Retention Is the New Recruiting
You have a killer team of recruiters. They’re scouring the web for top talent, battling it out with other companies for their attention. You’re spending tens of thousands of dollars paying recruiting agencies just to acquire one employee.
All the while, you’re bleeding revenue with open seats on your sales team floor.
That picture is very familiar for companies who get dragged into recruiting talent wars after losing employees to attrition. People get poached right under your nose. Without your knowledge, your employees are getting text messages and private emails and InMails from recruiters enticing them to leave. Who goes to the dentist dressed to interview anyway?
You spend hundreds of thousands of dollars replacing them… maybe even millions. Many studies reveal that losing just one employee can cost from tens of thousands of dollars all the way up to 2X their annual salary.
Guess what? You don’t need to.
Retention is the new recruiting.
If you can just keep employees an extra six months (or maybe a year or two), you’ll save a massive amount of money with very little investment. Your CFO will love you, and you’ll have a lot more time to spend on other tasks.
Pull your marketing and HR teams together along with your managers to devise a plan. Ask your employees for feedback regularly and anonymously so they feel comfortable being completely honest. Meet with them to find out what motivates them to stay at your company.
Once you collect this invaluable feedback, share it with HR, marketing, and your managers to pinpoint the best ways to retain more employees. Make it policy and implement it. Change the recruiting mindset to one of retaining employees instead of finding new ones.
You can get managers fully on board by offering bonuses for lower attrition rates. Don’t skimp on these; keeping quality talent around is worth its weight in gold.
You can’t go wrong paying more attention to the basics. Every employee values transparency, quality leadership, and opportunities to build skills for career advancement, while being challenged, all in a friendly and healthy work environment. Even something as simple as a pat on the back for a job well done goes a long way.
Studies show that retention doesn’t start on the employee’s first day at work. It starts the moment they see your job ad. With more informed and transparent job ads, candidates have a better idea of what it’s like to work at your company and can weed themselves in or out.
Post jobs on job sites that provide you with the ability to give more information and transparency, including your culture with pictures, videos, testimonials and more so candidates can make better career decisions.
Focusing on retention will save you a heap of time and money. Ignoring it sends you straight back into the ring, fighting it out with competitor companies in the never-ending war for talent.
You can avoid that fate, though.
Don’t recruit. Retain.
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