Every month an estimated 3 million Americans quit their job for a better opportunity. Approximately 31% of employees leave before making it to the six-month mark. With this said, employee turnover is a significant expense and liability to the organization. Furthermore, it is estimated that it costs an employer double an employee’s salary to replace them when they quit. It is important to note that even though this amount varies from industry to industry, it can even be higher for some employers. This leaves the question: How do you win the battle regarding employee retention? How do you keep from losing employees in the job market? Utilizing the strategies provided below is vital to attain a high employee retention rate.
Salary & Benefits Must Be Competitive
A recent Deloitte study from individuals in the recruitment, H.R., and hiring manager sector found that 45% of employees leave their current occupation due to salary, followed by career advancement opportunities, better benefits, and location. According to a collection of recent surveys on employee retention, only 24% of “Gen X” employees say that financial means motivates them at their job. Yet, 56% of employees say health care and insurance benefits keep them at work.
Hire the Right Person at the Start
Glassdoor found that 35% of individuals hiring new employees are doing so with the expectation that more employees will be quitting soon. Hiring the right individual for the job is imperative to minimize the risk of an employee leaving. 37% of hiring managers say that new hires will stick around longer if they are better informed during the hiring process for that particular job. A poor onboarding experience builds a foundation of negativity in the new position. Ensuring you are honest about what you expect the new hire to do is essential. Transparency is vital in finding the right employees.
Reduce Employee Pain
Employees are unable to function like robots. When an employee’s work and life balance is not proportional, this creates employee pain. The job becomes a strain if the employee feels like they spend most of their life working. To make sure this does not happen, find the pain point, which can be through employee surveys, direct feedback, or paying attention to industry trends. By doing this, you will be more aligned with your employees’ needs and ensure they are met.
Keep an Eye on your Managers
It is said that people leave managers, not companies. Companies should take the time to train their managers to deal with technical facets and “soft skills” relating to their roles. This means teaching your managers how to motivate individuals based on their personality traits, conflict management, stress management, and crisis management.
Make Employee Engagement Possible
Employees who are highly engaged with their employer are less likely to leave the organization. Some initiatives a company can offer are cross-training programs so that employees can obtain a broad skill set, not just a narrow set limited to their position. Secondly, companies can use mentorship programs to encourage the mentee to become a mentor. Lastly, creating a leadership ladder is essential so employees know how to move up.
To conclude, employee retention can help save the organization from production losses. High employee retention companies can hire highly engaged workers who, in turn, get more done and at a high-quality rate. This can lead to improved customer relations, increased profitability, and staying one step ahead of competitors.
With Aqore, our solution allows you to streamline applicant tracking to new hire onboarding and client management with a unique approach to workflow and tasks. We are confident that Aqore will deliver 100% R.O.I., the only system you need for onboarding, recruiting, sales, payroll and billing solutions without needing third-party integration. To find out and learn more, contact us today.