20 Jan Investing in an Employee Lifecycle Model
Ever wonder how companies like Hilton, Cisco and Workday are consistently ranked among the best companies to work for? It’s definitely not by accident. Companies like these invest in their employees by incorporating an Employee Lifecycle Model, resulting in an excellent employee experience.
An employee experience that leads to longevity, success, and stellar employee engagement should be a consistent focus within your organization. Many employers only double down on employee engagement efforts when morale is low or after their survey results come back – and they end up paying the price in the long run. Instead, this strategy frames engagement as an intentional experience rooted in the daily life of every employee within an organization. This is where the Employee Lifecycle Model was born.
What is the Employee Lifecycle Model?
Simply put, it’s an organizational method used to visualize how an employee engages with the company they are a part of. There are six stages involved in this model: Attraction, Recruitment, Onboarding, Development, Retention, and Separation.
These stages encompass every phase of an employee’s experience within a company. This framework provides a different engagement strategy for each stage the employee enters. Of course, they are connected, but approaching each as distinct “chapters” allows for a more successful story to unfold.
NOTE: Do these stages remind you of the lifecycle of a customer? THEY SHOULD! This model is based on the idea that companies should design the employee experience as carefully as their customer’s experience.
Advantages of the Employee Lifecycle Model
Mapping and investing in the employee journey delivers four main benefits.
- Retention: Reducing turnover costs saves time and money (no surprise here). The ability to effectively allocate resources and efforts to address issues that result in turnover will save you time, money and a lot of headache.
- Reputation: A strong reputation increases your chances of hiring game changing talent, meaning a more committed and driven workforce. Never underestimate word-of-mouth!
- Employee Satisfaction: Your employees will see and feel the efforts you’re making. Devote time and resources on the nurturing and developing of a company’s most critical asset: your people.
- Higher Productivity: Happy, satisfied employees consistently produce more. According to Glassdoor, organizations with a strong onboarding process improve new hire retention by 82% and productivity by over 70%. Imagine the impact if every stage of the life cycle was improved.
How to Get Started
To create an employee lifecycle roadmap, you need to actually draw the map. Work with your leadership team to document your inhouse processes for each stage in the lifecycle. This can take the form of a flow chart, diagram or just word documents.
NOTE: Pay attention when questions arise that you cannot fully answer, or questions that you cannot answer at all. These questions can help you identify issues that affect the employee experience.
Next, focus on occasions where you have experienced delays, bottlenecks, or inaccuracies, and think about how you can make changes to bring about more positive outcomes. Do you have enough transparency in the system? Do you have tripwires in place to alert you when something is missed?
Once you’ve identified the areas for improvement, the real work begins. Maybe a workforce management software program will help? Do you need to bring in outside help? For more information on the Employee Lifecycle Model, go to www.cfosuite.com/blog as we continue to explore each of the six stages.
The CFO Suite works with you to define what success looks like for your business and turns that into a compelling story to attract game-changing talent. We create a consistent measurement / evaluation framework for assessing candidates and aligning your stakeholders. THIS is the kind of support and guidance you need to identify and land game changers and fully take advantage of the Employee Lifecycle Model.
The CFO Suite is your trusted resource for interim, project and direct-hire game changers that maximize the capabilities and capacity of your accounting and finance department through challenges and change.