Throughout 2018, the name of the game was employee retention. As the job market continues to tighten and the unemployment rate remains the lowest it has been in years, this trend is certainly continuing into the new year. As we march past the 1st quarter of 2019, companies need to continue to focus on employee retention and come to terms with how this affects their overall hiring strategy.
Is there really that big of a difference between retaining existing employees over searching, vetting and hiring a new candidate. Absolutely! In fact, according to Peoplekeep.com, the costs of employee turnover are continuing to increase, as much as 2.5 times an individual employee’s salary, depending on the role. This figure doesn’t even take into account “soft costs” such as lowered productivity and training costs.
So the question remains; how do you increase employee retention? Here are a few simple suggestions to keep in mind.
- Retention should start before the hire: This simply means that employee retention should be something that your hiring staff focuses on from the very beginning; starting with recruiting and continuing through the entirety of the hiring process and beyond. You need to keep a clear and concise idea of what type of culture your company holds and make sure to focus on individuals who value the same type of working environment. Always hire with the intention of keeping that employee as a long term asset. Hiring a new employee knowing full well that they will not be a long-term solution is putting your company behind from the get go.
- Always engage employees with opportunities to learn new things and for advancement. It’s human nature to want to strive for bigger and better things. No one wants to be stuck in a “dead end” job doing the exact same thing each and every day without the opportunity for additional responsibilities or even promotion within. The idea here is simple; continuously provide your employees with opportunities for growth and to further their education, even if that simply means becoming more knowledgeable about your company as a whole and how they can continue to be an important asset to you and your team.
- Benefits are and always will be a huge selling point. This can be an excellent way for your organization to stand out from your competitors. This doesn’t necessarily just mean health benefits. A lot of companies are starting to allow more flexible scheduling so their employees can spend more time with their families. In addition, some companies are beginning to offer up to 18 weeks of parental leave for all of their employees. The idea is that by allowing employees to take time off to handle personal situations, the employer is provided reassurance that when the employee does return that they are able to put their full attention back on the job, rather than worrying about something going on at home. Other important and sought out benefits could include paid holidays, company outings, performance bonuses, etc.
- Embrace technology. Especially in today’s society where it feels like there is a new technological advancement every single day; companies have no choice but to either embrace it or fall behind the curve. Everyone expects to be exposed to and have new technologies available at their fingertips. From the newest smart phone being launched to how AI will be integrated into their daily lives, employees want the best technology available to ensure that they are performing at their best at work and at home.
- Turnover will happen so be prepared for it. Unfortunately, no matter how well your treat employees, life can get in the way. In circumstances where you are feeling lost after losing what you consider to be a rock star employee, you have to move on. Always try to have a succession plan for any and all of your higher level or hard to fill positions. Making sure that there are others within your company that can at least assist with the workload after the turnover takes place, can take a huge weight off of your shoulders. Also, remember that turnover can also be a blessing in disguise. You never want to hold on to employees that don’t want to be a part of your organization in the first place.
If you take anything away from this post, please remember that now is the time for retention. Companies need to start treating their employees as true assets and not individuals that can be easily replaced. It’s only when the employee feels appreciated and recognized and the employer understands their worth that true employee retention can thrive.
The Trillium brand of companies is privately owned by René Poch and provides more than 30 years of industry leading recruitment and staffing services through its divisions including: Trillium Staffing, Trillium Construction Services, Trillium Driver Solutions, Trillium Marine, Trillium Technical, Trillium Environmental, Trillium Hospitality and Trillium Techs. With approximately 100 offices nationwide and nearly 400 internal recruitment professionals, the Trillium brand is proud to be recognized by Staffing Industry Analysts as a Top 25 Largest Industrial Staffing Firm in the U.S., a Top 100 Largest Staffing Firm in the U.S., a Top 100 Fastest Growing Staffing Firm in the U.S., and a winner of National Best and Brightest Companies to Work For. For more information please visit www.trilliumstaffing.com.