What are the key metrics to measure retention and turnover in your organization?

This is where first impression matters the most. You need to understand that candidate experience is key to employee retention. Every employee was once a candidate. All through your recruitment process, offer and onboarding, you should ensure you position your employer brand in such a way every candidate will want to grow with you. Why should I stay if I have better else where? Ensure to come up with strategies that are competitive enough and makes you an employer of choice.

Retention is an important metric indicating the effectiveness of recruitment processes and best practices including onboarding and candidate experience. As a Talent Acquisition Specialist, I believe that retention begins with me. This is an important mindset for enhancing the candidate experience and creating a sense of belonging. I have learned that a large percentage of employees leave a company within the first 6 months due to a poor onboarding experience. An effective onboarding plan should be 3 months in length. If you are having a hard time retaining staff, it is recommended that you review your recruitment and onboarding processes.

In my experience retention rate is a vital metric in measuring employee loyalty and longevity, and is crucial for success. It reflects an organization's ability to retain talent, reducing costs and risks. High retention signals a valued, engaged, and motivated workforce. It showcases strong company culture, effective talent management, and positive employee experiences. Prioritizing satisfaction and a positive environment enhances retention rates and benefits the organization. Reducing turnover minimizes financial burdens and disruptions. Costs of recruitment, onboarding, training, and lost productivity are significant. High retention allows resource allocation for growth and innovation.

Employee retention is the practice of keeping talented employees within a company for an extended period. It benefits a company by reducing recruitment and training costs, fostering a more experienced and skilled workforce, and maintaining a stable, productive work environment, ultimately contributing to improved organizational performance and profitability. High employee retention rates also enhance a company's reputation as an employer of choice, making it easier to attract top talent.

Top retention rates are visible in companies that live up to what they promise. Transparency up front is what matters more and more. Apart from all important matters, like D&I and promising a safe environment, transparency starts top funnel. Therefore companies turn more towards branding and campaigns on channels where they can actually communicate this. Hence job boards are falling out of favor: - you’re surrounded by competition - no chance to build brand - only reaching active seekers LinkedIn: nr1 reason for people not applying is not knowing what it’s like to work for you. So great retention rate starts top funnel. Transparant and authentic campaigns leading to transparant pages, followed by a clear candidate process.

I feel the turnover rate acts as a barometer of an organization's ability to retain its workforce. When faced with a high turnover rate, organizations must assess their talent management strategies, work environment, and employee engagement levels. Factors such as inadequate compensation, lack of growth opportunities, poor leadership, or an unsupportive work culture may contribute to employees seeking opportunities elsewhere. High turnover rates can have detrimental effects on an organization. Productivity may suffer as new employees require time to onboard and become fully proficient in their roles.

To ensure your best people stay with your organisation, you need to understand: → How long employees tend to work in your organisation. → What your retention and turnover rates are. → How satisfied the team generally is. → How much it costs to lose a member of your team.

I have learned that by identifying the root causes of turnover requires a careful analysis of both voluntary and involuntary turnover rates. Here's how you can identify the root causes of turnover when considering voluntary and involuntary turnover rates: 1. Conduct Exit Interviews 2. Review Employee Feedback and Surveys 3. Review Performance Evaluations and Disciplinary Records 4. Analyze Turnover Data 5. Seek Input from Managers and Supervisors 6. Stay Updated on Industry Trends By combining qualitative and quantitative data, including feedback from exit interviews, employee surveys, performance evaluations, and input from managers, organizations can gain a comprehensive understanding of the root causes of turnover.

While it’s useful to understand the big picture of turnover, it’s essential to zoom into the specifics of why your people are leaving. Your voluntary turnover rate tells you how many employees resigned from their positions on their own accord. Examples of voluntary turnover include someone taking a job with another company or a team member quitting because they want to return to school, pursue a private project, or focus on their family. Involuntary turnover rate tracks how many people left the company because they were let go or laid off.

I have found by enhancing employee engagement you can focus on creating an engaged workforce. This fosters a positive company culture, open communication, and meaningful employee involvement. I like to encourage feedback, provide opportunities for collaboration, and recognize and reward outstanding performance. Engaged employees are more likely to feel valued and committed to an organization. This commitment will reduce your retention costs and improve your bottom line.

When calculating the cost of employee turnover, look at factors like: → How much money you lose while the position remains open. → Costs related to hiring, including recruitment, advertising and communications, and time spent interviewing. → Costs related to training, onboarding, and development.

Employee Engagement is the most important thing a company can do to support it's team members. You have to have a culture where people belong and want to come to work. Every morning I walk through our site and give everyone a fist pound and look them in their eyes to say good morning and asks how they are doing. It takes about a hour…but as a leader, that's the most important thing I can do! I also try to do lunches and morale boosters. Invest in your people!

It has been my experience that employee engagement plays a crucial role in shaping and reinforcing the organizational culture. Engaged employees contribute to a positive and inclusive work environment, fostering a sense of belonging and shared values. This cultivates a strong culture that attracts and retains top talent, as well as reinforces the organization's identity and values. I have learned there is a positive correlation between employee engagement and financial performance. Engaged employees drive revenue growth, profitability, and overall business success. Organizations with high levels of employee engagement tend to outperform their competitors and achieve sustainable long-term growth.

Referral rate is a very interesting tool to understand the employee's pulse, how they feel about the organisation, team, manager & culture and speaking about the workplace outside the organisation. By creating better employees and candidate experience you can increase the referral rate which can also help in reducing hiring cost as well as help in branding about the organisation.

Using the right tools to track employee retention KPIs can help you improve overall staff satisfaction and retention to build a stronger, more resilient organization.