilities, and more. This indefinite stage should demonstrate that a long-term, progressive career is possible at your company.
The retaining phase is an ongoing effort to keep your best talent within the organization and performing at their peak. It involves giving regular raises, offering a competitive benefits package, providing opportunities for advancement, making each employee feel appreciated, welcome, and heard, and more. If the company excels at this stage, an all-star team member will be less likely to leave. When the team member is thriving in this phase, they’re likely to recommend and refer potential employees to join the team.
The offboarding phase, also known as the separation phase, occurs when an employee leaves the firm for several reasons such as pursuing another career opportunity, being let go, or retiring. It involves activities like filling out termination paperwork, conducting an exit interview, collecting company property, etc. A well-executed offboarding phase results in employee referrals from the departing worker or a rehire situation in the future.
Each phase of the cycle is an opportunity for your company to attract and retain the human capital it needs - or repel it. That means your organization should get every step as close to perfect as possible. As a leader, you don’t want to struggle to recruit the employees required to run the company effectively. You also don’t want to see essential expertise walk out the door because your competitor offers more money, benefits, opportunity, recognition, or appreciation.
To avoid the stress and financial impact of missing out on or losing vital talent, consider following the best practices listed below.
To become well-known as an employer of choice, your company should:
To recruit ideal candidates, you should:
To integrate new employees effectively, leadership should:
To ensure every employee has ample opportunities for professional development, your firm should:
To keep high performers within the organization for the long haul, your company should:
To offboard departing team members successfully, your organization should:
If you implement these tips, your company’s employee lifecycle should be much stronger.
The key to hiring the right talent and getting the most out of your workforce is to truly understand them. It can take years to learn what makes someone truly tick, and you don’t have that kind of time. It’s critical to understand a job candidate’s strengths, weaknesses, and preferences immediately. You’ll take it to another level by being familiar with a new hire’s communication style, work habits, and motivations as soon as possible.
That’s where an Omnia behavioral assessment can help. Our assessment is easy to administer, and you’ll get detailed, insightful results right away. Once your candidate takes the assessment, you’ll know how well they’ll fit into the organization and position. When a current employee takes it, you’ll learn how to best utilize their talent, communicate with them, motivate them, and easily spot ways to develop and expand their impact as they grow in their career through new opportunities within your firm.
To keep your candidate pool and employee base engaged, it’s imperative to take good care of people throughout their entire journey with your company. I recommend following these tips to optimize the employee lifecycle from hiring through retirement. If you’d like more guidance, we’re here for you. Contact Omnia today!
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