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Employee Retention is a critical issue that many companies face at some point. A bad retention rate can sink a company, and a good retention rate is a big help in keeping a workforce fresh and productive. If your team is going to get productivity and business results, you need to ensure that your employees are happy and motivated to stay. To do that, your retention strategy needs to be well planned and implemented.

But how do you determine what would be the right approach for your business and your industry?

While there is no one-size-fits-all employee retention plan, there are ways to increase employee engagement and retention in practice, which can help you avoid attrition and keep your best people.

Why Is Employee Retention So Important?

Employee retention is key to the success of any organization. Not only does it keep the business profitable, but it also ensures a company can attract new talent and retain the talent it already has. Keeping your most valuable employees is about more than keeping the cash flowing; it’s also beneficial for maintaining your company’s reputation as a great place to work. Employee retention can also lead to greater employee morale and productivity. Here are some tactics that employers can use to retain their employees and avoid costly turnover.

Every company wants its employees to stay with them and contribute to the company’s success, but it’s not that simple. After all, if an employee is unhappy, why should they want to stay? So, how can leaders figure out what is missing from their company’s culture? And how can companies ensure that their culture is one that employees want to be a part of?

Start with Recruiting

We all know the horror stories. The ideal employee, the one the company has been searching for, has been hired, but after a few weeks, it becomes clear that they are not the right fit. Unfortunately, this is a common occurrence. People who are hired and kept are the ones who are committed to thriving in their position and supporting the company’s overall mission. And that’s why you should focus on trying to recruit the right people from the start.

That’s how retention begins with recruiting. While there is no doubt that hiring the right person can be a major contribution to your success, the success of an employee in the long term depends on more than just their skill set. The right employee can bring a lot to your business, but they will stick only if they are happy in their role and are treated with respect. That is why it is so important to know what you are looking for in a candidate before you make a hire.

Create an Inclusive Environment

Employees value a welcoming environment where they feel comfortable and appreciated. An inclusive workplace is one that welcomes people from all backgrounds, races, religions, cultures, and abilities. An inclusive workplace will help create a more powerful culture that reflects the company’s core values. It takes a certain amount of effort to build an inclusive workplace, but building such an environment will help keep employees happy. When employees feel included and engaged at work, they are three times more likely to stick around.

Provide Ongoing Support and Training

The notion of providing ongoing support and training to employees is one all employers should embrace. One of the best ways to retain your employees and to help them grow professionally is to have a formal system of ongoing training. This system should be part of the employment agreement and should include employee training and development, mentoring, and coaching. It is important for employees to know that their employer cares about them and for employers to be transparent and communicate to employees that they have the support needed to succeed.

Promote Work-Life Balance

To help integrate a new employee into an organization, companies are turning to practices such as work-life balance to encourage employees to spend time at home with their families and reduce the stress of workplace change. Since work can be a stressful endeavor at times, and in today’s ever-increasing competitive workplace, it’s easy to fall into the trap of feeling as though you have to be on alert 24/7.

The reality is that when you’re working, you’re working, and if you’re not doing anything outside of work, chances are it will reflect in your day-to-day productivity. Everyone needs a break every now and again, and that’s when you need to keep in mind that proper work-life balance is key to retaining top talent. Policies that help promote work-life balance include the option of working home or encouraging vacation time.

Offer Perks

Many companies claim that perks help retain employees. So, what are perks? Perks are benefits, either in the form of money, products, or services, given to employees or customers that benefit the company or individual.

Perks are a common practice in the corporate world to offer employees perks to incentivize them to stay at the company and work hard. For example, offering free lunch or dinner, free snacks during their stay at work, or even providing their own cubicle or office area is one way to retain their services. Many companies are offering more benefits to retain their employees, including various perks such as discounted health insurance or gym memberships.

The First Step to Employee Retention

Human resources leaders are facing some of the most challenging times to meet their retention goals. The job market is tough, and many people struggle to find a job, let alone keep one. The increased focus on retention strategies has been a significant help to HR leaders, but it hasn’t been enough. Every company has a retention plan, but few follow through on them.

Fortunately, HR companies such as emergiTEL can help with the recruiting process by ensuring that only qualified candidates most fit for the position are selected, resulting in longer-term employees. Long-term employees are more productive, more loyal, and more engaged. Learn more about emergiTEL’s services here.

Hiring Funnel: How To Secure The Best Talent

Many of our clients often ask us how we secure the best talent from the industry. The immediate answer is our passion! However, to deep dive into it further- is the mode of our operation. We follow a methodology to bring out the best candidate experience for the job seekers and supply the best candidates to our clients. One term that is gaining popularity these days is the Hiring Funnel. And yes, we too use this in our recruitment strategies, just like our marketing friends use a similar one in their domains.

From a practical standpoint, a funnel is a simple means to narrow down a broad audience, where every step is appropriately measured and optimized. While for marketers, a funnel is used to turn a prospect into a customer, on our side of the world, a hiring funnel is used to create an engaged audience to be valuable brand ambassadors.

Is Hiring Funnel and Candidate Journey the same?

Both the hiring funnel and candidate journey are used to engage the candidates, but there are many ways they do differ in producing better results. The candidate journey is a set of experiences that touches various candidate touchpoints while exploring a new opportunity. Contrastingly, a typical hiring funnel consists of five levels that help businesses narrow down a vast talent pool to attract, assess, and hire the best candidates for a specific role.

Why do you need a hiring funnel in your recruitment strategy?

First of all, a well-strategized hiring funnel, or recruitment funnel as it is otherwise known, can boost recruitment teams’ productivity to great heights. They can communicate and collaborate better with critical stakeholders. We’ve heard about Pipeline Management in Sales, but in the recruitment industry, managing candidate pipeline becomes more significant with a proper hiring funnel in place.

Let’s take a deep dive into the various stages of the hiring funnel and see how we elevate the candidate experience and secure the best talent for our clients. How hiring funnel works and the strategies you need to use to get the best out of your hiring initiatives and talent experience.

Stage One: Awareness Building

In this stage, the candidate learns about the job, the roles, and responsibilities. Posting a job with roles and responsibilities is not what makes a marvellous job posting. We try to bring out more information like the value-added benefits that the client provides to make sure it creates the best impression about our client in the candidate’s mind. Information like the company’s culture, the roadmap to success, the benefits and perks, the hiring process description, and the like emphasizes more on the candidate’s mind to apply for the position. The ultimate goal of this stage is to initiate a positive interest in the candidate and get them to apply for the post.

Stage Two: Consideration

Now that our website and job portals are all up and ready, our CATS (Candidate Assessment and Tracking System) assesses the job applicant resumes and does the first filtering to give us the candidates who are seriously looking for the advertised roles. Our trained recruiters then screen the resumes and segregate the candidates into two categories: Selected to talk; Not fit for now but for later usage. We have a 3D model of screening candidates, which involves screening them from three perspectives: technical skills, soft skills, and corporate culture to ensure they are the best fit for our clients. Once the selected candidates pass this consideration phase, they are moved into the next funnel stage.

Stage Three: Interview

Most recruitment agencies at this stage will submit the candidate to the client’s hiring manager and let the parties deal with each other. Where we stand apart is the talent experience we inject at this stage of hiring. The qualified candidate at this stage is given a complete understanding of the brand with whom they will work. We have already qualified the candidate to understand that they will be a good fit for the organization. But in our funnel, this is the time when we inject all the best things about our client that makes the candidate more confident to give in his/her best shot in the formal interview with the client. Our job is not over here. When our candidate finishes the interview, we reach out to the hiring manager to find out their observations and try to understand the rationale behind moving the candidate to the next step of the funnel.

Stage 4: Decision Making and Follow-Ups

The decision-makers had decided who was on the list for the new role to be filled in. This decision is usually made based on a scorecard. Every candidate goes through pre-defined criteria for selection and is rated against by the hiring manager and the panel that interviewed the candidates. Our job here at this stage is just not a mediator to pass an email saying “Congratulations” or “Sorry.” We take our candidates very seriously, just like our clients in business. We check the scorecards, discuss them in detail with both parties, analyze the conversations, and open up another branch of our talent care, where special teams groom these candidates for the following available opportunities.

Stage 5: The Offer

After all the assessments, background checks, and interview scores, the offer is sent out to the candidate, and we are notified of this process first. At this point, we don’t shoot an email to the candidate or connect with a congratulatory call. We stand out from our peers in this process as we try to elevate the client’s culture, benefits, and perks at this point, once again to create an elevated experience of achievement for the candidate and brand accomplishment for our client. This recap also helps our candidates accept the offer quickly and start strong in the new organization based on their skills and capabilities.

Our success with our candidates is highly based on our talent care and advocacy programs. We treat our candidates as our brand ambassadors and have follow-up meetings to understand how they are acclimatizing to their new roles and workplaces. We voice their concerns to our clients and help them grow just like a gardener grows their saplings into flowers in different pots!

Talent acquisition is complex, but things become more transparent for teams and clients with a hiring funnel. If you are a job seeker, remember that we are an agency that stands with you in your candidate journey! Contrarily, suppose you are one of our potential clients. In that case, we have a good market reputation as one of Canada’s Best managed companies for the past eight years, overlooking our talent pool and supplying the cream talent to our clients with the lowest attrition rate! Get in touch with us to know more about our strategies and technologies to make hiring a smooth process.