75% of professionals are passive job seekers as of December 2021. How do you combat losing great employees and continue to find great talent?
One in four workers quit their jobs in 2021. In the year of the “Great Resignation”, data-driven employee retention strategies have rightly become a focus for employers. The tech industry has one of the highest turnover rates in 2021 next to healthcare. Interestingly, the 30 - 40 age group has made the most movement throughout the year. Of paramount importance to this demographic are opportunities to work remotely, better benefits, incentives, and significant salary increases for similar roles and responsibilities.
A study from the National Association of Colleges and Employers found that it costs an average of $7,645 to hire one new employee in companies from 1-500 employees. Other studies estimate the cost is far more (the Center for American Progress, for example, estimates the cost is between 20-213% of annual salary depending on seniority and skillset).
Now what? Creating retention strategies for your employees based on actual data is key. Are your employees leaving for a lack of diversity, competitive benefits, growth opportunities, or timely raises? Collecting data from exit interviews can help stem the tide and incentivize your top performers to stay the course.
Turnover is fixable, though. Asking employees who have already made the decision to leave is great, but why not ensure you’re addressing issues before they become more serious? Having meaningful conversations with your employees about performance, career development, and compensation can help to stem the tide of resignations.
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What is Employer Branding Anyway?
When was the last time you checked your company's Glassdoor rating? Did you know that 75% of prospective candidates will research your company culture prior to taking the next step? Satisfied employees are your secret weapon when it comes to promoting a sought after work culture and are 3x more trusted than employers tooting their own horn.
What we recommend:
After significant positive events (ie: salary raises, bonuses, etc) that correlate with a work anniversary, ask employees if they’d consider a post on Glassdoor detailing their experience.
In addition, have hiring managers and employees post openings on LinkedIn.
What this will accomplish:
Positive reinforcement for your employer branding - prospective candidates are more likely to want to join a company that’s not only in growth mode, but a company whose employees are invested and excited about that growth, too.
Hiring Millennials? Here’s what you need to know
92% of Millennials said money is a major deciding factor when entertaining a new role. What else are they looking for? - Security - Time-off (real, time-off. Not “unlimited” PTO with numerous hurdles) - Flexible working hours - Great people
Social Media & Finding Talent
1 in 10 new hires are found on social media platforms like; Facebook, Twitter, and Instagram. As it turns out, prospective candidates are more likely to respond to a message in their DM’s rather than jump back on a laptop to check their LinkedIn. Now what? When was the last time you added posts to your company social media page? Do you have social media accounts for your company? Prospective candidates are looking for ways to understand your company culture.
Thinking ahead? What are your hiring goals in 2022?
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