A Guide to How Recruitment Firms Can Hold Onto Their Workforce
It’s ironic that in an industry dedicated to sourcing and placing the best possible talent, staff turnover among recruitment professionals is extremely high. According to the CIPD, more than three-quarters (78 per cent) of HR professionals said their organisation has struggled to recruit suitably skilled staff over the past year. And, given that the total cost of replacing an employee (taking into account lost productivity, and finding and absorbing a new member of staff) averages out at around £25,000, it’s something that recruitment business owners need to take seriously.
Generation Y (those born between 1982 and 2000), or Millennials, now expect to live and work differently than their parents. Far more focused on a work/life balance than the Baby Boomers, these hard-working, hard-playing, techno-sophisticates enjoy collaboration, multi-tasking and instant results, and have ambitions fuelled by motivation, engagement and empathy. In order to retain the best of this generation, recruitment firms need strategies in place, such as flexible working and benefits, that bost employees’ self-esteem as well as their take-home salary.
If you’re finding that your staff turnover is higher than expected, here are some questions you need to ask about your work culture:
• Are you giving potential employers a realistic overview of the role at interview?
• Is there enough potential career progression available?
• Do your staff feel they have a ‘voice’ about the company as a whole and about their role within it?
A number of solutions are available for concerned employers. These range from offering good basic salaries and enhanced bonuses that are linked to log service or strong performance, to high levels of training; from communication at all levels to motivational opportunities. The right working environment is also clearly important, as is the availability of flexible working and a transparent progression process. Keeping your staff motivated, happy and valuing their contributions seems to be the best way to retaining them for the long term.
Smith & Smith PR
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