The HR Skills Series: Retention
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This recruitment source has the benefit of minimizing costs in reaching applicants. Previous applicants are a less significant external recruitment source used at Walmart. Many of these previous applicants were already evaluated but were not hired or did not pursue employment at Walmart. Thus, in using previous applicants as an external recruitment source, the company does not need to perform another extensive evaluation of these workers, thereby helping to maximize the cost-effectiveness of human resource management. Recruitment Methods. Based on the recruitment sources used at Walmart, the corresponding recruitment methods are direct and indirect.
In using direct methods, the company directly contacts prospective employees. The benefit of this method is that it allows Walmart to speed up the recruitment process instead of waiting for applicants. The method also enables the company to apply certain criteria in selecting students to contact. However, the direct method of recruitment is disadvantageous because it limits the population of potential recruits. Also, indirect methods can be cost-effective. In using its corporate website for the job advertisements, Walmart minimizes human resource management costs in the aspect of recruitment.
Selection Criteria. Basic criteria include education and training background and results of criminal background checks.
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For hourly sales positions, Walmart uses knowledge retention e. Interpersonal skills are essential for these positions because sales personnel directly communicate with customers. Supervisors and managers are expected to analyze and solve problems, and resolve conflicts in the workplace. This information determines the person-job and person-organization fit.
What is retention planning? | Skills Portal
Walmart also uses personality tests and situational judgment tests for many positions, although these tests are typically used for managerial positions, especially for positions in human resource management, finance and others. Situational judgment tests determine analytical and problem-solving abilities. These different tests ensure a comprehensive human resource management approach for the selection of workers throughout the global structure of Walmart.
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Employee retention is a critical concern for Walmart because the company suffers from relatively high turnover, especially among hourly sales employees. Certain areas within the tech sector showed even higher turnover rates, which could indicate an increased demand for these skills, according to LinkedIn. How can you increase retention rates? You should start at the very beginning of the recruitment process.
Nfrastructure currently employs about people, with a retention rate of greater than 97 percent — almost unheard of in the IT industry; or any industry, for that matter.
It's a statistic Pickett's proud of, and one each member of the company works hard to maintain, he says. How can you choose candidates that are more likely to stay?
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There are some key indicators right on their resume, says Pickett. First, he says, look for candidates with longevity at their previous jobs.
Have they worked at a company for many years through ups and downs? That speaks to loyalty, perseverance, engagement," he says. Job-hoppers are something of a gamble, he says. While they might just be looking for the right place to land, Pickett says a candidate "who's had, say, ten jobs in twelve years is going to be really difficult to retain for any company. Promoting from within not only provides a clear path to greater compensation and responsibility, it also helps employees feel that they're valued and a crucial part of the company's success.
Of course, promotions go hand-in-hand with employee development and education, and this should be another tool in your retention arsenal, says Pickett. Whether by corporate training to help foster the acquisition of new skills, new technologies or new processes or through tuition reimbursement from outside courses, furthering your employees' education can help them feel valued and invested in the company, he says. Instead, learning is integrated in every project or task, and employees are encouraged to dive in and learn by doing, asking questions when they hit roadblocks.
A focus on education is also key to higher retention rates, says Griffin. A commitment to training is seen by employees as an investment in their worth and a powerful incentive to stay at the company, he says. Benefits and perks play a large role in keeping employees happy, engaged and healthy. But benefits can go far beyond healthcare coverage and paid sick leave.
You also should consider offering stock options or other financial awards for employees who exceed performance goals or who stay with you for a predetermined time period, says Pickett. Nearly nine in 10 companies 88 percent view incentive compensation and bonuses as key to retaining employees in the next five years, according to the CTA.
Individual and Leadership Development
Hanrahan argues that, if employees are not offered leave, or are forced to return to work because they cannot afford unpaid leave, "is the employee fully engaged at work or are they distracted and resentful? Creating open communication between employees and management can help foster a sense of community and a shared purpose, says Pickett. Without me there, I feel I can convey a sense of trust so employees and fellow leadership can learn and grow from others outside my company. Another approach is to use an employee polling tool like David Niu's TINYpulse, which sends out a single question to a company's workforce at pre-set intervals and then tallies results anonymously.
It's then up to company leadership to act on that feedback or explain why that action might not be possible, Niu says. Why is that? Looking more closely at the data can help uncover patterns like this, potentially contradicting conventional wisdom, he says. AI and machine learning can help identify and address these issues before they lead to attrition and turnover. So, organizations could add more flex time.