What to keep in mind to improve employee retention
Employee turnover has a terrible impact on employee morale, productivity and can be extremely expensive. What can you do in the recruiting process to improve employee retention?
Consideration for employee retention is really part of playing the long game. Statistics on employee turnover take years to collate and benefits schemes do not establish themselves overnight, but that doesn’t mean the ability to improve employee retention is out of your hands. In fact, keeping employees engaged can even start at the advertising stage.
There’s a lot you can do early on to make sure that your employees are with you for the long haul. The recruitment process and on boarding process are highly influential on your employees. Statistics show that a third of employees know within a week if they’re going to stay with an organisation long-term and a third of hires quit within the first six months. It’s well known that re-hiring is very expensive and has a negative impact on culture.
Here are a few ways you can improve employee retention from year zero.
Referrals are a famously effective way to hire top-quality candidates. They are 45% more likely to stay on in a job for two years, which means improved productivity and morale for your organisation. Having a well established, well maintained employee referrals program will improve hiring and cut costs in one fell swoop. Furthermore, existing employees will feel that their opinion is valued at the company and that they have some influence on the makeup of the team.
A good onboarding program will make an enormous impact on the workplace well being of any new hire. If someone feels the rug has been pulled from under them within the first few weeks, you are very likely to lose them as quickly as you hired them. On boarding requires a good level of communication with your newbie. Making sure they understand the values and requirements of your organisation, empowers them to make an impact on your company very quickly. Even something like a buddy system will make someone feel they’re being looked after and make them far more likely to stay in the job.
As stated above, good communication is at the basis of employee retention. When posting jobs, make the expectations and requirements of the role clear from the beginning. By doing this, you’re likely to hire right, avoiding problems in the long term. Getting feedback from long-serving employees, via survey or interview, will let you know what you’re doing right.
Recent graduates are more attracted to roles with some level of flexibility, and in some cases, they expect this as a job benefit. It’s unlikely that millennials are the only ones who feel like this. Studies show that remote workers are far less likely to quit a position. When hiring, take stock of what you can offer candidates by way of benefits and make sure to include it at the advertising stage. Even small perks, like free lunch every so often, make employees feel their hard work is valued.