How important is employee retention?
Employees add a considerable amount of value to your business processes and help you attain your organizational goals. While it is crucial to hire fresh talent regularly, it is equally important to retain the valuable talent you already possess.
As we head into 2022, the competition in all major industries is getting increasingly intense. Businesses across the board are recovering from the Covid-19 crisis, and they are willing to hire skilled and dedicated employees to get them back on track. This implies that your employees have more options apart from working for your organization. If you cannot keep your employees engaged, they are likely to switch to another company that provides them with more benefits.
There is no doubt that employee retention strategies are at a premium in the candidate-friendly, ultra-competitive hiring market we’re currently experiencing.
In a previous post, we point out the strategic advantages of a relationship with an experienced recruiter. If you get into a pinch where you need to fill a vacant position quickly with skilled, vetted personnel, call us at 908-964-7575, or get in touch online.
This post will discuss proven strategies to help HR professionals and hiring teams improve employee retention. And exceptional retention starts with hiring the right personnel.
Identify and screen candidates based on a concise job description and job requirements document.
This is the practical side of the hiring process.
According to B2B social giant LinkedIn, over 80% of employee turnover in the U.S. is due to bad hiring decisions.
Human resources professionals need to keep employee retention top of mind when every new employee’s search and recruiting process starts.
And that means the right pool of active and passive candidates. At Patel, we understand our clients’ culture, hiring process, and job requirements before starting the search. We target a specific pool of candidates based on those metrics.
The result? Candidates who fit the business profile have an extremely high chance of lasting several years or more with the hiring company.
Finding an excellent corporate cultural fit is critical to long-term retention.
Recruiting employees who fit in with the corporate culture is requisite to having a workforce made up of motivated, satisfied, long-term employees.
As a hiring manager, you know your corporate culture better than anyone. Make sure you have a profile of what an excellent cultural fit looks like. Your staffing partner can also give you some guidance and counsel on this important aspect of the hiring process.
We highly recommend that hiring teams openly discuss culture during the screening and interview process.
Design an impeccable onboarding process.
69% of employees are more likely to stay with a company for three years if they experienced great onboarding (source).
Up to 20% of employee turnover happens in the first 45 days (source).
New employees who went through a structured onboarding program were 58% more likely to be with the organization after three years (source).
We offer additional onboarding tips in a previous post. A meticulous, welcoming onboarding procedure is essential for a high workforce retention rate.
Closely monitor employee retention stats, satisfaction demographics, salary, and non-compensation benefits.
Know your industry! Sites like Salary.com and Linkedin can be helpful as compensation guides. Also, use your employees and your network, and be especially vigilant about what your competitors are doing. Recruiters can also be an excellent source of competitive information.
Compensation has recently taken a close back seat to a toxic work environment as the number one reason employees leave companies. So keep your eyes wide open for these two silent killers of long-term employee retention.
Flexible, remote, and hybrid work environments are also must-have options for tech workers.
These tips will help you source, recruit, and hire exceptional long-term employees.
Get in Touch with Our Team Today
A laser-focused recruiting firm can also enhance your hiring and retention strategies by helping you find that initial critical group of candidates to interview within a diverse hiring pool.
The recruitment team at Patel is highly tenured, trained, and experienced in competitive sourcing (passive candidates), reference recruiting, and networking. We meticulously place the right candidate whenever we engage with a client to fill a direct-hire, temporary, temp-to-hire, or contract position.
Are you a hiring manager or human resources professional with a job search, or searches, underway? Are you looking for workforce management solutions?
Maybe you just have some questions about how we can help you with your staffing needs?
At Patel Consultants, we help clients just like you find that perfect candidate every day!