From your first contact point with desired talent, your goal should be not only to hire them, but also to hold onto them for the long term.
In today’s competitive job marketplace, a staggering number of employees leave their jobs every year. And the cost of losing them can be equally devastating. For instance, the Society for Human Resource Management (SHRM) recently estimated the expense of replacing a manager making $40,000 a year at $20,000 to $30,000. Low retention also hurts motivation, productivity, morale, and performance – making the actual cost much higher.
The good news is: Many reasons behind employee resignations are preventable, if identified and addressed before it’s too late. Here are some common examples:
Poor Orientation or Onboarding
The first days, weeks and months on a new job can make or break an employee’s future there. Nothing says, “I don’t belong here” like not being made to feel welcome, valued, or prepared to do your job, right from the start.
- Be sure every new hire, onsite or remote, is fully educated on their role, introduced to their teammates, and integrated into your company culture. This can include after-hours socialization and informal meet and greets as well as on-the-job practicalities.
Not Being Acknowledged
Maintain a culture of recognition for employees at every stage of their career and tenure with your organization. Employees who feel appreciated work harder, are happier, and stay longer, but this requires frequent, sincere and personalized acknowledgement.
- Research has shown that companies whose employees are recognized multiple times a month are 41 percent more likely to see increased retention and 34 percent more likely to achieve higher engagement levels.
Lack of Development Opportunities
Help your employees identify areas for learning new skills and growing in their careers. Your support in this regard will mean they’re more likely to do so at your company, versus elsewhere. Upskilling is especially important as technology continues to change the ways work gets done.
- Work employee development and building leadership skills into your company’s succession planning strategy.
Burnout
Lack of work/life balance and employee burnout go hand in hand. Allow employees to work flexible hours and/or work remotely, if they prefer, whenever possible. Teach your managers to recognize signs of burnout or stress and reach out to anyone who may be struggling. Provide resources through an Employee Assistance Program (EAP) or other means.
Poor Communication
Open two-way communication lets your employees know that you respect them – and also gives them the information they need about what’s going on at your company and how to best do their jobs. People want and need to feel supported and connected.
- Encourage team members to share their ideas, opinions, and feedback. Managers should foster an open-door policy to keep the communication flow timely and constructive.
Call on the PrideStaff Modesto team to help you build your watertight employee retention strategy – starting with hiring the right temporary, temp-to-hire and direct hire candidates to fit seamlessly into your team. Reach out to us today to learn more.
