Navigating change: Innovations in staffing services for unpredictable times
In today's fast-paced business landscape, staffing services play a pivotal role in helping organisations adapt to unexpected changes.
Many studies provide monetary figures directly associated with staff attrition and the cost and impact on business for instance in the US it can be over $1 trillion, and, in the UK, figures suggest the cost per employee is circa £11,000 per head just based on the national average UK salary (significantly higher for specialists and professionals). It has been forecasted that millions of people have quit their jobs over the last 12 months in order to find something else directly as a result of the covid pandemic and the way they have been treated in their current employment.
So, why are these figures so high? When employees leave a company there are a number of direct as well as hidden costs to account such as:
In fact, replacing an employee can cost from one-half to two times the employee’s annual salary. However, companies who keep their employees longer, see benefits beyond hiring and training costs.
For example, employee retention leads to:
Interestingly studies have found that when turnover is low and engagement is high, companies can more easily attract the right talent for a role within their business. In other words, it’s in your organisations best interest to take care of your employees and find ways to boost retention, inclusiveness and engagement at every opportunity.
So, what causes employee turnover?
A few common reasons for voluntary turnover include:
Some causes for involuntary turnover include:
Your organisation should always strive to lower its turnover rate. Ways to decrease employee turnover include improving your workplace and investing in better hiring and training processes. Offering remote work or flexible work schedules has also been shown to decrease turnover by 25%.
Here are just a few of the ways to assist in your staff retention.
Get your recruitment strategy right.
It’s so important that companies invest in the right hires from the start. To avoid mismatches in skills and role responsibilities, communicate your expectations clearly and pay attention to possible misalignments in experience and culture. Failure to do so means significant costs in restarting the hiring process within a short period of time
Optimise the onboarding experience.
Your onboarding process should be strategic and “last at least one year to ensure high retention”
Create a culture of recognition and feedback.
Employees want to feel valued and appreciated for their contributions. Building a culture of feedback and employee recognition can go a long way to helping employees feel seen and heard—and less likely to seek that validation elsewhere.
Here are a few ways you can build recognition and feedback into your company culture:
Provide ongoing education and clear paths to advancement
Promoting from within not only provides a clear path to greater compensation and responsibility, but it also helps employees feel they’re valued and a crucial part of the company’s success. So, employee development and education are essential.
Stick and encourage remote work options
If nothing else the pandemic has demonstrated that long-term remote work is possible and from a recruitment and retention perspective providing increased flexibility for work hours and location of work help increase employee satisfaction, which leads to retention, along with increasing an employer’s competitiveness and attraction to land top talent. Many losses of staff within a business can be directly associated with organisations that retained a “force work from office approach” or lack of flexibility towards employees.
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In the ever-evolving landscape of recruitment, companies are turning to innovative solutions to meet their talent acquisition needs
It is no secret that we are experiencing unprecedented challenges and changes in our economy, which have led to an increase in unemployment and falling job vacancies.