Retention is a significant consideration for organizations all across the country. Employee turnover is a costly experience, so how can you keep it to a minimum? It helps to look at the cost of turnover and exactly how to prevent it with your hiring, onboarding, and employee retention programs. The only way to solve a problem is to work through it. Here are some things to consider in terms of the real cost of employee turnover.
The High Cost of Turnover
Did you know that almost 30% of people leave a job within the first 90 days? It’s a startling statistic, but a very informative one. Most of the time, these departures are precipitated by a lack of a good onboarding experience or different expectations about the job itself. But the cost of turnover, especially in the first 90 days, can be a huge concern. The hiring process is not inexpensive, and it takes both time and money. When someone is not in that role, you’re losing revenue or increasing dissatisfaction among your current employees who have to take up the slack. This can take a toll.
Best Hiring Practices
Preventing turnover begins with hiring. Having a strong hiring process that helps managers and employees understand the position, company culture, and employment expectations can all influence the experience either positively or negatively. Starting with the candidate experience through onboarding, determine the best hiring practices to hire right the first time.
It will be far less expensive to keep current employees engaged and satisfied with their jobs than to replace them regularly. While some attrition is expected, often due to changing life circumstances, there is a lot that can be avoided if your employees feel appreciated. Today, workers are looking for a good work/life balance and career advancement. Those things will contribute to employee loyalty.
If someone does leave the company, you need to have a plan for that as well. Many management teams react, but being proactive is far more productive. When someone gives their notice, create a plan to follow that includes an exit interview, hiring and training a new employee, and transitioning the role and company information or technology.
Houston Staffing Partners
Much of the risk of turnover can be mitigated by working with a staffing partner. A recruiting team can help you with a thorough hiring process, along with a placement guarantee. They will also guide the employee onboarding and help with any transition between temporary assignments and permanent company job offers. Staffing agencies will save you both time and money.
Can a Recruiting Plan From Meador Help You Avoid Turnover?
Meador Staffing has over 50 years of experience, finding exactly the right people you need when you need them. Save time, save money, discuss your hiring needs today.