Employee churn is a fact of life for any employer, but a high level of churn is one of the worst things to happen to any organization. That’s because replacing employees takes up so much time, resources, and money. Turnover costs for entry-level employees alone cost a massive 50% of their salaries. That’s an expense you might not be able to afford.
You can save time, resources, and costs by improving staff retention. This means holding on to good employees for as long as possible. Here are some ways to do it.
Align Hiring Criteria With Values and Culture
Employee retention starts the moment you decide to fill a new job role. Or more specifically, when creating hiring criteria that represent that position’s needs. Aligning these criteria with your organization’s values and culture leads to higher-quality hires who are more likely to stick around in your company and not jump ship.
For example, if one of your values is trust, you’ll want to include this value in your hiring criteria. That might mean stating you’re looking for trustworthy individuals in a job ad. If one of your values is leadership, make it clear you want someone who’s a natural-born leader.
When you make your recruiting intentions explicit, you’re more likely to attract the right people to the right role. This can prevent problems down the line, such as employees realizing they’re not a good fit for your organization.
Create a Smooth Onboarding Experience
Employees who have a good onboarding experience are 2.6 times more likely to feel satisfied at work. Why is this important? Because satisfied employees are less likely to leave your organization. When someone enjoys their job, they’ll probably want to stay put—at least for a little while. This can improve overall employee retention.
There are various ways to improve onboarding. Making the process more engaging is one of the most effective. So, consider incorporating team-building exercises and roleplay. Making your expectations clear as an employer can also help. It prepares an employee for their new role and ensures they meet and exceed your performance goals.
Establish Relationships With Non-Successful Candidates
Most employers want nothing to do with applicants who aren’t successful for a role. However, continuing to communicate with these candidates can help you fill future roles they might be more suitable for. Say someone didn’t have the right qualifications or experience for a role. They could be a better fit for another position, so keep their details on file so you can check in with them in the future.
Telling someone they didn’t get a job can be difficult and might make them reluctant to consider other roles in your organization. So, nurture relationships with unsuccessful candidates to make them feel more comfortable with accepting alternative positions. This might involve providing clear and constructive feedback about why they weren’t successful and making it clear you value their skills. All of this can improve your overall employee retention efforts and make it easier to fill roles going forward.
Gather Insights From Departing Employees
Sometimes, it’s just not possible to convince someone to stay at your organization. Perhaps they’re relocating, retiring, or changing course in their careers. In these scenarios, learn more about what departing employees think about your company so you can fine-tune your future hiring processes. For example, find out whether someone had a good experience working for you and if there’s anything you can improve as an employer.
You can gather insights from these employees in different ways. One of the easiest ways is to collect information in a survey. Alternatively, you might want to meet with someone leaving your company to compile feedback.
Advocate for Continuous Learning and Development
Providing employees with professional learning and development opportunities keeps them engaged, which can reduce their chances of leaving your company. That’s why many companies like yours invest in training programs and other initiatives.
Continuous learning and development programs cost money. However, you could generate an investment return through increased employee retention. Say someone learns new skills at your company and earns a certification for their effort. That might be enough to encourage them to stay with your company for longer.
Key Takeaway: Keep More People at Your Company
When an employee leaves your organization, you’ll have to find someone to replace them. This can cost thousands of dollars and disrupt your team while you search for suitable talent. Reduce the chances of this happening by boosting employee retention. That might involve creating a smoother onboarding process, aligning hiring criteria with your values and culture, and investing in continuous learning and development.
Of course, some employee churn is inevitable. However, you can quickly fill a role if you work with the right talent professionals like MRINetwork. We find the right people for the right position at the right time, including freelancers and contractors. Find an MRINetwork Office near you now.