Are you tired of constantly having to replace employees who don’t work out? Are you having issues keeping top people? Do you feel like you are always on the lookout for talent? You likely have more than just an issue with your recruiting process. You should also look inward at your employee retention efforts.
We all know how expensive and disruptive it is to continually replace talent. It costs you time, money, productivity, can lower morale, and cost you knowledge and expertise. Needless to say, you need to stop the revolving door before it spins right off the hinges.
Here is a list of ways you can improve employee retention:
If you are not hiring the right people, then you will continue to have a retention process. Review your recruiting efforts and look for areas that can be improved and be more efficient. This is an important starting point for hiring people who are right for the role and are more likely to stick around.
How you integrate people into your company matters. You need to lead with a strong first impression. This happens from day one and continues with how you train and onboard people. Companies with high retention rates typically invest more into onboarding. It is much more than providing some basic training and having the employee read the handbook. It’s a systematic process that sets clear expectations, provides a good structure and helps new people connect with others internally.
There are likely some clear reasons why people are leaving your company. Find out what they are and take steps to fix the issue. The best way to identify issues is to have employees complete an exit interview or survey on their way out of the company. You could learn a lot about what is not right with your company culture, structure, and operations.
No one wants to be in a dead-end job. They also don’t want to be kept in the dark about future opportunities. Employees leave to pursue opportunities with other companies because they feel as though they don’t have them in their current role. Make it clear to your people the opportunities available for professional development and career advancement. Growth opportunities matter.
IQ PARTNERS is an Executive Search & Recruitment firm supporting clients across the country. We help companies hire better, hire less & retain more. We have specialist teams of recruiters in Executive Search / Board & C-Suite, Technology, Media, Digital & Marketing, Accounting & Finance, Financial Services & Insurance, Cannabis, Startup, Data Science, Consumer, eCommerce & Retail, Operations & HR, Manufacturing, Supply Chain & Engineering, Legal & Professional Services, Pharmaceutical & Life Sciences, Non-Profit & Sustainability, and Sales. Click here to view current job openings and to register with us.
Ross Campbell is a Partner and Practice Lead, Financial Services & Insurance with IQ PARTNERS. Celebrating over 10 years of management consulting experience in executive search, recruitment, and training in Canadian financial services and insurance companies, Ross thrives on the belief that business can be done significantly better by investing in the right people.