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How Does Your Employee-Retention Rate Stack Up?

How Does Your Employee-Retention Rate Stack Up?

Happy Employees working together.

Happy Employees working together.

There are many methods that a business to use in order to have high retention rates. What do you use and how are your rates compared to others out there? Are there any new strategies that you would like to try throughout the next year? Here are some employee-retention trends that have proven successful. You may want to use some of these strategies to see if they will work for you.

According to Internet surveys, only 60 percent of the participants have a recruiting strategy, while only 20 percent of those have this written down.

Online recruiting is one of the most popular ways to find applicants and it seems to have had a positive impact on these businesses. Referrals through other employees within the company are next on the list and seem to also have positive results. Newspaper ads, employment agencies, staffing firms and job fairs are last on the list.

There are some things in most jobs that are negotiable, such as salary. More than 70 percent of employers say they negotiate with the candidate to get an acceptable amount. However, 10 percent of the candidates will take what is offered or it goes to the next candidate in line. Often, companies were also willing to negotiate paid time off and work hours as well as salaries.

On-Boarding Program for Employees

 Close to 90 percent of companies have a formal on-boarding program for new employees. Management team members are usually involved with these programs and walk the new employees through the process to ensure that they feel comfortable and confident within their new positions.

Are You Hiring for Retention?

  •  Do you make hiring decisions based on the skills of the person, as well as experience and expertise in a specific section of work that you’re hiring for?
  • Do you clearly communicate what you expect from the employee?
  • Do you adequately prepare new employees and ensure that they have continuing training and tools to do their jobs well?
  • Do you allow the employee to make some mistakes, encourage them to be accountable and learn, but also trust them along the way?
  • Do you recognize that each employee is different and requires a different type of management and supervision than another?
  • Do you chat with employees, provide them with positive feedback and do what you can to help them realize their potential with the company?
  • Do you lead by example to show your employees the right behavior that you would expect to see from them?
  • Do you respect and encourage each of the employees?

We can help you plan employee retention here at Health Insure Marketplace. Health insurance is a very large component of benefit packages and can aid in employee retention.

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