More and more employers are struggling with employee retention in today’s market. With a near 50-year unemployment rate and 7.22 million job openings in the United States, many-valued employees are leaving for greener pastures. If you are one of the thousands of employers facing a steep decline in employee retention, here are a couple of things you can do retain your employees.
Fill vacant positions quickly
If you have vacant positions at your company, it’s in your best interest to fill them quickly. They probably cost your company more than you think. Not only is your production taking a hit, but the average cost of an employee exit is also 33 percent of their salary. It costs thousands of dollars and hundreds of hours for a company to fill a vacant position successfully. The faster you fill your vacant positions, the more money you will save.
Additionally, if you have a vacancy, someone else on your team is probably picking up the slack. Every day that goes by with that employee doing extra work, their likelihood of leaving skyrockets. Vacant positions can be a vicious cycle that your company doesn’t want to be stuck in.
Foster a healthy work-life balance
Ninety-five percent of human resource professionals claim an unhealthy work-life balance is detrimental to employee retention. If you don’t provide an excellent work-life balance, they’ll find a new employer that offers more time away from work. Again, employee vacancies play into this. If your team has multiple vacancies, your other team members are picking up the slack. They’re likely working longer hours, doing extra tasks, and feeling burnt out. If you keep these positions vacant, your employees will seek other opportunities that give them a life outside of work.
If you don’t want your company to fall victim of the current quit rate of 2.4 percent (the highest rate ever recorded), you need to take care of your current employees. And the best way to do that is to ensure they aren’t covering the workload of two or three different positions. Therefore, if you want to avoid this predicament, reach out to our expert team of recruiters at Johnson Search Group. We will help fill your open positions and keep your employee retention rate manageable.