Employee retention rates are among the most persistent challenges faced by nearly all industries. Especially in sectors that are experiencing growing labor shortages, such as warehousing and the skilled trades, it is important to employ performing workers on your team as long as possible.
Finding new employees can be time-consuming and costly, and while fresh talent is welcome, it can be overly expensive to regularly cycling through new hires. According to recent figures, the cost of replacing an employee can be anywhere from 16% to a jaw-dropping 213% of their salary, depending on the position.
The benefits of keeping new hires on board for the long haul are undeniable. Here are some of the top ways to hold onto your talent in 2021 and beyond.
Effective onboarding programs
One of the most valuable ways to keep your staff happy is to make sure they are set up for success right from the start. Implementing straightforward yet thorough onboarding in the form of training materials, documentation collection and safety protocols are not only requirements, but they ensure your new hires have a good grip on what is expected of them starting on day one.
Onboarding and training are a necessary part of every new hire’s journey. While some employee turnover cannot be prevented, positive onboarding experiences can help boost retention rates by up to 82%.
At Select Staff, we’re proud to offer a top-notch onboarding experience to each candidate that we hire, ensuring performance and satisfaction in their new roles with leading clients state-wide.
Consistent communication from management
Keeping lines of communication open at all times makes it more likely for employees to stay on the right path. Consistent communication in the form of meetings and performance reviews is critical to understanding the strengths and weaknesses of both employees and employers, and can help contribute to a more successful workplace.
According to a recent report, a lack of appropriate management skills makes an employee up to four times more likely to quit their job. From a managerial point of view, interacting with your new hires and providing them useful feedback is essential in keeping employee turnover low.
Facilitating a supportive workplace culture
For many job seekers, they are not simply hoping for a place to earn a paycheck when looking for a new position, but also a space where they can develop relationships. In addition to providing a more attractive place to work, the majority of workers believe that cultivating a positive and respectful culture is an easy way for workplaces to have a competitive advantage. When employees feel heard, seen, and are happier at their place of work, they are more likely to be productive and engaged, contributing positively to the bottom line overall.
Hiring for fit
In addition to providing a positive workplace culture, it is just as important to try and hire employees that you believe will integrate well into the culture that has been created. According to a recent study, more than two-thirds of hiring decision makes and recruiter believe cultural fit to be an important factor when looking for new talent. Hiring for fit means finding employees whose values and ideals align with that of the company and is likely to increase retention, improve job satisfaction and increase commitment to the job and organization.
Offer flexibility where possible
One of the most significant defining features of the last few years has been the adoption of flexible work. While remote work may not be possible to implement in certain workplaces (such as warehouses and construction sites), offering some degree of flexibility in terms of shifts or hours can make a big difference.
Nearly 8 in 10 respondents to a recent study said that having some amount of flexibility at work has made them more productive. In addition, 44% of respondents said that flexible hours or working arrangements would be a major consideration in their future job searches. Not only does offering flexible options help keep your existing employees satisfied, but it could also have a major impact on the retention of your future hires as well.
Select Staff has the expertise and experience to help our customers make effective hiring decisions. Want to learn more about how we can help? Contact us today.