Talent acquisition is a competitive market, and most companies focus their energy and budgets on recruiting new employees. An elaborate hiring process and signing on bonuses can often steal the spotlight. However, employer retention could be the key to sustainable success.
Why Retention Drives Better Hiring
Retention and hiring go hand in hand, a company with a strong retention rate benefit from:
A strong, positive employer brand. The employees become ambassadors for the business making it easier to attract new talent. Word of mouth is one of the best, most authentic ways to attract top talent.
Recruitment costs reduce; by reducing turnover you’re reducing the need for constant hiring, being your team have more time to focus on a strategic talent acquisition. They will always be able to be one step ahead.
When people see long-term growth and loyalty within a company, it signals stability. This draws in applicants organically and those looking for long-term opportunities rather than joining your company as a stepping stone.
A healthy culture will evolve and develop; stable teams build better relationship allowing for productivity to increase naturally. Having strong morale in the team will bring the right energy required and this will be felt in the hiring process making the company one to work for from the start.
Improve your Employee Retention
If you want to improve your employee retention, it’s time to start working on a few areas that will make a big difference.
- Career development plans are a great way to visualise growth, and the employee will be able to see their journey.
- Offer flexible work, allow your employees to enjoy their lives more and promote a healthy work-life balance.
- Consistent feedback and positivity can go a long way, being genuine can go a long way and you will be rewarded with loyalty.
- Be competitive with pay and benefits, stay up to date in the market and ensure you’re matching it and more.
The Bottom Line
Employee retention is more than just data; it’s the foundation of your employer reputation and hiring success. If you take care of your employees, they will respect you and stay with you through the good and the bad situations while being an advocate for your company.
If you need support or advice with your recruitment process do not hesitate to contact us today or fill in this form for a FREE recruitment marketing audit.
