“Veteran retention is not a priority for us right now.” is a phrase I’ve heard from almost every Vice President of Talent Management and Director of Diversity and Inclusion since the start of quarantine in March 2020. During this time of uncertainty and stress it is natural to be reactive instead of proactive and put veteran retention to the back burner. The safety and morale of current employees is paramount. In addition you are facing the burden of either furloughing or laying off a good portion of your talent. Then there is the loss of team morale and productivity. However, maintaining a reactive and solely COVID-19 focus will cost you when normalcy is established.
According to Nathan Peirson, “Now’s the time to build a recruiting pipeline, especially if your industry as a whole isn’t hiring. This is a golden opportunity to leapfrog your competition. If your competitors aren’t building a pipeline now, they might never catch up.” When creating a recruiting strategy you must build a retention strategy to remain competitive. For every veteran that leaves before their first anniversary, ⅓ of their annual salary leaves them, which is tens of thousands of dollars per lost veteran employee.
The other benefit of staying ahead of your competitors in terms of veteran retention is you’ll be perceived as a progressive and dynamic leader, particularly in a time of crisis
When normalcy is established employees will begin to look elsewhere. Some will leave because they are ready for bigger, better opportunities. But others will leave because they aren’t provided continuous and consistent professional development and advancement opportunities. Many of these veterans can be saved with veteran employee retention efforts implemented today. Your organization will save tens of thousands of dollars for every retained veteran. The other benefit of staying ahead of your competitors in terms of veteran retention is you’ll be perceived as a progressive and dynamic leader, particularly in a time of crisis, which can support you in the American Business Awards, which offered organization and individual accolades in various industries and categories.
Establishing high post COVID-19 veteran retention rates will contribute your organization’s brand as a veteran employer of choice. This provides you with better candidates, as well as prepares your organization for the HIREVets Medallion Award and other company accolades.
Veteran retention strategy and implementation are a must at this time. Ignoring vetearn retention now will leave your organization behind competitors, for which you may never recover. You may also suffer a punch to your reputation as a change agent, innovator, and strong leader.
Provide your reputation a boost by investing in veteran employee retention today.
Peirson, Nathan. “COVID and the Future of Talent Management.” HR Daily Advisor, 14 Aug. 2020, hrdailyadvisor.blr.com/2020/08/19/covid-and-the-future-of-talent-management/.
Contact us below for information of how we can help you build your reputation and save your organization tens of thousands of dollars.