How to Keep Recruiters from Taking Your Best People
The unemployment rate is at a multi-year low of 3.8%, with 7 million unfilled jobs in the United States. This creates an environment where top employees often receive multiple new job notices on a daily basis. In fact, certain companies in Silicon Valley are acquired just for their talent. Losing employees to your competition should be a real concern. Here are our recommendations for keeping your best employees under your roof.
Benchmark your salaries
It’s important to know the market salaries for the people you employ, and equally important that you meet the market rates. Use a good salary survey, like one completed through SHRM to ensure your people are being paid fairly. Recruiters will target companies who don’t pay market rates for wages because their employees can be easily motivated to accept a position with higher pay. Employees may not know they are being underpaid until a recruiter approaches them, and when they find out they are inclined to seek revenge by leaving their job. A recruiter might be able to find someone a job with a 20-30% increase in pay, and that is often more than enough of an incentive for many people to switch jobs. By paying your employees fairly in the first place you eliminate the chance of your best people joining up with your competition simply because they’re offering a market wage. Being open and communicating about pay is also valuable in maintaining employee relationships. If you pay below the market rate, it’s worth explaining why. A conversation about pay will help ensure that you and your employees are on the same page, making them less tempted to look elsewhere for greater compensation.
Get rid of bad managers
According to a Gallup poll of more than 1 million employed U.S. workers stated that the number one reason people quit their jobs is a bad boss or immediate supervisor. Bad managers can make the work environment unpleasant enough to drive employees away. That being said, managers and their relationships with employees make a big difference in employee retention. Avoid keeping managers who are negative, show favoritism, overwork their team, ignore good work, or break promises. It’s important to hire managers who treat their employees with respect and recognize their value. One of the best ways to do this is to train and evolve their employee’s skill set. A good manager will invest in the development and advancement of their people and will typically experience lower turnover rates because of it.
Create a career development track for each position
People will be more reluctant to leave a company that is willing to facilitate their professional growth. Every position in a company should have a path for each employee to learn, develop, and grow. If people know that you are investing in their future growth with learning and training opportunities, they know that you have their best interest in mind and they’ll find it difficult to leave. By offering training, a company sends the message that you care about the future of your employee’s career, and that can strengthen employee relationships and build a sense of loyalty. It can also increase productivity and performance. So, not only does it make people feel valued, but the professional development of employees is also good for business. Give your employees the chance to make a real impact within the company and they will feel more fulfilled when they do. On the contrary, a company that offers no room for growth or the development of new skills will make employees feel trapped and undervalued in their position. Employees who outgrow their roles with nowhere to go are bound to look elsewhere to advance their career, which is why it’s so important to offer them the space and the tools necessary for professional development.
Offer Unique and Unusual Perks/Benefits
Even the small things make a difference. Consider offering benefits that other companies do not. It could be discounts on company products, no work on Fridays, free gym memberships, free dry-cleaning, assistance with childcare, education and volunteer opportunities, travel opportunities, pet friendly offices, etc. Perks like these improve morale and make your company a unique and attractive workplace. It contributes to your company culture and makes you stand out against your competition. Not only will it make people want to work there, it will make people want to stay. People can also be motivated to stay by staggering some of these benefits and not making them immediately available, but instead giving them a goal to work towards. When it comes down to it, these small perks could make it harder for an employee to leave.
In an environment where it’s common for your top talent to receive job notices and recruitment calls multiple times a day, it’s imperative to know how to keep them. The simplest way to hold on to your people is by giving them fair compensation and making sure they are treated with respect. Get rid of the managers who could be driving your best people out the door. Show your employees you value them by designing a career development plan, and offer unique benefits that differentiate you from your competitors. In short, if your employees are happy enough where they are, they won’t want to leave. By taking our suggested precautions you are insuring yourself for when the recruiters come calling.
Bradley Staffing Group is a full-service staffing firm based in Wayne, PA. We are committed to matching A-level talent with best-in-class businesses. Our knowledgeable and well-trained staff brings a combined 70+ years of staffing experience to our clients and candidates alike. http://useful-sock.flywheelsites.com/contact-us/