Reducing the Employee Retention Rate of Your Business


Have you ever been so excited at the possibility of getting a new job? The job description sounded like a perfect fit for your skill set and your personality traits. You were very hopeful that you would receive a phone call for an interview. You received the call and went through the interview process, getting along well with the hiring department. A couple of weeks later and you were offered the job. You ecstatically accepted it, notifying your current job of your leave. You began the job in training, finding that it was much different than you had expected. You decide to stick it out through the training, but find that it still is not as expected once the training is over. You begin searching for a new job again, hoping to find something even better.

This is a common problem for many companies. Although it is important to find a job that matches your skill set and that you enjoy, businesses lose out on a lot of time and money when employees constantly turnover. What if you would have been better matched from the beginning? What if you were asked different questions that focused on the work environment? Maybe you would have chosen not to accept the job. Perhaps you would have never even been offered the job. What if you were able to experience or discuss the work environment prior to actually working there? 57% of organizations view employee retention as a problem. Better interviewing and better employee matching may reduce the amount of employee retentions that a business has.

Outplacement consulting are professional human resource professionals who are skilled in hiring and training employees of all levels. They are especially trained in developing executive teams, the type of employee that costs the business the most money during retention time. Outplacement consulting companies are essentially human resources executive recruiters. They can be used to hire executive level employees, or they can be used to hire a quality human resource consultant who will have better employee hiring rates in the future.

Outplacement consulting companies focus more on matching individual employee candidates with specific jobs. They are more thorough in the interview process and offer more necessary information to the employee candidates. Their interview process is also more in depth. These factors can decrease the retention rates of employees. Also, they focus more on knowledge and awareness during the training and onboarding process. New hires that undergo a structured on boarding program are 58% more likely to be with the company after three years. The on boarding program provides new employees with information about the company and a chance to experience the new work environment prior to training even beginning.

A recent survey by Robert Half showed that one third (36%) of 1,400 executives surveyed felt the top factor leading to a failed hire, aside from performance issues, is a poor skills match. The second most common reason (30%) was unclear performance objectives. The executive search consultants can solve both of these problems. The executive search consultant has a better ability to provide clear performance objectives. They also have a more thorough interview process, having the ability to better match skills to a specific job.

Employee retention can be a big problem for many businesses. It can cost them a lot of money and it can leave them without necessary employees. Many new hires are not fully aware of the required skills and the job duties of the position they accept. They may accept it, waiting to see what happens during training. If they leave, the company is left back at the beginning, starting the hiring process all over. An outplacement consulting company has the ability to better match skills and provide clearer job roles to a new employee, reducing the retention rate.

Follow by Email