If you’re like most companies, you’ve identified employee retention as a key strategy for 2021. Employers are well aware of the cost of having a revolving door in their business. Some studies say that every time you replace a salaried worker, it costs six to nine months of that salary, on average. For an employee making just $60,000 annually, that’s up to $45,000 that you’ve lost in wasted recruiting, orientation, and more. There’s a better way to do this, which is why, in this blog, The Custom Group of Companies shares some of our best tips for retaining your valuable workforce.
Top Tips for Employee Retention
The data shows an average turnover rate of more than 10% worldwide. Even a 1% turnover costs your business, so companies are well and truly invested in learning new strategies to retain top talent. Here are some tips that can help your business:
- Retention begins with recruiting. Candidate experience is hot this year. The phrase refers to how recruiting teams handle even those candidates they discard for a better pick. The idea is that each candidate could become an evangelist for your brand even if they aren’t hired. Recruiting teams must be trained in how to “sell” candidates on company culture while also preparing them thoroughly for what the job will entail.
- Look for long-term track records. Choose candidates that you believe will be more likely to stick around. Candidates with prior job longevity have potential. As you’re interviewing, try to determine if the candidate weathered the storms and ups and downs of the company they were in. This speaks to loyalty, perseverance, and dedication, all characteristics of a solid candidate with some staying power.
- Provide a growth path for your employees. Ongoing education and a roadmap for advancement will keep your employees happier and more engaged. It will help your workforce understand they are valued and a crucial part of the company’s success. Establish regular reviews and merit raises, as well as benefits and bonus structures to keep people moving up the ladder. Invest in an HR development executive to help with employee wellness and advancement. Offer tuition reimbursement and support your teams in their efforts to continuously improve.
Work With the Experts!
The Custom Group of Companies is committed to your success. Talk with our team today about how we can help you find the right employee to fit your culture and company. Call on us.
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