SkyWater Blog

Reducing Employee Turnover Is The Key To Your Hiring Success

Written by Kurt Rakos | 8/20/15 6:41 PM

Two of Minnesota’s cities were named by ZipRecruiter as top ten job markets at the beginning of 2015, namely Rochester (4th) and Minneapolis (10th). Out of the big cities (population in excess of one million), Minneapolis was ranked top, ahead of Oklahoma City, Salt Lake City and Columbus.

With a flourishing economy, a generation of baby boomers preparing to retire and a seemingly permanent skills shortage, Minneapolis employers must pull out all the stops to attract qualified candidates to their brand.

One of the key ways to achieve this is to reduce your employee turnover levels.

High turnover levels result in lower productivity, poor morale and soaring hiring costs. Add to that, your employee referral program becomes ineffective as your workforce can’t find anything positive to say about working for your organization, and pressured HR teams risk a bad hire as they rush to fill the gaps in your headcount.

How can you improve your staff retention levels and transform your business into a magnet for talent?

Hire the right people

It’s stating the obvious, but you have to hire people with the right skills who will also integrate quickly into your company culture. As many employers know, this is no mean feat in the face of a skills shortage. At SkyWater, we suggest hiring for attitude and training for skill. Sometimes soft skills and culture fit are what makes a good hire.

Get your onboarding right

The candidate experience is one of this year’s hottest topics, but what too many companies forget is that it extends to onboarding. Reinforce your positive impression at interview with regular contact in the weeks prior to your new hire joining your organization. Involve HR, their line manager and their colleagues in the process to ensure a seamless fit.

Pay attention to your employer brand

Without an authentic, sincere brand you will fail to retain your top performers and hire qualified candidates. Pay attention to your brand message in all communications, including your social media pages, corporate and careers site.

Provide a clear job description

If you’re attracting the wrong type of applicants to your vacancies it may be down to poorly worded job posts. A vague job description that fails to identify the key performance objectives of the role won’t bring in the candidates that your business needs. Be realistic about your expectations and company culture from the outset. It will save the pressure of replacing your new hire three months into the job.

Offer career development opportunities

It’s not all about compensation. Increasing numbers of employees are quitting their jobs in search of one that offers improved career development opportunities. Millennials will comprise 75% of the workforce by 2025. More than any other generation they seek an employer who offers ongoing opportunities and similar values to their own. You must meet their expectations if you hope to retain them. Invest in their training, set up a mentoring scheme and demonstrate that they have a future with your organization.

Recognize your staff

From a note of thanks for a project achieved ahead of time to training vouchers, honoring work anniversaries or celebrating an employee of the month award, it’s important to offer effective, real-time recognition of your people. Employees who feel valued and understand how their contribution moves the company forward are engaged, motivated and likely to stay.

Offer attractive compensation (and flexible working)

It may not be all about compensation but you need to offer a package that is comparable with current market standards. SMEs who can’t compete with the larger corporates should offer a range of additional benefits – flexible working is especially attractive to all professionals. Make it a central part of your talent acquisition strategy.