As of the writing of this article, the economy is booming. That’s great for many reasons. However, for employers, a strong economy also means that employees might start looking for a more lucrative position at a different company. Additionally, with a smaller-than-average labor pool, competitors raise wages and improve benefits.
When an employee leaves a position, they might also leave a professional association. In this scenario, both employers and professional associations lose out, especially when they could have taken steps to increase retention.
In this article, we’ll explore how using myKlovr as a retention tool can reduce employee and membership turnover during a strong economy.
myKlovr: A Brief Primer
Over the last few years, we at myKlovr have developed and launched a first-of-its-kind college counseling app that helps high school students identify their academic strengths, research colleges, and create an action plan for college admissions success. Another one of our service’s exciting features is that users can invite trusted adults – parents, teachers, guidance counselors – to review progress and verify milestones. This way, the people who care about the user the most have real-time information about what the user still needs to accomplish before applying to college.
We are also partnering with outside companies to increase the number of benefits users receive. These services include debt advising and a marketplace that showcases the best online tutoring and test prep services available. Additionally, we offer these extra resources at no extra cost.
The work landscape is changing, and as a result, employers must try new strategies to attract and retain top talent. Millennial workers’ growing families will include high school-aged children in the next few years. This fact gives employers the perfect opportunity to provide benefit options that target employee’s children’s needs.
Besides helping student users, myKlovr can increase a company’s retention rate in two essential ways:
- Offering myKlovr shows that employers care about employees’ well-being outside the office.
- Once employees see myKlovr’s value, they will want to continue receiving it at the discounted price their employer provides.
- Of course, an employee’s child can continue using myKlovr if that employee changes jobs. However, he or she will pay the full price for our service.
For Professional Associations
Voluntary benefits are arguably more important for professional associations, as members inherently have less motivation to remain compared to a paying job. That’s why associations must offer unique benefits that prospective and current members cannot find elsewhere. In addition to the reasons mentioned in the previous section, professional associations should consider offering myKlovr if they meet the following criteria:
- They appeal to mid-career professionals in any field.
- Their membership primarily consists of education professionals.
Let’s take a brief detour to discuss non-professional and pre-professional associations that cater to young adults (e.g., scouting, honor societies, etc.). These associations, too, should consider offering myKlovr to increase enrollment and retention. This way, members gain both the life skills the association instills as well as myKlovr’s expert college planning advice. That’s a recipe for academic and professional success.
myKlovr may not match every corporation and association’s needs, but for some, the benefits are clear. Please contact us if you believe that your company or association could increase retention by offering myKlovr. We look forward to working with you.