Are you struggling to retain the employee that you worked so hard to find?
According to a report of the Society for Human Resource Management, U.S. companies expect to spend $680 Billion in employee turnover costs in 2020.
Given the resources that companies dedicate to recruiting, hiring, training, and support, every business must make it a priority to retain talent and channel turnover expenses toward investments that support growth and profitability.
For managers, the situation is made even more difficult by the tight labor market. When there are more jobs than available talent, organizations need to better understand why employees stay and why they leave.
According to SHRM, employees leave because their employers are not meeting expectations, and those expectations often fall short in three areas: (1) poor manager behavior, (2) lack of career development and (3) dissatisfaction with work-life balance.
Strengthen your company’s retention strategies and results by paying attention to the following:
- Start on day 1: a great onboarding process is critical, yet only 12% of employees in the U.S. would rate their company’s onboarding as “great.”
- Communicate and support employees by addressing the ways that they are unique. Companies need to put effort into working with employees from different generations, or in offering work opportunities that fit an individual’s unique talents.
- Make sure your managers are thinking about their team’s career advancement. Few things are as effective in retention as helping employees grow personally and professionally.
You can read the full SHRM article here.
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Michigan Staffing and Aspen Search Group want to make it easier for candidates and job seekers to find great opportunities for growth and success while helping our client companies attract and retain great people.
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