Employee retention should be top of mind for human resources and hiring teams.
According to social employee recognition software company Workstars, it costs around $40,000 for every employee that a company has to replace.
I think we would all agree that’s a lot of money. So how do we keep employee retention high and turnover low?
In this post, you’ll learn the top reasons employees leave their jobs and how to use these three proactive techniques to retain them:
- Hire Employees Who Fit Your Corporate Culture
- Create an Employee Retention Plan
- Train Your Managers to Deal With Issues Before They Cause Turnover
First the bad news. People do leave their jobs. And here are the most common reasons::
- Lack of Fit With Company Culture
- Too Much Work for Too Little Pay
- Disagreement With Management or Executive Decisions
As an HR professional, you’ve probably seen this with ex-employees. You may even have left a previous job for one of these reasons yourself.
First and foremost, focus on hiring employees who fit your corporate culture.
At SMR Group, we can help you identify the right candidates upfront, so you don’t waste valuable search time on prospects that are not a good cultural fit.
As a hiring manager, you know your corporate culture better than anyone. Make sure you have a profile of what a good cultural fit looks like. Your staffing partner can also give you some guidance and counsel on this important aspect of the hiring process as well.
Create an employee retention plan to address compensation issues.
Use tools like anonymous surveys and employee recognition and feedback software apps. This will help you keep your finger on the pulse of employee satisfaction, especially surrounding compensation.
Consider changing direct compensation if appropriate. These issues are typically one of the top reasons people change jobs. Also offer options for remote work, flexible work schedules, retirement, and health benefits whenever possible.
Non-salary compensation benefits like these can often create game-changing work/lifestyle options for employees.
Train Your Managers to Deal With Issues Before They Cause Turnover
Teach your managers to deal with conflict and issues quickly and decisively. Also, make sure all employees know that they have a voice. You want your entire workforce to know that they can always approach management openly and candidly.
Early identification of employee issues by management will save you significant time, money, and resources.
Small, medium and large companies can benefit by implementing these simple measures to improve employee experience and retention.
Following these few simple guidelines should help you keep your finger on the pulse of employee satisfaction and improve your overall employee retention.
Are you a hiring manager or human resources professional with a job search, or searches, underway?
At SMR Consultants, we help clients just like you find that perfect candidate every day!
Call us today at 908-789-2001, or get in touch online. Our expert recruiters are waiting for your call.