A candidate-driven market typically goes hand-in-hand with exponential turnover rates. With a low unemployment rate of 3.7%—which is remarkably lower for highly-skilled positions—employee retention is a top priority for companies across the nation.
The current state of the market is affecting companies in all industries across the nation; however, there are strategies to avoid it. Companies can reduce turnover and minimize the cost of a vacancy by hiring the right people and replacing employees efficiently—both of which are more easily accomplished with the help of a top recruitment firm. Although a firm can locate professionals that are an ideal fit, it is ultimately the employer’s responsibility to keep promises made and retain talent.
How to Retain Top Talent:
Hire the right people
Reducing turnover rate starts with hiring the right people. Rather than rushing the recruitment process to fill the role quickly, a strategic and thorough process will result in the right hire. When partnering with a recruitment firm, the recruitment and interview processes aim to fully understand the true strengths, weaknesses, and intentions of a candidate before making a job offer. Companies can thoroughly assess a candidate’s motivation when several professionals from the company meet with them to evaluate their character. When culture fit and retention are a top priority for certain roles, a half-day working interview may be necessary.
Welcome employee feedback
Welcoming feedback from employees lets them know that they are a valued asset to the company. Employers should retain all feedback, then make improvements if it will improve productivity among the team. If company-wide changes or added benefits do not appear to be productive, keep in mind that personalized negotiations are possible. If a certain employee proves that he or she performs well when working remotely or with flexible hours, grant them that benefit. Employers should try to add additional benefits periodically and remind their team of what is offered.
Provide frequent performance reviews
To operate at peak productivity and motivate employees to produce better work, two-way communication should be frequent and constructive. Providing monthly, quarterly, or biannual performance reviews not only enhances employees’ skills, but also lets them know that their skills are valued. To ensure that employees are motivated after a performance review, the review should be well organized, thought-out, and constructive.
Cultivate individual growth
Employee training and continuous learning opportunities have consistently proven to be a valuable investment. Learning and development opportunities improve employee performance and are appreciated when offered correctly. Bringing in a speaker to speak to the whole company or department is a step in the right direction, but can be interpreted as a waste of time if certain professionals cannot find common ground with the speaker. Instead, let the individuals be active in selecting learning and development opportunities that they would benefit from. Company leaders could offer to buy individuals tickets to a conference of their choice, or offer bonuses to employees who complete personal projects that develop their creativity or strategic thinking abilities.
Encouraging a healthy work/life balance and emphasizing company culture are key factors in improving employee retention. Regular social outings or activities develop a company culture that instills pride in its employees, therefore greatly improving retention rates. Organizations with an impressive culture schedule post-workday activities like happy hours and sports events—they also continue the positive culture inside the workplace by celebrating successes in all-company meetings, giving shoutouts to individuals or departments, and emphasizing support and empowerment among its employees.