Great Lakes Wire

In the current competitive business environment, companies are urged to adopt innovative strategies to attract and retain employees. Mary E. Corrado, President & CEO of ASE, emphasizes three key considerations for improving employee retention.

Firstly, compensation models should be updated to align with the evolving needs of the workforce. Experts suggest evaluating an employee's contribution not only within their department but also towards the company's overall mission. "Rely on more than just input from their manager when considering salary adjustments," advises Corrado.

Secondly, investing in training is crucial. Companies are encouraged to develop their existing staff by providing necessary training and education. This approach includes diversifying the workforce across gender, race, age, and skillset. The Wall Street Journal refers to this as "Grey Collar Training." Corrado highlights the importance of including older generations in these training opportunities.

Lastly, emotionally aware managers play a vital role in employee retention. Identifying managers who prioritize company culture and foster team spirit is essential. "Transactional managers who may have coasted along in the past will need to learn new skills or risk losing staff," states Corrado. Implementing training programs for managers can enhance their emotional awareness and improve retention rates.

These strategies serve as reminders for businesses aiming to maintain a competitive edge through effective employee management.