December 20, 2017
Companies are powered by people. And in the quest to soar ahead of your competition, especially in an age of constantly evolving technology, having top talent on board is critical for a company’s success. So once you find the right people, you don’t want to lose them.
The high cost of employee turnover
Several factors drive the high cost of employee turnover—which has financial as well as emotional components. When you consider how long it takes to find and hire talent (plus the expense), it’s obvious you don’t want to spend this time and money in vain. Plus, when coworkers leave, the morale of your staff dips—and this can decrease productivity. But in terms of the actual cost of employee turnover, expert opinions differ. Different equations are available that estimate turnover costs to be anywhere from 1.25–1.4 times an employee’s salary (more or less based on the skill level of the employee) to millions of dollars when you extrapolate out what revenue the employee could have brought to the business (e.g., sales staff). What experts can agree on is, however, is that turnover is expensive—and is best avoided.
How to find employees who stick around
First, it helps to work with a staffing partner that can help you find and place well-qualified and thoroughly vetted candidates. This way, you can rest assured you’re gaining workers with the education and skills to do the job well, and who are looking for long-term employment. Screening also helps—and staffing agencies do complete background checks, including drug screening. This is further insurance you’re making a sound hiring decision.
Managing your current staff
Another way to inspire passion in your staff (and avoid turnover) is by investing in your workers. Offering opportunities for your workers to enhance their skills and increase their professional knowledge is key to building employee loyalty. You can do with this continuing education reimbursement and on-site training programs. In addition, promoting internally sends the message that hard work pays off in your company—and helps discourage your staff to go elsewhere to further their careers.
Looking for a recruiter in the Tri-State area?
As you build your staff, you may find you need additional employees. And you can find the highly qualified workers you need with Inter-Connect. The staffing professionals at Inter-Connect place qualified candidates with office/clerical, industrial, technical and professional/managerial experience! Contact one of our experienced recruiters today to learn more!