Every CEO, CFO, and Human Resources professional knows the unique pain of losing a great employee. When one of your top staff members quits, you not only find yourself scrambling to fill the position, but wondering where you went wrong. A great employee quitting can also disrupt the equilibrium of the rest of your staff, making them wonder whether it’s time to start looking elsewhere.
It can cost “upwards of twice an employee’s salary to find and train a replacement,” according to the Wall Street Journal. Recruiting prospects and going through the interview process can upend your entire schedule, as well as the schedules of other managers involved in the hiring process. And it is especially hard when you lose a key person who had a major impact on your business.
So, what can you do to keep your best employees? Employee retention doesn’t happen by accident! It is the result of careful planning and intentional implementation of strategy. It requires you to develop a strategy for making work more rewarding and enjoyable for all of your employees. You also have to make special considerations to focus on retaining your top performers.
What Factors Affect Employee Retention?
One of the biggest mistakes employers make is thinking that everything is about money. They try to pay their key employees enough that they will stay, while ignoring the many other important benefits that can keep employees excited about coming into work every day.
What makes a job fulfilling differs from one employee to the next. However, by working with a consultant who understands employee engagement and retention, you can implement employee retention strategies that will help you to decrease employee turnover. Some items to consider:
- Compensation
- Continued opportunities for training and personal development
- Regularity of feedback (many employees want more than just an annual review)
- Onboarding
- Offering perks like catered lunches
- Flexible work arrangements for top performers
Why Use An Employee Retention Consultant?
CulverCareers is a top-rated executive recruitment firm that will help you not only find top talent for your company, but retain it. Finding great employees is only half the battle, so why stop there?
Our employee retention and engagement consultants know what it takes to retain your top talent, and can help you design and implement a solid employee retention strategy. Our consultants will work with you to determine what a good annual employee retention rate looks like in your industry and figure out how you can hit that mark (and surpass it).
In addition to retention, our employee retention consultants can help with options such as key man insurance, to protect your company in the case of an employee’s sudden accident or death.
Our Resume
CulverCareers is top rated in the Talent Acquisition field; we’ve won the Best of Staffing Diamond Award for several years, and Inavero Research ranked us in the top 1% of recruiting firms in North America.
We know how to attract top talent because we’re good at putting ourselves in candidates’ shoes and finding the perfect client/candidate pairing to thrill both parties. Those skills are essential to employee retention.
We’re also one of the only executive search firms that can implement retention and reward programs. Our network and the contacts that we have are extremely powerful, and we boast many Fortune 500 companies as clients.
Let us help you keep your key employees for years to come. Contact us today.
Are You Ready to Improve Employee Retention?
Our employee retention consultants can help you retain top talent and prevent costly turnover.
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