Digitech Insights. 11 May 2022
While there is a big emphasis on hiring the right people and attracting the top talent, are you as dedicated to your employee retention strategy? It takes time and money to hire candidates that are the right fit for your organisation, but many employers and recruiters neglect employee retention.
In today’s competitive market, retaining your key staff has never been more crucial. If employees are feeling frustrated or unappreciated they will quickly begin seeking new opportunities elsewhere. Leaving your business starting the hiring process all over again and facing the costly and timely processes of hiring and training new staff.
Having a robust employee retention strategy in place together with open lines of communication between employees and management can significantly reduce employee turnover. Let’s take a look at the top three causes of having a high employee turnover.
The biggest reason for having a high employee turnover comes down to pay. Low pay compared to what other organisations within their industry are paying is often the main reason employees start searching for new opportunities or resign.
Whether they are looking for opportunities to move up the ranks or develop their skills, employees today are focused on enhancing their skills and abilities. If their current employer cannot offer them the growth and development opportunities they want, employees will begin to look elsewhere.
If an employee feels unappreciated they are less likely to be engaged with their employer or the company they work for. Feeling undervalued is a big driver in decreased employee satisfaction, loyalty and engagement. When these feelings creep in is when the employee may start to think about leaving.
Improving employee retention requires a robust retention strategy including:
Recruiting the right people from the very beginning is the first step in improving employee retention. If candidates are a good fit with the company and their goals and values are aligned, they are more likely to remain loyal. During the recruitment process it is imperative to determine what the candidates goals are to ensure as a company you can meet them and keep them engaged.
Candidates want to know there are opportunities for them to develop their skills and move up the ladder, no-one wants to feel they are in a dead end job. Ensure there is a clear path of progression for the right candidates and highlight the journey to employees to ensure they understand the growth opportunities that are available to them.
Look at the ways your company can offer a better work life balance for employees. Whether it is through employee incentive programs such as offering gym memberships or offering flexible working hours or work from home opportunities. Employees don’t want to feel like it is all one sided, they want to feel valued and demonstrating that you want to improve their work life balance is a great way to help employees feel valued.
At Digitech, our team of recruiters and strategists bring a breadth of knowledge and vast experience in the tech industry. From understanding market conditions to ensuring the tech recruitment journey is smooth, we can help you source the best tech talent and reduce your time to hire.
Whether you need a contingent resource to meet a peak in demand, are looking to hire for a permanent position or want to engage with contract workers, we can help you find candidates that have the right skill set and are a good fit for your business. Get in touch with us to discuss your requirements and see how we can help.