Employee retention rates are more significant than first meets the eye. Good employee retention rates are key to your employer brand and recruitment marketing. If your company is perceived to have a high employee turnover rate, it is by news.
When employees feel appreciated, employee retention rates are higher. So what exactly can help improve employee retention rates?
1. Employee referrals
Employee referrals are the recruiter’s best friend. They make for cheap, easy and extremely effective hires. What’s more is that they result in improved employee retention rates. Your existing employees know what makes an ideal candidate, so who better to include in your recruiting process?
The key here is setting up and consistently maintaining an employee referrals program. So send out reminder emails and an overview of any open roles. Recruiting software can also really help here. HireHive even has features to help you put one in place.
Your existing employees hold the key to improved retention rates
2. Look at past performance
Again, your existing employees hold the key to improved retention rates. By looking at any data gathered during past recruiting efforts, you will be able to determine where successes and failures may lie. Also, recruiting software will likely have gathered significant data on existing employees.
Your top performers and long serving employees will also offer huge insight. What made their recruiting, onboarding and ability to perform possible?
3. How you advertise
How you advertise jobs and your job descriptions may have significant impact on retention rates. If there is ambiguity in the job descriptions, candidates may realise they are unsuitable for the role… after they have started the job.
Your advertising, interviewing, assessment and hiring strategies should gather all necessary information from candidates. Using scorecards or assessments as part of the interviewing process helps to eliminate any ambiguity for both recruiter and candidate.
Your existing employees are a mine of information when it comes to retention
4. Employee engagement
Your existing employees are a mine of information when it comes to retention. Employee retention rates really come down to a simple idea: what makes an employee happy at work and who keeps them motivated.
By simply asking employees what they like about their workplace currently and what could be improved upon, you can easily determine what impacts your employee retention rates. Interview your current employees to ensure sure that they are content and motivated at work.
5. Benefits and perks
Employee benefits and perks are in all recruiting campaigns, with good reason. By ensuring conditions in work, and indeed outside of work, are as comfortable as possible, employee retention rates will improve.
Benefits and perks need not even be financial. Additional time off, family leave or work from home options will offer greater flexibility to your employees. Even perks like an occasional free lunch or breakfast will make employees feel valued.