When you offer employment opportunities, you need to do more than just detail the ins and outs of your company. You need to go the extra mile and cultivate a potential employee base that suits your brand’s vision from top to bottom. While there’s no true way to fully predict the potential of each and every worker, it’s possible to mediate the ongoing risk of employee turnover with the aid of staffing agencies.
What’s Employee Turnover?
An issue that’s causing countless businesses to lose money every year is that of employee turnover. In fact, some estimates think as much as $11 billion is flushed down the toilet every year due to this factor alone. Employee turnover is a term used to describe the phenomenon in which employees leave a company prematurely. Nearly 50% of human resources professionals say employee retention is their biggest concern.
How Can I Encourage Employee Retention?
The opposite of employee turnover is employee retention. This is used to describe people remaining in a company or small business for the long term, considered by most professionals to be financially viable for everyone across the board. Over 60% of organizations view their current employee retention rates to be a problem. Employment opportunities are only as good as their long-term goals.
What About Employee Engagement?
Employees who don’t feel confident in their work and feel undermined by their role in the company are more likely to leave than their more engaged counterparts. One way of encouraging employees to be more involved in their work is implementing employee recognition programs — studies have seen 86% of companies with these programs in place noting a more significant increase in employee satisfaction. Additionally, new hires that undergo a structured on-boarding program are nearly 60% more likely to be with the company for three years.
What Role Does Social Media Play In Recruitment?
Social media brings people together. This also means helping businesses better determine the transparency of their potential workers and judging how well they would fit into their brand’s dynamic. Over 90% of recruiters will actively study a candidate’s social media profile before reaching out to them. When you consider that the costs of employee turnover can be as low as 30% and as high as 150% of an employee’s salary, it’s time to be proactive and put your money where your mouth is.
Should I Hire A Human Resource Agency?
Over 20% of new hires will leave their job within a month and a half of being hired. How do you reconcile with these figures? Workers that stay with a company in the long-term are proven to save a business more money every year. Long-term workers means less marketing, less outreach programs and less hours put into training. More than three million temporary and contract employees work for America’s staffing companies a we speak, meaning you’re at no shortage of options for higher employee retention rates.