Finding the perfect fit for your team is half the battle. Next, you need to keep them. For most companies, high turnover rates are a major concern. It makes sense considering the cost to hire and train new talent can be expensive. Not only does it cost a lot of money, but it costs time and productivity. When our clients come to us looking for strong, long-term team members, these are the steps we suggest they take to keep retention rates high.
Engaging new and current team members is imperative to maintain a high retention rate. Try using value-based recognition programs to engage with the team and instill the company’s values at the same time.
To retain employees, it is imperative to understand what they are looking for in an employer and job position. For job seekers, the most important factors in a potential new position are job stability, location, and culture. Understanding employees’ wants and needs is critical for retention and taking the time to taking the time to reflect on their priorities will undercut costs in the long run.
Money is not everything. Counter-offers are often ineffective because compensation is not the main factor for when employees choose to make a career switch. Creating an opportunity for growth and a solid career path has a much better retention outlook than increasing compensation.
Money can’t buy happiness and it certainly can’t buy a more successful professional future. Career path and job advancement is at the forefront of most employees’ minds, hence their career should be at the forefront of an employer’s mind. Individual conversations about long-term career goals will reinforce employee worth and company investment in employees’ long-term plans. Begin the conversation, find out what skills they want to acquire, and develop a strategy to stay on plan.
Being successful at hiring is about convincing the perfect candidates before someone else does. If you are presenting job seekers with engagement, career advancement, employer culture, and benefits, you’ll see your retention rates rise, and the cost of making a hire will go down.
If you’re looking to build your dream team, let’s talk. We’ve helped people like you build dynamic, capable tech teams for years, and we’d like to help you, too.