The Hiring End Game is Retention

Hiring the right people to fill your open jobs can be a myopic short sighted approach to building your workforce. The other half of the hiring challenge frequently overlooked, is how to retain them after they cross your threshold? As you are about to see - turnover is a costly reality and it's on the rise. So what's fueling this "one step forward, and two steps back" syndrome and what can you do to fix it?

Most turnover can be attributed to either the employer or the employee making a bad employment decision. If "I only knew" is a common refrain uttered by employees and hiring managers. And what does a bad decision look like? It's not what you may be thinking. It's rarely because the employee couldn't do the job. In fact it is often the opposite. The ability to do a job is a low hiring bar. How you do the job, without excessive stress, and feeling fulfilled - now that's a good fit.

The employer/employee relationship is frequently undercut by one or more chinks in these three hiring buckets.

• An employee's behavioral approach to how they prefer to work doesn't square with the manager's expectations
• The employee is stressed because the work is either too demanding or too simple
• The employee finds the work unfulfilling

Winning the War on Talent Through Retention

Align the employee/employer hiring buckets above, with a PXT Select "Comprehensive Selection Report" and add a healthy dose of retention glue with the?PXT Select Coaching Report?coupled with these retention reports below your company now has a formidable competitive advantage in the talent wars not only by hiring the right person and placing them in the right job but also by unlocking their talents outside their job description and retaining them.

It's been said "employees quit their manager not their job" but not if the manager has a?PXT Select Manager-Employee Report?This report provides a manager with insightful data to help a manager understand the similarities and differences they share with the employee and their approach to the job.

Tenured employees often feel typecast in their role and look for new opportunities outside their current role and sadly to say outside their organization. Don't watch a seasoned, loyal, and productive employee walk out the door. Upskill the employee using the "Multiple Positions Report" the "Sales Coaching Report" the "Leadership Report" or the PXT Select Customer Service Profile.

Turnover is costly on so many levels; recruitment fees, lost productivity, poor customer experience, unproductive management time, poor employee morale, reduced profits to name a few. Remember - Hiring's end game is Retention.

The?Dept. of Labor?estimates turnover?costs an organization up to?30%?of the exiting employee's annual salary.

What is Turnover Costing Your Organization?

Calculating Annual Turnover Cost

• Combine Average Annual Salaries of Exiting Employees X 10 %?
• Example:?24 Exits?per year with an average annual salary?$75,000?
• 24 X $75,000 = $1,875,000 X 10%?=?Annual Turnover Cost?$187500

HOW DOES PXT SELECT? WORK?

PXT Select Video - 8 Min

Hospital Reduces

Nurse Turnover - Saves $350,000