You might think that with today’s high unemployment rate, as a business owner you don’t have to worry about turnover – nobody’s leaving, right? Wrong!
The fact is, for every person who is putting off looking for a new job, there are those who are already working and planning to move on. As soon as they can.
Why? They are unhappy where they are.
Employers have downsized and added to the remaining staff’s responsibilities. Employees are stretched thinner and thinner. Benefit packages have shrunk and, with fewer retirements, there is less opportunity for promotion and career advancement. Companies are not doing enough to recognize their talent and do what they need to do to keep them happy.
Fewer rewards, more work, less potential for advancement = looking for a new role.
But can companies really afford this kind of turnover?
In reviewing an article on the cost of turnover, although there are several formulas that try to determine an actual number, no one knows the actual answer – because every situation is unique. However, one thing everyone seems to agree on is that the cost is always too high!
As the economy improves, however incrementally, unhappy employees are going to be causing more and more turnover all over the country.
The good news is that companies can combat potential talent turnover right from the start by improving their actual hiring process.
- Utilizing recruiting resources – whether internally or through an expert staffing agency – is instrumental in hiring successful long-term employees. As specialists in talent search, Recruiters have access to large networks of potential talent whom they identify and qualify specifically for your company, culture, and role. This multi-step approach ensures they are selecting the right talent for your position – talent who are interested in, motivated by, and excited about your opportunity.
- Recruiters are also vital to helping address unexpected turnover as well. With access to thousands of talent, Staffing Agencies can quickly find stopgap solutions, providing freelance or contract talent until the empty full-time position is filled. With HR resources often stretched across many positions, utilizing external staffing resources for specific full time hires will usually speed the search as well. Recruiters’ direct access to talent networks, existing relationships in the field, and use of multiple job boards all aid in a more efficient and effective candidate search.
In addition to improving internal hiring processes, employers must also be willing to make changes internally as well. Money and productivity losses due to employee turnover can be minimized by thinking about keeping your employees happy and fulfilled:
- Find new ways to publicly reward good work and show talent they are valued
- Offer more vacation days to counterbalance the longer hours now being required
- Offer optional telecommuting opportunities to create better employee work/life balance