In the Best Money Moves Roundup, we run down the latest news including retention, wellness benefits, and sourcing parties.
There’s a lot to learn from Jobvite’s recent survey – especially with the lowest unemployment rate in 17 years.
One thing we learned: An alarming 82 percent of employees are open to new job opportunities even if they’re happy with their current position. Since turnover can cost up to six months of an employee’s salary, you need to do all that you can to find and keep top talent. Strategize your recruitment and retention efforts to create a successful team.
Here are two pieces of advice that will have the biggest impact on retention.
- Company culture is key. Nearly 90 percent of employees agreed company culture is important. More than 30 percent of employees would be willing to take a 10 percent pay cut for an improved company culture. Additionally, a third of those who left a job within 90 days said it was because of a bad company culture. So, take an objective look at your company culture and ask for suggestions on ways to improve it. (Hint: Polls and prizes are your friends when it comes to generating helpful suggestions from employees.)
- Focus recruitment efforts on your more successful employees. Most employees found their jobs through friends or professional connections. Less than 20 percent said they found their position through community forums or alumni networks. Ask your employees to recommend qualified people in their networks. Consider offering a gift card for successful candidates who accept an offer.
What We’re Reading:
Sourcing parties are a rising recruitment trend. Instead of reaching out to candidates directly, sourcing parties link hiring managers, recruiters, and employees to strategize collectively. Find out how it works.
How do you know if a new hire will be a good fit? Find out what motivates them and see how their personality traits fit in with your current culture. Learn more about improving new hire retention.
Open recruitment to remote workers. Fewer employees are willing to relocate for a job which limits your pool of candidates. Why it’s time to develop a remote work policy.
Where can your employees recharge? Rooms where employees can take a break from work and renew their energy improve productivity. Different kinds of ‘recharge rooms’ and why they work.
Develop a wellness program that’s worth it. Your wellness program has to be strategic for it to improve productivity and retention. Ask yourself these questions.
Self-service HR. Employees want self-service HR tools so they can complete tasks like viewing payroll information and updating personal information themselves. Give employees what they want.
Cross training as a strategy to boost retention. If you want happier employees have them work smarter, not harder. Try this simple method.
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