How much does it cost you to recruit new staff members?
According to a recent report, it costs a business 34.5 percent of an employee’s salary to find and hire a new employee. Suggesting companies need to invest more in retaining top performers rather than spending the time and money to replace them.
There are many strategies employers can use to increase their retention rates. A recent blog post discusses our top 5 employee retention strategies.
It shouldn’t take a counter-offer to be offered more money to stay
This is an immense frustration often discussed with our candidates. Before employers resort to financial compensation, a more affordable value-based benefit that supports health and well-being will appeal to employees and demonstrate genuine care and loyalty.
Employee retention strategies may require energy and incentives, but they can help you reduce the cost of recruitment and time wasted. It can also increase work efficiency since current employees are often familiar with the workplace.
Overall, we’ve found triggers for candidates include more flexible working conditions – not so much fully working from home but a hybrid working solution to encourage a work/life balance.