Employers are facing a challenge in attracting and keeping top talent with the current unemployment rate being at an all-time low of 4.1%. Employers are now offering better benefits and higher salaries to attract top talent.
Not all companies have the budget to pay the same salary. This means that they are forced to find new ways to retain their employees. While it is logical to offer more compensation and other incentives, this doesn’t guarantee long-term success.
Your hiring process may be the key to retaining and recruiting good people.
THE HIRING PROCESS IS MORE THAN PAPERWORK
A strong first impression is a key to a new hire’s success or failure.
According to studies, 20% of a company’s turnover occurs within the first 45 days. This means that one out of five employees you hire will quit within a month.
How much will this cost your company? You’ll likely be spending a few thousand dollars after recruiting fees, training, onboarding, background checks, reference checks, drug screening, and other expenses. This does not include productivity losses or intangible costs such as vacant positions.
The reality of turnover means that the hiring process cannot be seen as a series of events leading to the first day. You can be in the exact same situation as before you filled the vacancy if you fail to deliver the goods early.
Bottom line: Your company will only succeed if the people who run it are successful. It is crucial to not only find the best talent but also know how to keep them on your team.
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HOW TO MAKE YOUR HIRE PROCESS A COMPETITIVE ADVANTAGE
The success of your candidate is more dependent on their hiring process than you may think. A candidate’s first impressions can tell a lot about the company. They may also be able to help them make a decision about their career.
Research shows that employees with a positive onboarding experience are 69% less likely to stay at the same company for more than three years. Here are some ways to ensure that every candidate has the best possible start experience.
Integrate the HIRING PROCESS into your CULTURE
Every step from the phone interview through the final day of onboarding, and everything in between, is influencing employees’ perceptions of your company.
Your company culture is important when you are developing or revising your hiring process. You have the opportunity to tell your candidates about your company and why you are a great place for them to work. Your candidates will be better equipped to determine if they are a good fit for your company. This can help you save time and effort.
GET YOUR EXISTING EMPLOYEES ON BOARD
Although HR is responsible for new hires, everyone has a responsibility to retain them once they begin work. Your existing employees should have clear expectations about how they will welcome new hires. Your team should be clear about the importance of offering a positive experience to new hires. Also, how they can get involved.
You should also prepare your staff for the possibility of bringing on a new member. Let them know that there will be another member of the team. You can remind them of how they can assist in the transition.
Employees can feel additional stress or fear when there is a shift in their workplace, such as the addition of a new member to the team. This can lead to increased productivity and spreading to others.
BENCHMARKS SET FOR NEW EMPLOYEES
The hiring process doesn’t end when your candidate arrives for their first day. Your new hires will feel confident and comfortable in their new job for the first 90 days.
Set goals for them during their onboarding period. 60% of companies don’t have any goals for their onboarding period. It can make them feel more part of the team and give you the opportunity to acknowledge them for their contributions early on.
You can give them the best start by checking in with them often during their onboarding phase. Ask them questions such as how they feel, what the job is doing for them, and what they would like to change.
Listen to what they have to say and then use that information to improve your onboarding and hiring process.
This will give you the best chance to sweeten any unpleasant experiences that could have led to a turnover case.
CONNECT THEM TO LEADERS
Introduce your new employees to your leaders and help them feel part of the team. Your new employees will feel valued and respected by their leaders, whether they spend an hour with them or connect over lunch.