In the recruitment world that we live in, attracting and hiring the best talent is just the first of many challenges. One of the greatest challenges after successful recruiting is retaining employees and keeping them happy with their decision to join your company. Experienced hiring managers know that retention starts during the recruitment process.
As an employer, it is important to invest in strategies and resources to make sure your employees remain satisfied with both their jobs and the company as a whole.
In fact, according to the Society for Human Resource Management (SHRM), there are huge payoffs for companies that make an effort to implement employee retention strategies.
Among these benefits are:
Employee turnover, more particularly the voluntary type, is a crucial aspect in business that needs to be addressed, especially today where job-hopping has become the new norm. According to SHRM, each time a business replaces a salaried employee with a new hire, it costs an average of 6 to 9 months’ worth of salary, not factoring in other overhead costs involved in recruitment, onboarding, and training.
Over the long run, high employee turnover not only affect the company’s budget but also affects productivity, performance, work quality, and the morale of the remaining employees.
How do you keep your employees happy right from the start of their tenure? Here are a few tips:
1. Realistic job previews
Realistic Job Previews (RJP), as the term suggests, is a recruitment strategy wherein the hiring manager presents both the positive and negative aspects that come with the job role and organization.
Research has shown that candidates who have gone through RJP in the recruitment process tend to have higher job satisfaction rates and stronger organizational commitment. On the part of the hiring managers, it must be noted that RJP may lead to a drop in the number of applicants; however, it also increases their quality, leading to a more efficient selection and short-listing process.
2. Careful assessment strategies
It cannot be stressed enough how important it is to employ strategies that carefully assess candidates. However, hiring managers must know not to take a cookie-cutter approach when it comes to assessment.
Interview questions and pre-employment tests must be catered to the job role, as well as the culture of the team and the organization as a whole. Asking open-ended questions while still preparing a set of interview questions will help you better assess potential hires.
At The QualiFind Group, we’ve also found that taking cultural nuances into consideration in the hiring process is key, especially when it comes to interviews. One cannot converse with all candidates coming from different cultures the exact same way, which is why it’s important for recruiters to take a multicultural approach when it comes to hiring.
3. Having a more efficient recruitment process
One aspect in recruitment that is often overlooked is the time it takes for the whole process to be completed. While it is important for hiring managers to take their time in assessing and deliberating candidates, taking too much time in making a decision can deter the best of candidates.
It is important to factor in how long candidates move from one stage of the process to the next. Improve the candidate experience by having a more efficient recruitment process. Set clear benchmarks for selection and have a collaborative effort with other key members in the organization who can help you in the decision-making.
4. Strategic onboarding
Your onboarding process should provide the new employee all that they need to be prepared for the job. This not only includes providing them with the right tools and the right training but also assimilating them into the company culture.
Socialization events for new hires make them feel more welcomed and cultivate friendship among their peers early on, which could positively affect employee morale and productivity in the long run.
Care must also be given when hiring and onboarding new hires virtually. It’s prudent for hiring managers to maintain continuous and more open communication with candidates during the hiring process, as well as taking the time to establish rapport and apply effective candidate engagement activities during onboarding.
5. Tailored compensation and benefits
Another key factor in both attracting and retaining top talent is the compensation and benefits that they will receive.
The most sensible approach is to tailor your pay structure and rewards according to the individual needs of the employee. You may also consider explicitly linking certain rewards to retention—for example, giving additional vacation days for every year of tenure or offering retention bonuses.
However, hiring managers should be careful in striking a balance between considering the unique needs of each employee and the collective needs of the organization. Honest one-to-one conversations and regular performance reviews can help managers decide on the best way to support their subordinates.
Recruitment provides potential hires a glimpse into your company, which is why it’s crucial to get it right from the beginning. The first step is to establish a solid recruitment strategy to make sure that applicants have a smooth candidate experience—if they are well taken care of at the start, it speaks volumes of how they will be taken care of if they get hired.
If you need help with your recruitment strategy, The QualiFind Group can lend you a hand. We have 22+ years of experience in the industry, working with both domestic and international clients for their professional and technical headhunting and recruitment needs.
To get started, visit https://www.qualifindgroup.com/en/contact/.
You might also be interested in:
If you want to win the war for talent, skills-based hiring must be a part of your strategy. Judging talent by degrees alone is not enough.
The impact that the COVID-19 pandemic has had on the world is mind blowing. It is hard to fathom. Industry has changed, and the way we do business is different.