4 Ways You Can Reduce Employee Turnover
Posted on May 15, 2024 by Minal Joshi Jaeckli, One of Thousands of Team Coaches on Noomii.
Here are four ways you can reduce employee turnover and hiring costs at different stages: from hiring process to retention plan.
The average company has a staggering 13% employee turnover rate. That translates into thousands of dollars lost and paid in recruiting and training new employees to fill the gap.
Often managers looking to hire talented individuals have a large pool of candidates to choose from, however, skills and expertise alone don’t always make for a good long-term fit. Recruitment often overlooks or depends only on instinct during the interview process to assess other variables such as personality and culture fit.
Selecting talent that can do the job and work well with managers and fellow employees is just one part of the equation. Here are four ways you can reduce employee turnover and hiring costs at different stages: from hiring process to retention plan.
Vet Employees Properly
Of course, hiring based solely on a resume is a mistake – that’s why companies take time to interview candidates, usually conducting interviews over several rounds and with several people in the organization. So, we all agree that while some individuals may have all the key skills and competences required for a role, if they don’t fit with the company culture or clash with their managers they simply will not last. But, how well are the people conducting the interviews able to assess and predict which candidate will work best with a particular manager, versus who they like best, and which candidate just has great interview skills versus who will work best in the role for the long-term?
OpenElevator provides a simple and intuitive platform that allows hiring managers and their recruitment teams to easily compare applications on their compatibility ranking and values alignment to see how potential employees fit with the hiring manager and the organization. Recruitment teams can couple this information with answers from candidates to their customized questions to confidently choose whether to reject, shortlist or interview a candidate.
Utilizing tools like OpenElevator, which allow companies to hire employees who are well fitted for the job, the manager, and the company culture, reduces turnover. Since hiring the right employee from the get-go is the single best way to keep employees on your team for the long-term.
Implement Onboarding Process
Once a candidate has been hired, onboarding the individual is an important aspect of ensuring engagement from the start. Bigger companies have elaborate onboarding – from full week to day-long events – however even with a limited budget and far less extensive planning, organizations can effectively engage new hires from the start. For example, pairing senior employees with those just starting out with your organization, allows new hires a better chance to engage with your organization. Employees who feel included by their peers and enjoy a sense of belonging are more likely to be there for the long-term.
Offer Training for Growth
Clearly people starting out in their career are looking for on-the-job training, but even seasoned professionals appreciate or even crave growth. By providing in-depth and forward-thinking training, on new relevant technologies, improving presentation skills or possibilities to participate in mentoring programs, you keep your employees engaged and advancing. Personal growth is a key and powerful component of good morale.
Recognize & Reward Good Work
After the recruitment process and onboarding, focus on retention with recognition and rewards. Great managers know that authentic positive work enforcement has a way of transforming morale and reducing turnover.
Meaningful recognition and praise are a critical and a cost-effective way to keep your team engaged. Little things like sending out emails for a project completed ahead of schedule or bringing attention to achievements of your team go a long way towards keeping employees for the long-term.
Tying it Together
To hire the best talent for the long-term, your recruitment team needs to know not only what your company is looking for, but also how well a candidate matches with the hiring manager and the company. Once hired, you can reduce turnover by providing onboarding, growth opportunities and recognition. Using these methods will save your company time and money and keep you focused on achieving your goals.
We are providing the narrative on this, as well as the platform to easily assess these three pillars in your hiring process. If you want to learn more, simply contact us. It would be a pleasure for us to help you build and lead a great team.
More information: openelevator.com
