Is Retention 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 and aggressive recruiting from the outside. People get poached right under your nose. Without your knowledge, your employees right now are getting text messages and private emails and InMails from recruiters enticing them to leave. Many salespeople are contacted by recruiters more than 2x a week (from a 2017 Sales Club poll). Who goes to the dentist dressed to interview anyway?
You spend many thousands of dollars replacing them… maybe much more. Many studies reveal that losing just one employee can cost up to 2x and employees salary.
Guess what? It doesn’t have to be this way.
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. From managers to the CFO, they’ll all love you, and you’ll have a lot more time to spend on other tasks.
Give job seekers what they want and what they’ve been asking for. What do they want?
Introductions to your company and a better process before the interviews.
This is your brand and it’s up to you to protect it.
A better jobseeker experience > candidate > employee experience = Retention (they are all connected)
The more informed a candidate is, the better he/she will fit into your team and stay longer. Especially for Millennials. They want transparency and a better experience the moment they see your job ad right from the get-go.
That’s why job seekers want introductions to companies instead of sending an application with blind trust into an ATS (applicant tracking system that reads and scores resumes deciding if a human should see it – especially for larger companies)
Make sure you’re interviewing pre-qualified candidates that applied because they want to be there.
For current employees, pull your marketing and HR teams together along with your managers to devise a well rounded 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. They’re the ones that will come up with the best ideas for better retention, not advice from the top down.
Once you collect this valuable 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. Your job ads should be advertised directly to the job category audience. The employer spray and pray method doesn’t work efficiently. That’s part of the problem. Targeting your job audience will help you attract a higher quality candidate and should improve your interview-to-hire ratio. A more seamless candidate introduction is needed.
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.
*Note – I will post a follow up blog on the topic of what candidates want in their job search, what their preference is on how to apply, and how to implement this. Let’s eliminate that phrase “the hiring experience is broken”. It doesn’t have to be.
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The Sales Club (www.getsalesclub.com) is a job platform that recognizes the challenges job seekers face the moment you see a job description. We provide the information to make better career decisions and a smoother way to apply and get interviews. Job seeker/candidates should apply almost as if it were a warm referral. We know being left in the dark sucks and with the employers’ help we’ll change that. If you’re a candidate looking for a better sales role or an employer looking to hire, come visit us! Please follow us on Linkedin.