Thank you to the many (~3,200 and counting) that have responded to the recent 2021-2022 Ramax Search Client / Candidate Engagement Survey. Continuing our analysis of the data are be highlighting and taking a closer look into the question “Where do you consider yourself from a job seeking perspective?
We all would like to believe that only other teams and organizations are dealing with Employee Retention issues, however the survey responses shows a totally different picture. The attitudes towards job change are so dramatically different now, so as organization leaders we must pay attention.
The 2020s are shaping up to be an exciting time for recruiting. As technology changes the game and employer expectations evolve, it’s important that your recruitment strategy keeps pace with the latest trends. In this article we will take a brief look at how candidate retention could impact your business in 2022, as well as give tips on how to keep your best talent around long term!
What is Candidate Retention?
Candidate retention is a process of keeping your employees happy and engaged. It is the opposite of employee churn, which refers to the percentage of people who leave a company within a specific time period. When an employee leaves your company, it can be for any number of reasons: they didn’t like their manager, they wanted more money or better benefits, or work was just not fun anymore.
Employee churn can have a big impact on companies because there’s usually no way to recover from losing valuable team members—especially if they’re experienced team members who bring institutional knowledge and industry expertise with them when they depart. So, while it’s important to retain employees so they don’t leave in the first place (i.e., prevent attrition), it’s also important that you keep those valuable employees around for as long as possible (i.e., increase tenure).
This is where candidate retention comes into play! If done well, this process will ensure that your best talent stays put at your organization by providing them with opportunities for growth and professional development.”
Why Does Candidate Retention Matter?
As you may know, employee retention is important for any company. It’s about keeping your best talent, which will help your company achieve its goals and grow in the future. But what many people don’t realize is that it can also be good for job applicants as well!
Here are some reasons why:
You are more likely to retain a candidate if they are happy with their job. If someone is unhappy, they will probably look for a new one sooner or later (and we all know how expensive it is to hire and train someone new). So why not make sure everyone who applies feels like this would be the best place to work?
Retaining employees helps keep your culture intact so that people who join after the old guard feel comfortable doing so. This allows them to contribute their ideas without feeling like they’re breaking some sort of unwritten rule by doing so – which makes everyone happier overall!
Retaining employees means less time spent recruiting new ones; instead of spending hours sending out emails or posting ads online hoping someone will respond favorably enough for an interview request…all those hours could be spent elsewhere! Perhaps brainstorming ways to improve customer satisfaction levels across various industries within our target market area.”
How Do You Retain Candidates?
There are many ways to retain candidates, but there are also a few things you can do as an employer that will make your company stand out from the rest of the pack. First and foremost, is the creation and maintaining of a positive culture – It might seem like small potatoes at first glance, but having a positive workplace culture can do wonders for employee retention. Employees who feel good about their work environment tend to be happier overall, which leads them to stick around longer than people who aren’t satisfied. If you keep your team laughing and smiling on a daily basis by showing appreciation for their contributions and treating everyone equally regardless of role or level within the organization (a concept known as “high-performance leadership”), then they’ll want to stay put!
Employee engagement is key to building a team that cares about your company and works hard for you.
Employee engagement is a key component of the employee experience, and it’s also an important part of your company culture. It can be defined as the level of enthusiasm or motivation that employees have towards their work. If they are engaged, they’re likely to care more about the work they do. By contrast, if they are not engaged, then their attitudes towards their jobs may be less positive and this will impact how well they perform.
Employee engagement is based on two main factors: 1) what makes them happy at work? 2) how much do they feel like there’s an opportunity for them to progress within the organization?
This is meant as a brief introduction to help get a better understanding of the importance of employee engagement and retention in your organization. Over the next several weeks, we will take deeper dives into some real time strategies that you can employ. There are many strategies for retaining employees, but it’s important to find one that works for you and then stick with it.
Feel free to reach out directly to discuss this topic further as well as any other questions or concerns regarding the current hiring climate. I guarantee that in our call together you will leave with 2 or 3 ideas that will greatly impact your ability to find, attract, and procure the top 10-15% of the candidate pool on a consistent basis.
