Employee retention is one of the key metrics measured within the talent function. It’s an organization’s ability to keep existing talent and prevent employee turnover. Retaining employees has a direct impact on business performance and success, putting it at the forefront of every talent leader and executive’s mind.
Startling data from the latest Employ report reveals that 63% of recruiters have had new hires leave in the first 90 days after starting a new job, and one in every three new hires will leave a job during that period. With this data in mind, it’s clear that employee retention efforts should start before the candidate is ever hired. Here are five ways to get employee retention right through recruitment:
#1: Define What Employee Retention Means for Your Company
Employer branding refers to the way organizations differentiate themselves from competitors in the market for employees. What is your company’s reputation among your workers? How is it as a place to work? Do your employees feel cared for? Taken care of? Would they recommend you to their friends? These are all important questions that contribute to your employer brand.
According to LinkedIn research, more than three-quarters of people seeking jobs look into the company’s employer brand before applying. This means that most of the candidates you interact with will already have an image of your company, especially candidates with the most employment options. They’re also likely to leave a review after interviewing or interacting with your company during the hiring process. How does your online presence impact business? Here are three ways:
The first step to getting employee retention right is to define what it means for your company.
- What are your goals and objectives when it comes to employee retention?
- What does success look like?
- How is that different from your current retention analytics?
Answering these questions first will help you develop the strategies and policies you need to make employee retention a reality.
Data Driven Results: Three Ways Data-Driven Recruiting Leads to Talent Acquisition Success
#2: Make Sure Your Recruitment Process Is Solid
Your recruitment process is the first opportunity you have to engage potential new employees and express what it’s like to work for your company. If your recruitment process is disorganized, dysfunctional, inefficient, or otherwise off-putting, it will be difficult to convince candidates that your company is any different. Remember, you can only make a first impression once, so make it count. Ensuring your recruitment process is as smooth and engaging as possible sets the tone for a positive employee experience.
Use key metrics like these to learn about your candidate, hiring manager, and recruiter experiences:
- Sourcing effectiveness
- Candidate conversion rates
- Hiring manager satisfaction
- Recruiter satisfaction
- Candidate satisfaction
- Quality of hire
- Overall time to fill
- Diversity of talent pipelines
- Employee retention rates
#3: Onboard New Employees Effectively
The onboarding process is crucial for employee retention. This is the time when new employees are learning how to operate in your organization, being trained and finding footing in their roles, taking on new responsibilities, and getting their first experiences as an employee with your company culture. If they have a positive onboarding experience, they’re more likely to stay with the company long-term.
The most successful HR teams have clear and comprehensive onboarding objectives. They include:
- Easy access to new hire paperwork (eSignature capabilities are table stakes today)
- Onboarding checklists for new hires to refer to as they move through the onboarding process
- Introduction to the company’s mission, vision, and values as an extension of employer branding
- Facilitating introductions to department colleagues to begin team-building efforts
- Offering resource centers for “everything you need to know” starting on Day 1 and beyond
- Beginning the learning & development process; if there are critical skills or certifications required, make training available
- Providing a resource center for all questions
- Giving a clear roadmap of a 30-60-90 day plan for all new hires
Ensuring that new workers catch on to how things are done and assimilate with your company culture is paramount to their success in your organization.
Avoid Common Blunders: Top 5 Onboarding Mistakes to Avoid
#4: Communicate Regularly
Open communication with your internal team, as well as the candidate, is essential for employee retention. Employees who feel unsure of what they’ll be walking into within the company are more likely to look for opportunities elsewhere.
When seeking to create positive candidate experiences, communication is key. No candidate likes to be kept in the dark; they want to stay informed and updated regarding where they are in the hiring process. Unfortunately, too many recruiters and employers treat the hiring process as a one-way street, requiring prompt answers and updates from candidates without offering the same thing in return. Make sure you’re communicating regularly with your team about company news, changes, and developments.
#5: Offer Competitive Benefits and Compensation
Employees who feel they’re being paid fairly and have good benefits are likely to stick around. High levels of turnover in companies have shown that candidates expect more when it comes to salary and benefits. Employees are no longer accepting lagging wages and benefits from companies, and they’re still in a strong position to get what they want.
Talent acquisition teams are staying agile by articulating compensation on job postings and adjusting compensation for existing employees to increase retention. If you want to retain the best talent, make sure you’re offering competitive salaries and benefits. Regular raises and bonuses can also help employee retention.
Further Reading: Five Key Insights from Today’s Job Seekers
Jobvite Offers the Ultimate Candidate Experience Solution
From prompt, transparent feedback and communication to a clear explanation of responsibilities and company culture, your organization can invest in multiple areas to ensure excellent retention. With the Evolve Talent Acquisition Suite, you can ensure the entire talent acquisition lifecycle delivers optimized candidate experiences for better recruiting results.
Watch our product tour on-demand or subscribe to our blog to stay in the know on the latest insights in talent acquisition.