employee retention

October 28, 2021 by Amy Shanks Leave a Comment

SRS – RECRUITMENT AND RETENTION – 5 THINGS EMPLOYEES WANT MORE THAN A RAISE

Employee retention will increase your bottom line. Read these five tips to increase employee retention.

An estimated 41 million employees voluntarily quit their jobs in 2019, according to the Work Institute. By the end of 2020, the firm predicted that 47 million, or roughly 1 in 3 workers, will leave their employment. According to the U. S. Bureau of Labor Statistics, businesses lose up to a trillion dollars annually due to voluntary turnover.

When you consider that cost of replacing an employee is one-half to two times the employee’s annual salary, it makes sense to work on retention. For example, for a 100-person firm with an average annual salary per employee of $50,000, turnover and replacement costs may be $660,000 to $2.6 million per year.

Employee retention is when managers know how to put employees in the right roles and give them suitable projects to keep them engaged, productive, and want to work for the company and the manager.

The benefits of employee retention are:

Increased employee satisfaction
Better employee morale
Increased performance and productivity
Improved work quality
Increased return on your investment (ROI)

Conversely, the price of replacing an employee includes recruitment costs, training, lower productivity, and a lower level of customer satisfaction.

In their book, Love ‘Em or Lose’ Em, authors Beverly Kaye and Sharon Jordan-Evans asked over 18,000 employees why they stayed with their organizations. The result was a bestselling employee retention guide that provides valuable insight into employees’ top non-financial reasons for
staying.

In a Gallup survey, over 50 percent of exiting employees said that in the three months before they left, neither their manager nor any other leader spoke with them about their job satisfaction or future with the organization.

Most employees agree that what they want is exciting, challenging, or meaningful work. Although we all can’t have jobs as exciting as being an astronaut, here are five ways to improve your employee recruiting practices and increase the retention of employees in your business.

1. Form teams.

While in teams, workers learn more, have more variety in their work, and perform much better with follow-up tasks. Teams are great for keeping active engagements and encouraging more accountability. It is a win-win for everyone.

2. Challenge Employees with New Assignments.

New responsibilities can help your employees feel valued. Show your employees you trust them by giving them responsibilities that allow them
to grow.

3. Seek Employee Feedback.

Employees want more than an annual review. Furthermore, employees want to know about their performance, and if you provide them with continual feedback, their work will improve considerably.

4. Recognize Quality Work.

The rewards you give your employees should speak to their emotional needs and should go beyond their monetary compensation. Recognition contributes to the positive culture of the company and can be a great morale builder.

5. Provide Your Employees with Learning Opportunities.

German law provides a Bildungsurlaub, five days off annually to participate in an approved training course. Although not many countries have a law like this, the idea of enriching a job via a learning experience will keep your employees educated and interested.

Finally, communication is key to a great workplace. When your employees feel that they can come to you with ideas, questions, and concerns, this leads to a positive environment.

At Strategic Recruitment Solutions, your success is our success. Our reputation for superior client satisfaction results from a tireless commitment to exceeding our clients’ objectives. Furthermore, we are the recruiting firm for top employers in New Orleans, Baton Rouge, and the Gulf Region. Our
recruiters will partner with you in your search for highly talented legal, management and technology hires. They will lend their industry knowledge, experience, tools, and technology to enhance your recruiting strategy.

We have been matching top companies with top talent in the Gulf Region for more than a decade. Our focus is on building a long-term relationship with your company. Call us today at 888-366-6508. We can help you find the best candidate to join your legal or IT team.

July 30, 2021 by Amy Shanks Leave a Comment

FIVE REASONS WHY EMPLOYEES QUIT

Employee burnout is the number one reason, employees leave employment.

Turnover is expensive. According to statistics, it cost employers three times a person’s salary for each replaced employee. The reasons why good employees quit are similar in robust economies as well as weak ones.

An article on NBC’s website revealed that a 95 percent of all employees were considering finding a new job and 92 percent would consider switching industries for a new position. The top reason for leaving was employee burnout. Although better pay packets and loftier job titles account for many resignation letters, there are other reasons why employees leave. Employees also quit because they seek recognition, opportunities for growth, and better benefits. Beyond these factors though, research into employee turnover has unearthed a host of additional subtle and emotional factors that determine whether employees become job seekers.

Here are five reasons why employees quit and employers can do about it:

1. Poor Team Compatibility

Many hiring managers place too much emphasis on the technical requirements of a job and not enough on the applicant’s “soft skills.” The result is that too often, they hire for skills and fire someone because of incompatibility.

The keys to battling turnover are culture, compatibility, and mission. A great way to increase retention is to benchmark top performers using a personality survey to assess how you can emulate their “chemistry and fit” within your firm.

2. Lack of Appreciation

It’s important to remember that most people don’t quit their companies, they quit their boss. Strong words? Perhaps. But before you ask your next achiever, “what have you done for me today?”, make sure you give praise. Employees want to be recognized for their efforts and thrive on being appreciated. There are many ways to recognize employees.

3. Advancement & Personal Growth

In today’s fast-moving environment, employees want to learn and be challenged. Companies that offer multiple options for employees to learn new technologies and techniques gain a competitive edge. Most employees are interested in “sharpening their saw” through training, personal development, learning new tips and strategies. When you provide these opportunities, you are giving your employees a fresh outlook on organizing and approaching their day-to-day tasks. Seventy percent of 2,000 millennials surveyed said they would quit a job if it lacked high performing and fast technology.

4. Show More Empathy

A 2021 study by Business Solver showed that 92 percent of employees would be more likely to remain at their job if their bosses showed more empathy.

5. Compensation

Why isn’t money at the top of this list? Because “show me the money” isn’t all that it’s cracked up to be. Money is seldom the driving issue assuming that you are paying a competitive wage. Instead, when items 1-3 are missing in an employee’s job satisfaction, then compensation becomes an added reason to leave.

At Strategic Recruitment Solutions, your success is our success. Our reputation for superior client satisfaction is the result of a tireless commitment to exceeding our clients’ objectives. We are the recruiting firm of choice for top employers in New Orleans, Baton Rouge, and the Gulf Region. Our recruiters will partner with you in your search for highly talented legal, management and technology hires. They will lend their industry knowledge, experience, tools, and technology to enhance your recruiting strategy. SRS has been matching top companies with top talent in the Gulf Region for more than a decade. Furthermore, our focus is on building a long-term relationship with your company. Call us today at 888-366-6508. We can help you find the best candidate to join your legal or IT team.

May 7, 2018 by Amy Shanks Leave a Comment

BENEFITS AND PERKS ATTRACT AND RETAIN GREAT EMPLOYEES

Employees feel valued when they have good benefits — Benefits and perks attract and retain employees

In a recent study, 2000 employees were asked to choose between a high-paying job or lower-paying job with more benefits. Out of the 17 benefits listed, the top four chosen by employees are:

1. Better health, dental, and vision insurance. Health benefits were the top benefit for 88% of respondents. 54% gave health benefits “heavy consideration” when selecting a job, whereas 34 percent gave it “some consideration”.
2. Flexible hours, work-from-home options and unlimited vacation. Respondents said they valued benefits that provided them with a “work-life balance”.
3. Student loan and Tuition Assistance. When employers offer these benefits, employees feel valued.
4. Paid Parental Leave and Free Daycare. A number of states have started paid leave programs. Typically, employers and workers will make small contributions to a fund. When the employees are ready to take maternity and paternity leave, they can draw from the fund.

Benefits and perks continue to play a major role in employment consideration. A well-designed employee benefits and perks package will restore loyalty, drive employee engagement and increase your employee retention.

Benefits and Perks Help Employees Feel Appreciated

In another employee survey, over 40% of full-time U.S. employees consider flexible hours their most important perk and the perk that matters most to their job satisfaction. Furthermore, employees valued perks such as professional development, fitness/health perks, food snacks and the ability to work from home.

When asked why employees valued free food on the job, they gave three reasons. They believed the free food was a reflection of the company’s generosity. They saw the food as an indication that the company cared about their health and well-being. And finally, by having food available, they were encouraged to take more breaks.

Also, when deciding between a high-paying job and a lower-paying job with more benefits, 10 percent of those surveyed said they would give free snacks “heavy consideration.” Having food at work was most important to millennials. Of all the age groups, they are the most likely to say they wish their employer offered more snack options. Snacks may even lure employees to new companies: 48% of respondents said that if they were looking for a new job, they would weigh company perks, including the availability of snacks, in their decision. Other perks that attracted new employees including offering a gym membership, parking, and casual Fridays.

Adding Value

In today’s hiring market, it is becoming more difficult to recruit great employees. By providing great benefit packages and perks, your company can retain and attract employees. When companies create a benefits package, the result is that their employees feel valued. This becomes a great tool to attract new recruits. Over half of the employees who received employer-sponsored perks said that they had a better quality of life. A happy employee is a more productive employee, so benefits provide a win-win scenario for everyone.

What is especially relevant is that word of mouth spreads when employees feel great about where they work. When you are ready to add to your team, consider partnering with Strategic Recruitment Solutions. We work with many of the law firms and technology companies in the Gulf Coast region and have a deep understanding of what type of benefits and perks are attractive to new employees. Give us a call today at, 888-366-6508. We can help you recruit and retain employees now and in the future.