Some say that the general rule of thumb for anticipating the cost of hiring a new employee is to multiply the employee’s salary by two, but the truth is that is could cost even more than that depending on your industry, region, the position and so many other factors. That means that companies that are experiencing high turnover are also likely experiencing more expenses, downtime and stress on your HR department.
The good news is that reducing turnover is something your company can start doing tomorrow. To help with making those changes and keeping your employees on board even longer, take a look at the four ideas below for increasing retention:
Consider your recruiting
It really goes without saying that the first step of retaining employees is hiring the right ones. You can work on developing your recruiting and networking methods until the end of time, but without seriously evaluating the job and determining what specific needs the job has and what key things you’re looking for in an employee, you’re shooting in the dark. You’ll want to consider personality characteristics, experience, skill and ability, among other things.
Shape up your onboarding
Your onboarding procedure is the first real experience your new employee has with their new employer. Consider your process and evaluate whether or not it’s truly beneficial, if it’s run smoothly or seems unorganized, what employees really take away and how it sets them up for their first day on the job. As the saying geos, you only have one chance to make a first impression, so make it a good one. It might be an exaggeration to say that employees will feel negatively if you need to leave the room to retrieve a form you forgot that they’ll need to fill out, but it isn’t an exaggeration to say that employees will remember an impressive onboarding process.
Get employees engaged
As with anything in life, when you feel like you have a place somewhere, you’re more likely to keep coming back. Promoting a culture of connecting is imperative to retaining employees. Study after study has shown that employees one of the main reasons employees stay or leave because of their boss, but it’s also important to facilitate relationships between peers, employees in the same life stages and between mentors and mentees. This truly is a culture shift that you encourage and foster, but it requires buy in from employees to be successful.
Though often overlooked as an aspect of keeping employees engaged, empowering employees to make decisions, implement ideas and voice opinions and concerns goes incredibly far in your efforts to retain employees. When employees have a certain degree of autonomy, they feel pride of ownership while also feeling that their employer trusts their skill and expertise.
If you were to implement one new effort to retain employees, what would it be?