Shifting Company Policies
Employers seeking to change practices and policies in order to boost retention know that doing so is not only good for employees; reducing turnover and retaining talent is good business. The return on investment is significant: research indicates that it costs businesses one-fifth of an employee’s salary to replace that worker.
Employers can boost retention of opportunity youth and other populations by improving company practices at each stage of the pipeline: from recruitment and hiring to get the right fit, to retention and advancement practices to hold on to talent.
Making the Business Case
Companies need to first understand the business case for hiring opportunity youth.
- This publication from Corporation for a Skilled Workforce lays out strategies and case studies to make the case. It includes a description of federal and state funding streams that can be leveraged for hiring opportunity youth.
- This Corporate Voices for Working Families paper
highlights employers that invest in workforce readiness for their
lower-skilled and entry-level workers, and includes a tool for
calculating return on workforce readiness initiatives.
The Business Case for Diversity and Inclusion
Diversity and inclusion in the workplace make good business sense: research indicates that ethnically diverse companies are 35 percent more likely to financially outperform ethnically homogenous ones. This guide contains tools and materials for making the business case for diversity, and steps to build diversity and inclusion into your business.
This report
by the Annie E. Casey Foundation examines key elements that contributed
to the Jobs Initiative’s accomplishments around cultural competence and
demonstrates how workforce development initiatives use cultural
competence to improve and increase employment opportunities for
employers, job seekers, and workers.
Recruitment
Companies in the 100,000 Opportunities Initiative are showing how partnering with community-based organizations to identify and prepare youth for employment is a win/win. For example, LeadersUp partnered with SK Food Group to improve its recruitment and hiring processes, resulting in significant savings to the company.
Hiring
Hiring opportunity youth—a largely undiscovered and untapped talent pool—can have great benefits for companies. What are the best strategies for companies to attract, interview, and hire this population?
- Grads of Life has created an employer-facing guide to hiring opportunity youth.
Hiring interns as a “try-out” is a great way to find good talent.
- For information about AOL’s partnership with Year Up, which recruits and trains opportunity youth in the IT sector, read the AOL and Year Up profile.
- Chipotle uses a competency-based hiring system to find the best fit for their company. Learn more about their hiring process by reading the VoiceGlance article and characteristics.
Interest is growing in “digital badges”—alternative credentials shared online as a strategy for potential employees to convey their skills to an employer. Urban Institute has done a report on digital badging.
The Rockefeller Foundation partnered with Incandescent and Knack to conduct a pilot of game-based talent analytics with youth enrolled in programs at community organizations. Their research shows that these technologies enable employers to identify promising talent from a larger pool than they might have considered, and make more informed hiring decisions. Read the Impact Hiring report to learn about the promise of game-based talent analytics.
One population often overlooked by employers is those with a history of involvement in the criminal justice system. Some employers are learning that opening the door to opportunity youth with criminal justice involvement can pay off. This toolkit for health care employers makes the case for hiring this population and provides clear strategies for recruitment and hiring. This guide provides best practice standards for the use of criminal justice records in hiring.
Retention and Advancement
FSG has conducted extensive research on evidence-based strategies for reducing turnover and improving entry-level retention, particularly of opportunity youth and other vulnerable entry-level workers. Its report describes these evidence-based strategies and includes links to resources in the areas of:
- Providing purpose in the workplace
- Creating opportunities for learning and growth
- Investing in people-centered management
- Making employee benefits relevant
A number of organizations specialize in helping employers improve retention practices. For example, WorkLife Partnership provides services to companies to improve retention through support to employees to overcome obstacles such as housing, child care, transportation, and legal issues. They also provide support in upskilling and training. Through funding from the Rockefeller Foundation, they are expanding their work to additional cities beyond their home of Denver.
Here are some businesses who have put it all together:
- Gap Inc. developed Connecting Youth and Business: A Toolkit for Employers to offer companies clear instructions for hiring, training, and mentoring opportunity youth.
- This paper explores employer strategies for connecting opportunity youth to education and employment, so that they may realize the advantages of using this labor pool, while providing these youth with the supports needed for success.
- This paper explores employer-led solutions to young unemployment among young adults in Chicago and Louisville.