It costs quite a bit of money to hire a new employee. It starts with the costs to recruit them, onboard them, train them, and then give them benefits. When a company has high employee turnover, it can cost them a fortune and make them less competitive.
Luckily, there are plenty of ways to keep employees so they don’t want to leave. This will save the company lots of money over the years and even make it a much more profitable company overall. The productivity in addition to the savings will add a lot of money to the bottom line.
In this article, we will go over some of the ways to make sure your employees don’t leave so you can slow down turnover.
1 – Recruit the best
Sometimes an employee and a company are really not the right fit. Unfortunately, the realization only comes when the person has been working there for a while. It’s much better to avoid this type of scenario by having a process in which the best people for the role are the ones being hired.
Hiring a person should go beyond just how they look on paper and involve a lot of other factors. Using a recruiter that utilizes modern methods, such as tapping into a company alumni network, can help identify candidates who are a better fit. Former employees in the network can offer insights and referrals, making it easier to hire people who align with the company culture and are more likely to stay long-term.
Using a recruiter that specializes in your industry also helps since they understand what the right candidate is like. Four Recruitment – experts in finance recruitment are a great example of this. Since they deal with the finance industry they know what to look for and how to work with companies to go out and find the ideal candidate.
Paying more for a recruiter that is an expert in your industry is money well spent and will pay returns for years to come.
Reserach and compare RPO solutions that have experience in your industry so you can find the right fit for your company. This will ensure that the candidates being presented to you are qualified and have a higher chance of being long-term employees.
2 – Offer good benefits
Even the most suitable person for the role can eventually be tempted to jump ship. Money talks so even an employee that is happy with their work, role within the company, and the company itself can be poached away to the competition.
To prevent this from happening, they should have a great benefits package that they would not want to give up when a recruiter comes looking for them. Employee happiness relies more on the non-financial things they get out of working for a company, but the benefits are important when you do have all the other factors working in your favor.
3 – Give them a future
A good employee is one that wants to rise through the ranks and envisions themselves in a role with the company in the future. This means that they have to see that there is a path for advancement within the company.
Make sure to have a system in which good workers have a way to rise up in the company while also making sure that the role they are leaving will be filled with somebody equally competent.
