Improve employee retention with more effective hiring strategies
Retaining quality employees is critical to a business’s success in any job market. It’s especially true in a situation where talent is limited and employees have several options to choose from. Employee turnover can be costly — as high as 2.5 times that employee’s salary. Add in other “soft costs” like lowered productivity and the potential damage to the company’s culture and you’ll see just how important retention is.
How recruiting affects retention
If your company is struggling to hold on to good employees, you may want to consider rethinking your hiring strategies.
“Retention starts right from the beginning, from the application process to screening applicants to choosing who to interview,” according to Dan Pickett, CEO of Nfrastructure. “It starts with identifying what aspects of culture and strategy you want to emphasize, and then seeking those out in your candidates.”
Pickett further points out that the longer an employee stays with a company, the more productive they are over time. “[L]ook at this as a long game, and take steps to ensure you’re doing it right by making sure each employee is completely engaged with and part of the company’s ongoing success.”
Candidates offer clues about their potential for longevity in their resumes, Pickett observes. “Have they worked at a company for many years through ups and downs? That speaks to loyalty, perseverance, engagement,” he says. Conversely, an applicant who’s had multiple jobs over a short period of time may be more difficult to keep around for the long haul.
Recruiting made affordable
Many businesses rely on recruiting services to help identify, recruit, interview, and onboard new employees. These services generally charge a percentage of that position’s salary — 25% on average. That model can work well for large businesses who are perpetually hiring because of turnover or growth.
HR Affiliates now offers an alternative, more affordable option for smaller companies who only need recruiting help occasionally. Rather than charging a percentage of salary, we leverage our experience and access to job boards, recruiters, and headhunters to identify viable candidates. That means that we can do the same recruitment for a third or half of what a traditional recruiter might charge.
For more information about how recruiting can improve your retention rates — or about our hourly recruiting services — contact us today. We’re just a call away.