In today’s competitive business world, top talent is in high demand. If you don’t keep your A-level employees happy, you risk losing top employees to your competition.
For an entry-level position, turnover can cost 30 percent to 50 percent of an employee’s annual salary. This number skyrockets as high as 400 percent for high-level or highly specialized roles. Follow these tips to help curb costly turnover.
It Starts with Your Hiring Process
Take time to carefully evaluate each job candidate, right from the start, in terms of their potential long-term staying power with your company.
- Pay close attention to signs that you may have a job hopper. While there’s nothing wrong with a person switching jobs to advance themselves, you want to be sure to hire someone who is interested in growing with your company, rather than simply picking up experience to take somewhere else in a short time period.
- Hire for cultural fit. Finding employees who feel a strong bond with your company begins with creating an environment that appeals to them. Your company culture should match the type of person you hire.
Offer Career Advancement
Employees won’t be as likely to look elsewhere for career growth if they already have it at their current place of employment.
- Invest in helping your employees to stay current and keep their professional skills relevant. Take their continuing education seriously. They see it as an investment in their future.
The Value of Performance Reviews
Once you’ve hired a great performer, be sure they maintain that high level of productivity and job satisfaction. Your employees should be fully aware of their job duties and how well they are doing in performing them.
- Have a job plan and provide regular feedback on performance. Offer not only annual review but also make it a point to have periodic conversations throughout the year where you can discuss not only what a person has accomplished but also their future plans and level of happiness with their role.
Flexibility is Key
One of the leading reasons employees quit their jobs is due to a lack of flexibility – even if they otherwise love their work. Attract and engage your workforce by offering flexible scheduling options whenever possible. These may include:
- telecommuting full-time or part-time;
- a compressed schedule that involves working longer hours Monday through Thursday and having Fridays off; or
- job sharing, with two part-time employees sharing one full-time role.
Allowing people control over their schedules – and in turn, their personal lives – can make a tremendous difference. And if you expect them to be available for a client call or meeting after hours, then you need to understand if they come in late or leave early.
The CPS Recruitment team is focused on meeting your specific talent acquisition and management needs. We can help design a customized plan for your company and its hiring, retention, and staff development needs. Contact us today for more information.