Increasing retention is a key goal for many HR teams. Luckily, there are some simple steps companies can take to help keep retention rates high.
We’re passionate about helping you find the most talented employees for your organization, but attracted qualified talent is only the tip of the iceberg. Replacing employees that leave is costly and time consuming, so ensuring you hire the candidates that are the best fit your your company is key. Luckily, there are some simple steps that you can take to mitigate early employee exits:
1. Make use of employee referrals
Referrals are the most effective method of recruiting when it comes to boosting retention rates. Studies show that retention rates can run at 46% after one year, compared to 33% from career sites and 22% from job boards. When looking at the figures after two years, this rate rises to 45%, compared to 20% from job boards after two years and 14% after three years.
2. Keep your employees happy
This might seem like an obvious one, but it employee welfare can easily be forgotten amidst the meeting business targets. The key here is to make employees feel valued and engaged at work by ensuring they find their work stimulating and beneficial to the organization as a whole. A recent survey found that up to 70% of employees in the US are “not engaged” or “actively disengaged” from their job. Using services like TinyPulse, an employee survey tool, can help you discover what makes your employees tick and what makes them feel disconnected from their work.
3. Take advantage of technology and individual expertise
The past decade has seen a great shift in the type of technology people use at work and at home. Whereas the workplace was traditional the place where new and exciting technologies would first be experienced, more and more people have access to better hardware and software at home, and it can be frustrating for employees if the technological expertise they gain at home isn’t taken advantage of in the workplace. Services such as Work.com allow employees to keep a dynamic profile which outlines their technolgical expertise, giving employers the opportunity to see what they can offer their organization and provide feedback on their skills.
Far from just saving you time and money, boosting your retention rate is a great way of securing a strong culture of value and inclusivity. This helps boost your company’s reputation as a conscientious employer, further attracting dedicated talent that will ultimately contribute positively to your productivity.