Secrets to Stop High Turnover Rate: Hire and Retain High Performers
Last update: 24 November 2023 at 10:58 am
A high turnover rate is always a bad sign in any organization. It indicates that many employees have left your company during a certain period. It is important for employers to retain talent to achieve the company’s mission.
Many factors could influence this trend. Employees may feel burnt out, undervalued, or don’t feel they have the opportunity to grow and learn new skills.
This problem can generate large expenses during the hiring process, internal management, and slow production rates. You should also note this high turnover rate may also create a cycle effect, where more employees want to leave.
Today, that situation is nationwide with the Great Resignation period. According to the Bureau of Labor Statistics, 4.3 million US citizens have quit their jobs in 2021.
If you don’t want your top talent to join the Great Resignation, you should discover ways to reduce turnover. In this article, we will show you how to hire and retain new employees who become high performers.
Hiring High Performers
Before thinking about retaining talent, you need to hire great performers. A lot of companies often struggle to keep their employees because they didn’t identify issues during the hiring process. We will discuss some interesting strategies to keep in mind when sourcing highly-qualified talent in the following list.
Create a List of Traits for the Ideal Candidate
First, it is important to identify potential traits that the ideal candidate should have. This way, it’ll be easier for you to narrow down the list and conduct more efficient research.
Think about what makes an efficient worker in that particular role. Is it a creative worker? Someone with logical thinking? Once you have an ideal candidate, it’ll be easier to find the perfect match.
Don’t Underestimate Soft Skills
You shouldn’t create this prospective list of traits only based on the hard skills. Remember that high performers usually stand out for their soft skills. That’s why it is so important to have a holistic view before hiring.
In addition to doing a background check, recruiters should also evaluate candidates’ soft skills, such as logical thinking, being open to feedback, and having communication skills. You will see some of those skills reflected in their previous work experience, the interview, and even referrals.
Employee Referral Program
Referral programs can be a great way to hire highly-qualified workers. Referral programs usually work with incentives, so your current employees will feel encouraged to refer the most qualified professionals they know.
There are many reasons to consider implementing an employee referral program, such as increased employee satisfaction, reduced costs from the hiring process, finding highly qualified professionals, reducing employee turnover rates, and retaining happy employees
In recent years, Millennials, as well as Generation Z, have quickly become the cornerstone of the working population. Their fluid and transient approach to employment, far removed from the “job for life” attitude of baby boomers, often results in a fairly high turnover rate. As a result, companies must now be proactive and use sourcing […]
Get Online Visibility
Online visibility is crucial if you want to recruit the best talent, as you can leverage it to find potential candidates. There are multiple employment platforms that you can use, such as Indeed, LinkedIn, or Glassdoor, to post job offers.
According to LinkedIn, three people are hired through their platform per minute.
This means that you have a vast talent pool to discover potential candidates.
You can also browse people individually and reach out to them. Another great way to find potential candidates is to post your offering on social media. You could be creative and create something like an interactive Facebook post. This way, even if some people are not interested in the job, they may refer it to relatives and friends.
Be Open to Non-Conventional Backgrounds
Another aspect to consider is that you should be open to non-traditional backgrounds. Sometimes an excellent candidate is right in front of you, but your fixated thoughts drive you away from them.
A similar situation would be when you see a male in a female-dominated industry, or vice-versa. They may not be what you initially expected, but the experience, skills, and commitment of job seekers should be the things that stand out during the hiring process.
If you’re limited to a particular career background, such as having a college degree or working in traditional environments, you won’t see the candidates’ real potential.
Some of them will have graduated from coding bootcamps, apprenticeship programs, or trade schools, and still be completely qualified for the position. This will considerably lower your training costs as well.
Consider Their Accomplishments
Accomplishments are the best demonstration of someone’s performance in previous jobs. That’s why you should keep an eye on them during the interview. A good question to ask them would be about challenges they faced in previous job experiences and how they confronted them.
Have Other Top Performers Conduct the Interview
Usually, when you’re hiring for a very technical position, you may want to use your current employees’ help to conduct the interviews.
A human resources recruiter might not understand the technicalities that come with that particular role; however, a professional from that field would.
A top-notch employee can identify another great performer and knows their value. They will feel like they are a part of the process and that the company values them for entrusting them with such an important task. They will do their best to find the most qualified candidate.
Time to Retain: Lower Your High Employee Turnover Rate
Employers should implement multiple retaining techniques during this unstable time in the HR industry. You should make your employees feel valued, comfortable, and motivated to be productive. Below, we have compiled a couple of tips to lower your high turnover rate.
Develop a Good Company Culture
According to research from Robert Walters, a world-renowned UK recruiting company, 73 percent of employees seek a new job because of poor company culture. Salary, benefits, and job growth are significant factors to staying at a particular company, but that all goes down the drain when you have a toxic corporate culture.
Encourage managers to foster good values such as cooperation, teamwork, and solidarity. Employees should be able to express their thoughts and feelings because this will result in a positive employee experience at work.
Provide Them With Training
Before discussing the benefits of providing job training, let’s explore some stats:
- According to research from Middlesex University for Work-Based Learning, 74 percent of employees don’t feel they’re able to hit their maximum potential because they don’t receive corporate training.
- Research conducted by Gallup indicates that job training is a top priority when looking for a job.
- A WorkJam survey revealed that lack of training is a primary reason to leave a job.
Providing any type of training, whether it is an online coding bootcamp, a college degree, or an industry course, is one of the best things you can do for your employees.
In this win-win situation, employees enrich their curriculum while also becoming more productive and adding more value to the company.
Imagine yourself in the following situation: you found a new (or first job) at the company of your dreams, your contract is signed, you’ve finished (or almost finished) your amount of weeks notice, you’re excited to meet your future colleagues, see and organise your new desk…But then the news is out: your future company transformed […]
Let Them Know There’s Growth Opportunity
Another reason people quit their jobs is that they feel trapped rather than motivated. People want to know that there is a growth opportunity to feel motivated. That’s why it’s also important to talk to your current employees before outsourcing talent. This way, they’ll feel encouraged to improve their performance, provide good results, and stay at your company.
Be Open to Receiving Feedback
A mistake that many companies make is not receiving their employees’ feedback. They usually have feedback that will improve the organization’s management, culture, or overall performance. That’s why it’s so daunting for them to know that their thoughts are forgotten or ignored. Always pay attention to your employees’ opinions.
Have Good Managers on Board
If you ever notice a high turnover rate, evaluate your current managers. Sometimes there’s nothing wrong with the company’s policies, salaries, training, and growth opportunities, but your managers may be a little too awful. According to Gallup’s State of the American Manager report, one out of two employees quit their jobs because of their boss.
That’s why it is so important to evaluate how your managers treat their employees, hear their concerns, and your employees’ feedback.
Hiring excellent workers isn’t easy, but with the appropriate techniques, it’s possible. You need to consider certain factors such as visibility, transparency, and job growth opportunities.
You can also ask for help from your current top performers. Once you have them, it is important to offer career training, work-life balance, other benefits, and good communication.
If you ever have a high turnover rate, you must evaluate everything that’s happening in your company during that given period. You could be having corporate culture issues and forgetting about employees’ feedback. Once you’ve identified the issues, you can come up with solutions to increase your employee retention rate.