Are you constantly having to find candidates for open positions? You have a lot of company.
Employee turnover in the U.S. reached an all-time high of 19.3 percent in 2018, according to a report by Salary.com.
Nationwide, the number of voluntary resignations (or “quits”) continued to soar at 3.5 million in Feb. 2019, says the U.S. Bureau of Labor Statistics. (The previous high was 3.2 million in 2001.)
With increasing job creation, baby-boomer retirements, and youthful job hopping, high turnover is becoming the norm, with no end in sight. Opportunities abound for workers, and they are responding—and who can blame them?
Of course, employees’ gain can be employers’ loss. The current job market is definitely in employees’ favor as companies compete to find candidates.
So, how can businesses limit high turnover? Frankly, by motivating your employees to stay—which may sound easy in theory but isn’t always in practice.
While higher pay can entice some workers to stay, it’s not a universal solution. One in six U.S. employees say they would take a commensurate pay reduction in exchange for more time off.
Here are a few ideas to consider for reducing employee turnover
Granted, some of these are more feasible for some companies than for others. But spending a little more time and money on each employee now can be more efficient in the long run.
- Ensure that managers seek input from their employees and encourage ideas and suggestions.
- Provide internal and external opportunities for professional training and development.
- Offer low-cost benefits that many employees value, e.g., flexible schedules, working remotely, more paid time off.
- Recognize employees in front of their peers and reward them for exceptional work.
- Find candidates who not only have the right skills but also are the right fit for your company culture.
Remember: your best employment strategy in a tight labor market is (drum roll, please) … retention.
Need skilled employees? Talk with our recruitment agency in Lancaster, PA
Though you would like to keep most every skilled employee, you are going to lose some. When that happens, talk with us here at TriStarr. We will help you find candidates with excellent skills who are a great fit. We can also help you screen, assess, and negotiate, saving you time through every step. And until your new full-time employees are in place, we can provide you with qualified temp staffing employees.
TriStarr, a Lancaster, PA recruitment and staffing agency and HR consulting firm, has professionals with many years of experience in recruiting and administrative staffing services. Our recruiting agency stands by our Good People Guarantee. If a client isn’t pleased with a professional we have recruited, we will replace the person with another candidate at no cost or provide a refund.
If you would like assistance from professional job recruiters to find candidates in a tough job market, contact us online or call us at (717) 560-2111. The TriStarr recruitment employment agency serves the Lancaster, York, Harrisburg, Hershey and Reading employment markets.