In a recession, it's more crucial than ever that your business is proactive about being known as a great place to work so you draw the savviest of job seekers from a pool that's larger than ever. So it's critical to think about retention as early as when you're interviewing new candidates. Because attrition can have such a profound effect on your bottom line, it makes fiscal sense to prioritize retention. Here's what to look for on a candidate's application - and what to listen for in a screening interview:
Source: Did the applicant apply through Glassdoor?
A 2019 Glassdoor Economic Research study shows that hires that use Glassdoor have higher retention rates.
Mission: Does the candidate's passion align with company mission?
Candidates who are inspired by their company's mission, vision and values are more likely to be highly engaged with their work and motivated to stay.
Culture add: Does who this person is inherently complement your company's collective approach to work and collaboration?
It's not about a culture fit, where you hire more of the same types of people - it's about culture add.
Resilience: In the interview or test, give feedback in a way that resembles the intensity of feedback that's part of the workplace culture.
Overall, a 10% more difficult job interview process is associated with higher employee satisfaction later on.
Compensation: Can you offer a competitive salary?
Pay does motivate employees to stay. On average, a 10% higher base pay is associated with a statistically significant chance that a worker will stay at the company for their next role.
Passion, EQ and strategy: Are you asking the right questions?
Three questions most effective in screening for retention:
- What was your favorite job and why? Look for your candidate to light up here - you want to know that they can feel passionate about their work.
- When you picture your best qualities, what are they and when did you live them in the workplace? This question is a great way to assess how self-aware your candidate is, and it can be an indicator of emotional intelligence or EQ.
- Tell me about a successful project you worked on. This is a classic behavioral question that helps you learn about how the candidate approached a task at a past company.
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