Recruitment is an expensive undertaking for employers. It requires a significant investment of time and money to find the best candidates for the job. Given that most companies are dependent on multiple teams of committed employees, it makes sense that employee retention is a cost-effective way to manage your staff. A more efficient use of resources is to hire and keep talent rather than to needing to seek new employees on a regular basis.
Turnover is often the result of a bad hire, such as someone who is not as experienced or qualified as they led a company to believe they were, or perhaps an employee is simply not able to meet the needs of the job, or feels they are being undervalued for their work efforts. Regardless of why an employee might decide to seek work elsewhere, one commonality across the board is there are things employers can do to reduce employee turnover. Today’s article will discuss a number of key tips to make sure your staff remains happy and committed to the common cause.
Targeting Your Recruiting Efforts
Knowing what type of candidate will make a good employee for the long term is a difficult task. This is something every employer struggles with from time to time. One suggestion is to widen your search parameters. Considering candidates outside the local area and not restricting your talent pool to candidates who are within close proximity can help you find more qualified and even committed applicants. This requires a little more flexibility in terms of hiring remote staff or relocation costs, but it may help you recruit and retain high-quality employees.
Providing High-Quality and Constructive Feedback
Employees need to know what they are doing is appreciated, but also what needs adjustment in order to improve and succeed in the long term. Providing feedback on their performance through reviews and regularly planned touchpoint communication meetings can really help cement their investment in their team, their projects, and your company. Show your staff you are committed to their personal growth and career development. The loyalty will be reflected back strongly in most cases.
Create a Positive Company Culture
It’s easy enough to say that your company has a positive work culture, but it takes more than bringing in a ping-pong table to keep industry talent happy. Even as much as providing a thorough benefits package and competitive financial compensation might not be enough in today’s job market. A positive corporate culture is one that supports the needs and work-life balance of its employees, on paper and in actuality. Hiring and retaining employees and managers who support the creation of an engaging and supportive work environment is a great place to start.
If you are currently struggling with high turnover rates, consider working with the helpful team at Search Services. Our advisors can help you reevaluate how your corporate culture and recruiting strategies will improve to keep industry talent invested in your workplace for the long term. Contact Search Services today!
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