Employee retention is difficult, and a recent survey by iHire highlighted exactly how hard it can be. The booming economy has led to a 50-year-low unemployment rate, and there are currently more job openings than workers to fill them. According to that survey, US businesses lose over $1 trillion a year as a result of voluntary employee turnover. If you’re competing in today’s world, you need to focus on how to retain talent and reduce turnover.
A recent article presented the concept of conducting stay interviews to help retain talent and your best and most skilled employees. No business owner should wait until someone resigns to get feedback on why they elected to leave to go elsewhere through an exit interview
Exit interviews can still be valuable, as they identify supervisors or managers who are mistreating employees, highlight weaknesses in your business and identify employees who have the potential to lead to lawsuits.
‘Stay interviews’ are a way to work with your most valuable employees to gauge their satisfaction and identify areas for improvement on your end before they leave. A ‘stay interview’ involves listening to each employee to learn about their experience and identify goals, challenges and ideas that they have to improve the workplace. Stay interviews allow all staff members and managers to have the right expectations and maintain an open dialogue. The article suggests setting three dates every 12-month period for a sit-down to improve retention and retain talent.
We help business owners screen potential employees and volunteers before hiring. Additionally, we want to see your firm succeed in the area of workforce management by periodically providing articles in this area. An example is this blog post on using training methods to retain highly productive talent in your organization.
While replacing an employee can cost over 25% of the departing employee’s salary and benefits, training your existing employees in relevant job skills is a mere fraction of the cost. Beyond training, you can also pay for certification or licensing, seminars or technical training. When you provide your best employees with opportunities to grow, you increase employee retention.
James P. Randisi, President of Randisi & Associates, Inc., has since 1999 been helping employers protect their clients, workforce and reputation through implementation of employment screening and drug testing programs. This post does not constitute legal advice. Randisi & Associates, Inc. is not a law firm. Always contact competent employment legal counsel. Mr. Randisi can be contacted by phone at 410.494.0232 or Email: firstname.lastname@example.org or the website at randisiandassociates.com