The loss of a core talent means at least a 2-month recruitment period, a 3-month adaptation period, and a 6-month integration period; in addition, there are recruitment costs equivalent to 4 months' salary, and more than 40% of failures Rate.
This set of data tells us that retaining core talents means saving costs and improving efficiency. HR plays a key role in this.
As the competition for high-quality talent intensifies, the last thing business managers and HR want to see is the departure of excellent employees, yet many of them feel that there is nothing they can do about them.
In fact, companies can do a lot for their employees. According to the report, 42% of employees who switched jobs said they would not have switched jobs if their employer had changed something.
So, what can you do to retain employees?
In addition to increasing employee salaries and benefits, you can do these:
When interviewing candidates for long-term retention
If you want your employees to stay with the company for the long term, you need to figure out what they value most during the interview. The following may be examined:
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their short-term and long-term goals;
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From the perspective of the previous boss, what changes would they make to prevent employees from leaving;
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Which skills they would like to use in their future jobs. (A job seeker's resume can only say "who they are", not "what they want to be");
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What kind of corporate culture and company management system will give them the motivation to work;
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Why did they leave the previous company.
If you feel that the candidate's answer does not match your job setting or corporate culture, then it is very likely that no matter what you do in the future, it will not change their idea of moving. At this time, you should carefully consider whether to hire this candidate.
Ensure transparency of performance standards and targets
Everyone aspires to have a sense of success in their careers, and wants to be a pivotal person in the company. If employees are still unsure of their status in the company, they may go to other companies to find development opportunities.
To remove this confusion from your employees, you need to ensure that performance standards and goals are open and transparent. When employees understand public metrics, they don't question whether their efforts are getting what they deserve, and they're more engaged and loyal.
Clarify the hiring manager's responsibilities for employee retention
Front-line managers have a great influence on employee engagement, and corporate management is closely related to employee satisfaction.
Effective business management is not only concerned with employees' contributions to the company, but also whether their superiors have created the right environment for employees to stay firmly in the company. To do this, front-line managers should take long-term soft skills and employee engagement training.
In addition to this, line managers should also be held accountable for employee retention. Employee retention is often seen as the job of HR and is therefore rarely a priority for business management. And when line managers are also held accountable, employee retention becomes a business goal, and business managers look at the issue from a fresh perspective.
Enable employees to achieve work-life balance
For employees, remote work or flexible working is often more attractive than bonuses. Business managers and HR should find a balance between keeping employees happy and productive, which will deepen their affection for the company.
In any relationship (including an employee-employer relationship), people want to know three things:
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Do you care about me?
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can i trust you?
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Did you do what you promised?
When your company culture enables employees to achieve work-life balance, the answer to these three questions is yes, which obviously has a positive effect on employee retention.
Create opportunities for employees to grow and learn
Research shows that the biggest reason for employees to change jobs is the lack of room for advancement in the original company. So to retain employees, you need to give them enough room to grow.
On-the-job training, mentoring, and leadership courses are all great ways to train employees and help them acquire the skills they need for advancement.
In addition, cross-training can be carried out for some important staff. When these key employees have the opportunity to improve themselves, they will be more willing to stay in the company.
Summarize
The departure of key employees is a major loss for all businesses, as they take with them strong professional skills and great customer relationships. The process of finding new substitutes is time-consuming and labor-intensive, which will affect the profit and efficiency of the enterprise to a certain extent.
In an ever-changing labor market, businesses need to make employee retention a top priority. You can even consider opening a "CRO (Chief Retention Officer)" position to retain talent and reduce corporate losses. At the same time, it is necessary to cultivate the awareness of business managers to create a favorable environment for the promotion and development of outstanding talents, and to supervise their actions. Otherwise, the departure of outstanding talents will cause huge losses to the company.
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