Many of today’s companies are facing a turnover epidemic. According to Bonusly, “44 percent of employees say they would consider taking a job with a different company for a raise of 20 percent of less.” Even more startling is that “93 percent of millennials say they left their employer the last time they changed roles rather than advancing in their current organization.”
The Impact of Turnover
High turnover rears its ugly head in several ways. All of which can be detrimental to your company’s productivity and bottom line. Some of the specific consequences include:
- Disruptive to operations – You’re constantly hiring and training new workers, which naturally creates gaps in manpower.
- It’s costly – It can become expensive to continually recruit, interview, hire and train new employees.
- It lowers morale – Some employees may view their position as “a dead-end job” and experience less satisfaction.
If left unchecked, this can really take a toll on your business in the long run and even dilute your brand equity.
If this is something your company is struggling with, you’ll want to get it under control as quickly as possible. The best thing you can do is partner with a staffing agency to help recruit the right talent for your company. They’ll examine many factors including candidates’ experience, knowledge, working style, etc., to ensure they find the absolute best fits.
This way you can ensure you find individuals who not only have the necessary skills, but possess the ideal traits that mesh with your company culture. You’ll find the latter is very important in the modern era and is often vital for an employee’s longevity.
Another strategy for winning the turnover battle is to keep your employees engaged. A study by Gallup reports, “Employees who are ‘engaged and thriving’ are 59 percent less likely to look for a job with a different organization in the next 12 months.” Some ways to increase engagement include:
- Encouraging your staff to share their ideas and opinions
- Giving each employee individual attention
- Celebrating their achievements
- Encouraging them to set goals
Countless companies have felt the sting of losing top talent. But your business doesn’t have to. By stepping up your recruiting and maximizing engagement, you can keep your employees happier and get many of them to stick around for the long haul.
Looking to streamline your recruiting and find top professionals in your industry? Contact Encadria Staffing Solutions to see how we can help.