Companies take great measures to recruit talent, and once those candidates are hired, businesses need to ensure those employees don’t leave right away. Getting your staff to stay in the company is crucial for success, company culture, and good financial performance.
There are several reasons why employee turnover occurs. Let’s look at some of the common causes:
> What comes with the job
Low compensation
No/minimal health insurance and retirement savings account
No flexibility
Burn out from overwork and stress
> The work they do
The don’t feel challenged by the work
They lack a clear path on how to grow within the company
They experience problems with management
Management is not providing clear direction
> How they feel about the job
They don’t feel valued
They’re not recognized for a job well done
They don’t fit with the overall culture of the company
How Can Hiring Improve Retention?
Recruiters are keen on finding the best candidates out there. An amazing candidate is the one that will stay and succeed in your organization. Taking the prominent causes of low retention into account, how will you help secure high retention rates through your recruiting efforts?
We’ve got a few ideas:
> Improving the recruiting funnel
Increasing the quality of applicants from the get-go, which helps you pick out the best of the best, is an excellent way of driving company growth for both the short and long term. Planning a strategy for bringing more qualified talents to the top of the funnel will create access to stronger decision-making and hiring choices.
> Competency over career history
Spotting a successful candidate is best achieved through job-related performance rather than reviewing traditional resumes. Resumes will never be as objective or relevant as a recruiting method that involves qualification based on competencies. A resume might paint a picture of an extremely desirable candidate, but the reality and matter-of-fact performance will determine their true value in the present, and more importantly, in the future.
> Manage high turnovers
If you are experiencing high turnover in your organization, taking a second look at your recruiting process is extremely important. Consider implementing a process that assesses candidates based on performing job requirements before being hired so you can determine if the candidate is a good fit, and thus, more likely to stay.
> Create belonging
When employees feel valued by their company and feel like they belong, they are less likely to look elsewhere to find something better. If their days are fulfilling, they feel seen and acknowledged, and they care about where they are, they will have a sense of meaning and reason to remain with the company.
In many cases, we think that it’s the hiring manager’s job to keep people in the company. However, there is a strong correlation between the recruitment process and the retention rate. A good process which involves engagement, transparency, and which looks at relevant qualifications can improve retention tremendously. Would you give it a try?