Most organisations focus on employee retention once their preferred candidate is selected and has emerged from the on-boarding process. For a talent acquisition strategy to succeed, however, employee retention must form an integral part of the hiring process from the outset. Start with these five simple steps:-
Choose the right recruitment system
Earlier this year, Oxford Economics estimated the cost of replacing a departing employee at £30,614. That’s without factoring in the disruption to your existing team and plummeting morale when a hire fails more than once. Throw in the fact that new employees in SMEs (up to 250 workers) don’t reach optimum productivity for 24 weeks (28 weeks for large firms) and the importance of getting your employee retention strategy right first time escalates. Investing in an effective talent recruitment system enables your human resources team to streamline your hiring process more efficiently thus allowing them to focus on what really matters – hiring the best quality talent available. Getting it right first time means your employee retention levels will enjoy a much needed boost.
Focus on your talent pool
Talent communities provide the most successful companies with a constant source of qualified candidates. Taking advantage of online recruitment and social media platforms to create your own talent pool will provide you with candidates who are both aware of your brand and attracted to your company culture. An effective recruitment software system makes it easy for those candidates to actively register their interest in your company.
Promote from within
Your talent acquisition strategy shouldn’t be focusing on external candidates to the exclusion of your existing employees - some of the most qualified candidates may already be working for your company. With the lack of career development opportunities featuring high on the list of reasons employees leave their jobs, promoting from within your existing team will go some way to improving loyalty. Again, your recruitment system will help to identify overlooked talent.
Be thorough in your hiring process
A systematic approach to hiring will enable you to create a positive candidate experience and ultimately improve employee retention levels. Provide clarity in your job description to identify the type of employee you want to hire. Utilise your recruiting software and integrated applicant tracking system to share your vacancy across all of your online recruitment networks as well as efficiently screen subsequent applications, providing you with only the CVs of qualified candidates.
Stay in touch with your talent pipeline
Separate yourself from your competition. The most frequently heard complaint from disenchanted candidates relates to the lack of communication from employers once applications are submitted. Consistent, timely contact during the hiring process means qualified talent remains within your pipeline. An effective recruitment system enables you to communicate via either customised or automated messages to maintain interest. It all adds up to better employee retention in the long-term.
Contrary to popular misconception, employee retention doesn’t start with the on-boarding process but from the very first time potential talent encounters your brand. Meticulous attention to detail throughout your recruitment process will both improve your quality of hire and enhance your employee retention levels.
Get serious about recruitment. Talk to Advorto today.