As most employers are aware it is currently a tight labour market which is driving up employee salaries and making recruitment challenging. Therefore, the retention of talent is more important than ever. Employers can prevent top talent leaving their Company with the right practices and strategies.
A low employee turnover level can signify you are an employer of choice, if this is the position you are in, I would advise you to try to pinpoint and continue what is driving this. For those that find that employee turnover is high or on the rise, there are methods in which you can address this, such as:
Ensure you speak with your HR Advisor to ensure your recruitment process is meaningful and thoroughly assesses the suitability of candidates. Useful tools can be:
- Accurate Job Advert
- Accurate Job Description
- Ensuring Application forms are completed
- Job specific interview questions and tests for candidates
- Ensuring references are a condition of employment
- Cross referencing the information provided in the application, interview, and references. For example, ensuring employment dates are accurate.
The time, stress, and cost of hiring and training new employees can be significant, and turnover can have a negative impact on your business outcomes. High employee turnover brings about multiple problems including high costs, knowledge loss, and low productivity.
Improve your onboarding experience
Job specific onboarding is a vital part of retaining employees, and any onboarding process should ideally continue throughout their probationary period. Those who do not experience a positive onboarding experience are significantly more likely to leave within the first year.
A positive onboarding experience should reinforce the Company’s message, sets clear expectations, clarify policies and benefits, whilst integrating new employees into the company culture.
In addition, as more organisations have employees working remotely it is particularly important to tailor induction processes to ensure they integrate with colleagues.
These can benefit a business in ways such as:
Employee turnover can be expensive with recruiting and onboarding new hires being time-consuming and demanding on those responsible. In addition, inexperienced employees can reduce the quality of your product causing revenue loss. Therefore, an effective retention strategy can help you manage these challenges. I would advise discussing with your HR Advisor your strategy for retaining staff.
Productivity and engagement tend to be higher among long serving employees as they have had time to develop their abilities to ensure they work effectively. They are also usually more committed to the success of the business.
It is also believed that a high level of engagement leads to increased productivity and better quality of work.
Having happy employees and retaining talent will ultimately lead to be a better product and experience for your customers. If your customers are happy then your Company can thrive.