How To Increase Your Company’s Employee Retention Rates
More and more companies are dealing with issues related to employee retention rates, and it’s a problem that has only been growing. In fact, more than half of all millennials (often referred to as the job hopping generation) are always on the look out for a new, better paying job and have been found to have little loyalty to one company or business. However, there are a number of reasons that job retention rates are low all throughout the United States, and consulting with an hr executive placement firm can be beneficial in discovering these problems as well as learning how to manage and prevent them.
First of all, an hr executive placement agency or outplacement service company can help companies and businesses to fill vacancies and open positions with the best possible candidates. Through employing strategic human resources consultants, an hr executive placement company will work to ensure that only employees who are right for the job make it through the hiring process. This can help improve rates of employee retention as it prevents unqualified or unsuitable candidates from somehow slipping through the cracks. An hr executive search firm is designed to narrow the search down to the best of the best.
Unsuitable hires are not the only reason for poor employee retention rates, as any hr executive search firm or job placement agency can easily tell you. Much of the growing problem of employee retention comes from the overall engagement of the employees themselves and the motivation that they feel from the company or business that they work for. Unfortunately, for instance, a scant twenty percent of all employees in the United States feel that they are adequately motivated by their superiors or higher ups, meaning that more employees than not are suffering from a lack of motivation in the work place. Fortunately, there are steps that companies and businesses can take to combat this problem, such as instituting and implementing employee recognition programs. Employee recognition programs have found much success throughout the workforce in the United States, with more than eighty five percent of all companies and businesses that have begun to use them reporting an increase in overall employee motivation and employee satisfaction with their job.
As an hr executive placement agency will tell you, diversity is another important component of any workplace. In recent years, workplaces have place more and more of an emphasis on diversity. Not only is it important to create and cultivate a workplace with equal opportunity for all, companies have even seen more success with the more diversity that their workplace includes. In fact, have a gender diverse workplace can increase the performance of a workplace by a significant margin, with gender diverse workplaces outperforming workplaces that are not gender diverse by as much as fifteen percent. The same is true for workplaces that are ethnically diverse, with ethnically diverse workplaces performing as much as thirty five percent higher than those that are not. These diverse workplaces not only have better performance rates but higher rates of retention and overall satisfaction among their employees as well.
Hiring a hr executive placement agency is only the first step in creating a workplace more conducive to greater rates of employee retention. From better diversity standards to a better and more effective hiring process, there are many ways to keep your employees happy and motivated and working hard. Employee retention has become a problem, and there is no one single simple answer to solve it but through the implementation of strategies recommended by an hr executive placement agency companies are likely to see a marked improvement.