Based on the Quick Pulse Snapshot of HCI, the top three factors contributing to high employee retention remain: 1) Compensation and benefit package, 2) Career growth and development, and 3) Leadership and management. Given that nearly half of our human resource population consists of younger generations who prioritize development and rapid advancement, it is crucial for our HR strategy in the cooperative to address these aspects effectively.
Key Strategies for HR:
1. Enhance Compensation and Benefits:
- Regularly review and adjust compensation packages to ensure they are competitive within the industry.
- Introduce flexible benefits that cater to diverse needs, such as health and wellness programs, educational subsidies, and work-life balance initiatives.
- Our consultancy service includes designing a compensation package aligned with employees' performance, ensuring that our compensation strategies are both fair and motivating.
2. Facilitate Career Growth and Development:
- Implement robust career development programs, including mentorship, coaching, and continuous learning opportunities.
- Create clear pathways for career progression, with transparent criteria for promotions and role advancements.
- Offer regular training sessions and workshops to help employees acquire new skills and stay updated with industry trends.
- Through the Knowledge Resource Center (KRC), we design and implement the Co-op Lending Management Program (CLMP), which leads to attaining the badge of Certified Co-op Lending Professional (CCLP). This program is part of our ongoing commitment to meet the continuous development needs of our employees.
3. Strengthen Leadership and Management:
- Provide leadership training programs to enhance the skills of current managers and identify potential leaders within the organization.
- Foster a culture of open communication, where feedback is encouraged and valued.
- Ensure that management practices are inclusive and supportive, promoting a positive and motivating work environment.
- The Cooperative Academy of NATCCO Network (CANN) addresses these needs with its certification programs, including the Co-op Leadership and Management Program (Co-op LAMP) and the Leadership Bootcamp, which are specifically designed to address leadership and management development.
By focusing on these areas and leveraging our specialized programs, we can better meet the expectations of our younger workforce, thereby improving retention and building a more engaged and committed team. We will continue to design more programs to address the career developmental needs in our sector, ensuring that our cooperative remains a desirable place to work and grow professionally.
(Source: Infographics shared by Human Capital Institute / HCI)
