Retaining employees is a challenge that almost every company faces at some point, especially in a competitive hiring environment where job seekers have more ways to look for jobs, and more options than at any time in recent history. Even companies with great employer brands and competitive wages aren’t immune from losing talented workers.
Most companies understand that losing employees is simply part of being in business.
According to US Bureau of Labor data, more than three million Americans voluntarily quit their jobs every month. Some start off passively looking for a new job, then jump at the lure of a higher wage, easier commute, or another perk that appeals to them. Others are ready for a career change, or need to leave the work force for personal reasons.
How to Retain Employees Should Always Be on Your Mind
Timing can be a bigger issue when it comes to an employee’s exit. In a recent study by Korn Ferry, nearly 90% of executives polled say that new-hire retention is an issue for them. The reason they’re concerned is because up to 25% of new hires leave their jobs within the first six months.
For employees who are still fresh from the “grass is always greener” phase of job hunting, it can be easier to walk away than it is to stick with a new job and hope things get better.
Often, retention begins with making the right hire, which is what myStaffingPro is all about. In our recent Spotlight, “Improve Employee Retention,” we delve into a number of ways that companies can build stronger connections between their employees’ career growth, and your organization’s strategic vision.
Maybe your newest hire said yes to a bump in salary, or they’d been out of work for a while, and were excited to finally find something that matched their skills. After a few months, if they don’t feel like they fit, or they’re not sure where the job is headed, it might make more sense for them cut their losses.
When new hires quit before they’re finished onboarding, this can leave your company dealing with an unwanted revolving door.
In many ways, a successful onboarding program helps recent hires build a foundation, and find their footing in their new work experience. As you help them build their foundation, you can also help them take a broader view as they consider what’s next.
3 Tips That Can Help with Employee Retention
1. Make their career path part of the conversation while they’re onboarding
It’s important to remember that during the first few days and weeks on a new job, things can be hectic for them. They’re busy figuring out workflow systems, getting to know their coworkers, and managing projects, and completing mandatory trainings. In the midst of all of this, you’ll most likely meet with them a few times to make sure they’re acquainted with the job. As you check in with them, you can also remind them that while they might be ramping up right now, eventually things will settle down.
- During these meetings, you can discuss strategies to help them enhance their skills, or take on more responsibilities when they’re ready. This can include trainings or other opportunities that will be coming up in the near future, when the time is right.
- Bringing new ideas to the table early on can plant a few seeds for the employee to return to later. It’s also a reminder that the company is always looking ahead.
2. Build on their strengths, skills, and previous professional experiences
If you’re using myStaffingPro as your dedicated applicant tracking system (ATS), then you know how useful it can be to refer to notes, portfolio pieces, and other files during the recruitment phase.
- When your new hire was still a job candidate, they might have expressed interest in an area of the company that was beyond the scope of the job. Now that they’re an employee, you can return to your notes as a way to help them build a plan for expanding their role with the company.
- Using this level of personalized follow-up goes beyond typical onboarding trainings, and can help set the stage for future opportunities and growth.
3. Encourage them to stay flexible and willing to change
As you support new hires, encourage them to include a series defined benchmarks they can keep in front of them along the way. Doing so can serve two key purposes:
- For starters, this can help them see and measure the steps involved as they transition from new hire to key contributor. Many new employees appreciate being able to focus on things in a more granular fashion.
- Secondly, benchmarks are specific points at which a recent hire can check in with HR leaders, managers, and other company mentors. This can be especially helpful in cases where an employee discovers that a path they wanted to follow no longer feels like the right direction. They can effectively regroup with your support, and focus their attention on a different set of skills-based learning opportunities.
Turnover is always going to happen, but that’s no reason to just shrug it off. By providing recent hires with extra guidance and support, especially when they’re onboarding, you can help them answer the question, “Is this the right fit?” in the affirmative.
As your dedicated applicant tracking system, myStaffingPro helps you manage your timing, schedules and paperwork during your new hire’s early days on the job. And myStaffingPro makes it easy for you to utilize notes, feedback and insight gathered while you were recruiting your new hire. Contact a representative today, and find out how we can help you get the most out of the entire hiring process, from requisition through retention.