Employee retention. You’d think with the current global pandemic less people would be considering a change to their current job. But the recent change to all our lives has made almost 9 in 10 people consider changing their job as part of a fresh start.
Remote working, mental health challenges of lockdown and lots more have all had an impact on our working lives. Therefore, it’s never been more important to look after the health and wellbeing of your employees to help stop churn. And after all, a happy workforce, is a productive workforce.
What is the cost of employee turnover? As a rule, the financial implication is around 33% of salary. Doesn’t sound too bad? When you think that 1 in 3 will leave a company within 2 years the costs can soon add up! And it’s not just the direct costs, what about productivity? This can be reduced in many ways. Losing a talented member of the team will have a direct impact on productivity. A new hire can take time to get up to speed. And there’s the potential of a key member of staff moving on making other members of the team reconsider their job.
So how do you keep hold of your most valuable business asset – your employees? Our team share their 4 top tips.
When it comes to improving your employee retention rates, it’s best to start right at the beginning. Making sure that your recruitment process is not only finding you the best candidates for the job, but that they are also staying for the long-term. Speak to our team about the things you can include in your process to help prevent your best talent from moving on too quickly. Recruiting people who represent your values is a great place to start.
People don’t only change jobs for an increase in salary. And whilst regular salary reviews will go some way to hold on to your best talent, its important to consider other things too. In the 3D print and POS sectors candidates are looking to get involved in projects. And if these projects focus on the greater good, or giving something back, that’s even better. However, if you are unable to offer project work due to the direction of the business, think about the advancement opportunities you could offer. It doesn’t have to just be promotions either. Could additional training help with employee engagement and also bring new skills into your team?
Candidates used to just want the standard benefits of holidays, pension and healthcare. But benefits go so much further now! With the global pandemic having an impact on how and where we work, we are seeing a real shift in benefits being offered. Flexible working has slowly been creeping into company benefits over the last 5 years or so. But the pandemic has seen flexible and home working becoming the norm. This approach to working location and hours will be something many candidates will now expect when changing jobs. There will be more of a focus on mental health and wellbeing in the last half of 2021 too. Is it time to review your company benefits?
Don’t wait until the exit interview to find out problems. Most problems can be easily rectified, but only if you know what they are. Ensure that you have a communications framework that checks in regular with employees. And don’t just focus on the core elements of the job. Consider the personal elements too. Talking regularly to your team may also mean that you improve productivity. Maybe they can suggest a better way of doing something that won’t just help them but their colleagues too.
If you are looking to increase your team then speak to us. Not only can we find you the very best person for the job – we can advise you on benefits, development plans and more. We are expert recruiters in 3D print, print management and 3D software sectors and our passion and experience in the industry really sets us apart. Find out how we can help you today – get in touch.
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