All recruiters need to put ample focus on the acquisition of resources, but retention also plays a huge role in the sustainable growth of an organization. Low employee retention is a red flag for any business – not only is it a waste of time and energy, but it can also belie serious flaws in workplace culture.
Organizations most commonly fail to retain employees because of poor compensation, toxic work environment, low benefits, or minimal opportunities for professional growth. However, heavy employee turnover can be managed and corrected with discipline and commitment to change.
A trained resource walking out the door can be a significant loss for any business. The hidden cost of lower efficiency and reduced productivity usually is not quantifiable. For that reason, an effective and employee-centric retention strategy is necessary for keeping your human capital happily in place.
If you are hiring through a staffing agency, you are afforded the peace of mind that they have the experience and expertise of running a successful employee retention campaign as a matter of day-to-day business.
Table of Contents
Focusing on Low-Cost Employee Retention
Most businesses have cross-functional teams that share common goals. However, the common denominator among the most successful ones is how motivated and satisfied their top performers feel. Talent acquisition strategies and employee retention policies are mutually inclusive and often come together to create a healthy workplace. Recruiters and primary decision-makers should consider the following tips to counter their resource turnover.
Develop an Open-Door Policy
Hiring managers and key players must necessarily ensure that their employees feel comfortable sharing their ideas. This ease of collaboration achieves two essential things: First, it will boost the employees’ confidence; secondly, recruiters can develop a deeper understanding of resource concerns and opinions.
Employee Retention 101: Keeping Your Star Players
Employee wellness directly translates to higher levels of workplace efficiency, as employees can make more tangible contributions. If the key decision-makers become active listeners, it can also help improve operations and workplace culture, encouraging solutions by which everyone benefits.
Improve Prospects for Current Employees
Most employees prefer leaving a position if it stagnates their career and leaves little to no room for professional growth. In a report by SHRM, employees with access to strategic career development plans proved to be 15% more engaged and businesses with said plans in place, translating to a 34% higher retention rate.
It is the responsibility of recruiters to provide a career growth roadmap to prospective candidates being hired through centralized recruitment or otherwise. Current employees should not be taken for granted during appraisal periods and internal promotions should be normalized. If employers invest in the workforce, it can encourage them to do the same for the business.
Create a Support-Focused Culture
Workplace stress is inevitable but unnecessary burdens should be eliminated. Improving workplace culture goes beyond the onboarding process. From the employee’s first day to his or her exit interview, recruiters and managers should strive to make the workplace environment healthy and inclusive for all.
This can include minor changes such as clearly defined roles and responsibilities, curbing micro-management, and course corrections as needed. Management’s behavioral changes can create a discrimination-free and supportive corporate culture that is conducive to higher employee satisfaction levels.
Offer Employee Recognition
Recognizing achievements occasionally and offering words of appreciation can improve employee morale, which is conducive to mental wellness and retention. Employees may not need consistent praise for everyday duties, however, missing out on their due credit for exceptional work can be demoralizing.
Line managers, recruiters, and top management should foster an effective organizational culture that doesn’t allow stress levels to become debilitating.
One way to encourage retention is to encourage recognition of hard work. For example, many organizations, including mortgage staffing agencies, often reward employees with bonuses, company-wide recognition, awards, and appraisals. If employees feel valued, they are less likely to leave.