If you want to hire the right employee, you need to ask yourself what they’re looking for. Not just a simple way of making money or a stepping stone to something greater, but a place that will help them in every aspect. Businesses that fail to acknowledge this simple fact run the risk of contributing to the financial epidemic that is employee turnover. Costing the American economy $11 billion every single year, this devastating rate is only getting worse for both workers and companies alike. Staffing agencies, however, may just have the answer.
Employee turnover is a term used to describe the rate at which employees prematurely leave their job. The costs of employee turnover can be as low as 30% of an employee’s salary and as high as 150%. As you can imagine, this has left many scrambling for solutions to save as much money as they can. Creating a good employment opportunity is only one part of a larger equation. You need to make sure you follow through and provide your potential workers the tools they require to thrive in your business’ environment.
It’s thought as many as 20% of new hires will leave their jobs within a mere month and a half after being hired. Millennials have even been called the ‘job-hopping generation’ by some due to their increased tendency to shuffle between employment opportunities. This isn’t exclusive to Millennials, however, and everyone is feeling the brunt of new hiring standards nowadays. As many as three million temporary employees will work for American staffing companies in a given week, reflecting this trend in one of many ways.
Employee retention, on the other hand, involves keeping employees around in the long-term through a combination of smart hiring practices and proactive business initiatives. A recent study saw over 85% of companies with employee recognition programs in place citing a notable increase in worker happiness. What does this actually entail? It depends on you. These can be monthly meetings, financial incentives or going the extra mile to commend a worker when they go above and beyond.
Happy workers are healthy workers. Healthy workers are efficient workers. Employees who aren’t engaged in their job, on the other hand, have a higher risk of becoming physically ill than their more satisfied counterparts. They also have an increased chance of developing depression, a debilitating mental condition that can make a full-time job nearly impossible. A business study saw over 35% of respondents saying they believe employee engagement to be the second most notable problem after employee turnover. Job placement agencies can beef up your standard employment opportunity in ways you didn’t think possible.
What do temp services do? A little bit of everything. They encourage smarter hiring practices on the behalf of businesses, nipping common problems in the bud before a potential worker has even started their first day on the job. This can mean creating more transparent performance objectives and asking smarter questions in the screening process. More and more often they seek out diverse hires, as well, as McKinsey’s research has found gender-diverse and ethnically-diverse companies do better than their more homogeneous counterparts. Rather than simply handing you ideal employees right off the bat, they help you help yourself.
A good employment opportunity is more than posting an ad and hoping the right person will drop by. It’s letting a staffing company make sure you’re not wasting anybody’s time by marrying modern business expectations with old-fashioned sensibilities.
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