Where do you Rank Retention in your Organization?
One-third of new employees quit in the first six months, and 33 percent of employees know if they will remain in a new job by their first week of work. These sobering facts, courtesy of Talent Management and HR, highlight a very real issue for those attempting to hire and retain talent.
For individuals tasked with the responsibility, hiring is never as simple as it seems. For starters, consider the disconnect between the need to fill a particular position and the timeframe during which the demand is available for filling. This could mean a position remains open for months during an economic-based hiring freeze or job recruiters must deal with the feast or famine of too many or too few qualified candidates. In these cases, there is a fear hiring too fast could place the wrong person in the role, increasing the potential of turnover and damaging a positive company culture.
In many companies, efforts to improve onboarding continue to grow in importance with close to three-quarters of organizations placing an emphasis in this area. Because onboarding is one of the best ways for new employees to build a connection with a company, its importance cannot be overemphasized. Retention also helps to address the top 3 reasons employees quit.
Top Reasons for Quitting
- Job Stress caused by Uneven Work/Life Balance
- Salary inequality
- Poor relationship with a Supervisor
Despite a number of changes in U.S. employment, the three reasons above remain unchanged for more than a decade. Interestingly, one person has a lot of influence in the tenure of an employee and thatís the supervisor. The relationship built between an employee and supervisor has the potential to be a make-or-break situation. A good supervisor who stays well-informed about the role an employee plays in the organization has the ability to eliminate unnecessary stress created by a poor work-life balance and inequitable pay that could lead to an untimely departure and a resulting scramble to hire.
Inherent in this is understanding retention is about humans working with other humans. Employees and job candidates are more than just assets. They are individuals with particular skill sets, personalities, emotions and the ability to bring much to a role and culture. Through recognition of good work and by understanding these unique elements, supervisors have the potential to eliminate unneeded job stress and help employees cultivate a more balanced approach to work and life.
Hiring for Retention
- Be open about the organizationís values, goals and mission
- Look for matches between candidateís values, beliefs and desires and company culture
- Provide a road map of what to expect from onboarding, the first 90 days and beyond
- Regularly survey on improvements to the onboarding processes and hiring
- Stay up to date on wage rates in relation to similar jobs in the area