It’s no secret that a company’s most valuable asset is its staff. How many of you have been in a situation where you match the best candidates to jobs that you think will make both parties happy, therefor retention should be high? Wrong?
Whether you’re an SME or a large corporate employer, retention should be a priority for your hiring team. Naturally there will always be a turnover of staff but using certain tactics will not only reduce the time and cost of recruitment (with one third of employees leaving before 6 months), retention will create a better working environment and in turn help with employee satisfaction.
In Psixty’s latest recruitment blog post, as part of our Recruiting Weekly series, Director Robin Poddar talks through some of the strategies that companies can use to keep their employees working with them and reduce turnover.
The beginning – Is an Onboarding Process Needed?
The on-boarding process should be clear, structured and most of all transparent from the offset.
When I talk about ‘offset’ this relates to the moment the candidate is offered a job(before their first day) – immediately immersing the soon-to-be starter in your company and demonstrating the level of investment you’re willing to offer, likely decreasing the risk of the candidate not starting.
Methods to retain talent should be varied depending on the level and the role. As an example, structured 1-2-1 training courses for Graduates or trainee level candidates with buddy systems (mentors), social activities and regular appraisals are a good mix of on-boarding which works best to keep the interest and engagement for the employee. For the more senior candidate a planned process which includes regular appraisals, exposure to other senior members, certified course options and involving them in onboarding junior staff are just some suggestions.
Within a sales environment there should be an initial emphasis focused around product/service training – ideally with different individuals from managers, top performers etc.
Once they have been in the position 12 months, the more likely they are to stay.
Benefits – Are they Worth It?
The short answer is yes – but with some thought. Benefits will always be a great way to attract and retain employees to show that your organisation is socially responsible for their staff. They help boost your company profile when competing for the best candidates, but also create loyalty and appreciation from your current staff with; 71 percent of those receiving benefits report that they are very loyal to their employers. However, benefits will only work if the organisation does not fail its staff in other areas.
The type of benefit really depends on the level of candidates you’re looking to attract and the type business you are in. Typically the more junior candidate will enjoy soft benefits such as shirt ironing services, free breakfast, company trips and so on; some of our best clients offer free breakfasts to graduates, and its often part of the reason the candidate accepts.
Mid to senior level candidates appreciate more socially responsible benefits such as health insurance, child care or family dental, and these are driving factors accepts positions. If you’re a start-up / pre-IPO, stock options and share schemes are very attractive for real money-motivated individuals, and these all help committing candidates for the long term rather than the monthly paycheck.
Should Companies Look at Themselves to Improve the Working Environment?
Yes. Companies need to realise and more importantly invest in their office environment.
It takes a certain type of individual that loves coming to work when they’re in a 8×8 cubicle with no office environment or buzz. In sales especially, having a great culture and environment in the office is essential.
Negativity breeds negativity – investing in a good environment where people want to come to work and enjoy their day will increase productivity and retention. Employees will work harder, for longer. Some of our best clients have invested in red phone boxes and creative break-out areas to use during the day, bright colour chairs and artwork in the office to stimulate the creative juices and aid better results – thus keeping the employee engaged and retained long term.
How Do Employers Tackle Overqualified or Underrated Employees?
This is a common problem and we see a huge amount of candidates coming to us looking for new positions because they feel underrated. Employers should to look for reasons why to hire someone rather than why not.
Personally I’ve placed exceptional candidates that go on to be top performers who come with, judging by their CV, little or no relevant experience for the role. On the contrary I have experienced, on numerous occasions, clients feeling their candidates are over-qualified or too senior for a role.
Overqualified candidates sometimes accept positions to complement their personal life, taking into account their growing families, long commute times, expensive travel cost and so on. Sometimes the perfect position is not all about climbing the career ladder. Underrated employees comes from lack of internal structure and management; you should have a process to engage with all employees, not just the loud ones that demand attention. Sometimes the quiet ones are the best performers and you lose them before noticing there is a problem.
Employers need to dig deeper when interviewing and look to understand the candidate’s career aspirations, for they may align with the business. When you truly understand a candidate’s reasons for working, they have a much better chance of staying the course. Money, opportunity, progression, environment, culture, flexibility, working environment – all these and more will play their part.
How External Recruiters Help?
The reasons why many employees leave a company are often things that can be taken care of at hiring. Many recruiters feel their job is done the moment a candidate starts their new role and the invoice is sent. Here are Psixty, we share the responsibility of onboarding the candidate with the client. Checking in with candidates is crucial.
Usually the recruiter has built a relationship with the candidate and the candidate may share initial concerns with them rather than go directly to their new boss. Making sure the client is aware of these concerns, which are normally easily rectified, is essential.
It really starts well before this. Recruiters need to further qualify the role and company with the client – understanding what works well, why people are leaving, after how long and the problems they’re having. This can all be addressed prior to a recruitment drive and measures can be taken to improve not only the quality of candidate coming through but the likelihood of success and retention.
Successful recruitment isn’t based just on the number of placements (it’s not a numbers game), but on how well those placements do in their new jobs and how long they stay with the company.
Psixty are a dedicated recruitment consultancy forged on the promise of delivering results and long term partnerships with both client and candidate. We specialise in Sales, Marketing and Operations careers at both a graduate and senior level throughout the entire recruitment and onboarding process.