Companies invest tremendously into the recruiting, hiring and training processes to bring new talent onboard. Great amounts of time and thought and effort go into getting employees from their newly hired status to become fully productive staff members. Employee retention, therefore, is a critical concept and when it comes to looking at hard facts regarding this issue, the numbers are staggering.
In reviewing the statistics on employee retention, the following facts stand out:
So given these realities, what can employers do to make sure they have not only selected their hires carefully but then keep them long-term? Here are a few tips for employee retention:
1 | PROMOTE EMPLOYEE REFERRAL PROGRAMS
As the statistics demonstrate, employees who are referred in are already more invested in the company, because they have friends or others who they know in place.
2 | INCORPORATE LONG-TERM VISION AND PLANS
Incorporate long-term vision and plans into onboarding practices. This gives employees a similar long-term viewpoint on how and where they fit in to the company’s goals.
3 | CAREFULLY DEFINE MILESTONES
Carefully define milestones, goals and achievable objectives for new employees in their first months and year. Working towards something concrete and then achieving it gives people a sense of accomplishment.
4 | REWARD EMPLOYEES
Even if the company can only make miniscule adjustments in salary and/or benefits, make them. Employees who feel they and their efforts are valued are far more likely to stay.
5 | CHOOSE CAREFULLY
In selecting new hires, make sure you get a “big picture” of who they are. Digital interviewing technologies can help you see the candidates in a more holistic manner.
Alex Kilpatrick is the Marketing Communications Manager at interviewstream and has been with the company since 2018. In her free time, she enjoys running, reading, traveling and spending time outdoors.