Kudos to those companies that are redefining the hiring process to meet today’s working realities and the mindsets of the talent they are looking to hire. Today, organizations are shortening the timeframe intended for a great hire, speeding up the hiring process, clarifying their skill needs, and filling positions with regular workers where they can. But this paradigm shift doesn’t stops at the ground floor. After hiring, it is time now to make a firm investment in his/her career, by providing more growth and learning opportunities.
An employer who doesn’t focus on learning is likely to lose out in terms of performance, engagement and employee retention training. LinkedIn’s 2018 Workforce Learning Report stated that around 93% of employees would stay at a company longer if it is invested in their careers.
Why are Employee Retention Strategies Important?
Employee retention training and strategies differ from business to business, but usually involve an investment in every facet of employee experience. Businesses that value employee retention training carefully supervises job applicants and helps establish an effective hiring process. On the other hand, established employees often manifest significant value to a company and retention strategies for such employees might comprise of opportunities for development, educational support and regularly salary hikes. So let us now have a look over the points as why employee retention strategies are important for a business:
- Bad Hiring Costs Significant Money
A bad hiring is hiring someone who is not apt for a specific role within the company. This doesn’t mean that employee is a bad person or incompetent. However, it shows that particular employee is not a good fit for the job he was expected to deliver or that the employee’s personality is quite incompatible with the office culture.
Bad hires can drain your resources quickly and if you come in a position to fire someone within a few months of hiring, a considerable amount of time and money spent on that particular employee is the loss.
- Bad Hiring leads to low morale
With time, a series of bad hiring can ruin the entire office morale, as employees might wonder whether their jobs are secure or not. And if they are aware of the reasons behind hiring a new employee, the current employees of the company may eventually doubt about the competency of company management.
So taking additional time to assess and getting to know the job candidates, the onboarding process can help reduce bad hires significantly and create a more productive workforce.
- Employee Retention boosts Success
Competition within a particular industry can be seen at every level of running business. But when you have quality employees, you will likely to produce better products and services. Moreover, you will also be able to sell and market your products and services more efficaciously than competing with companies with a weaker talent pool.
But if you fail to retain your best employees, there is a good chance that your competitors will be able to hire them. Now this takes talent from your business and transforms into the competitor’s asset. Hence it is important to maintain an enticing, supportive and ethical workplace where people would want to shape their future.
The simplest way to make sure that your competitors don’t benefit from the talent of your current employees is to enhance employee retention. And for this, companies organize employee retention training and offer increased perks and additional benefits to its employees. So, let your employees work where they want and when they want. Companies must do everything they can think of to make the life of their employees much better and then they are more likely to stick around.
