There are three headwinds which are wreaking havoc with your employee turnover and recruiting. They are:
- The economy is doing great and it is providing lots of opportunities for your employees
- The percentage of millennials in the workforce continues to increase
- You do not have the systems and processes in place to fight back
Turnover was up to 22% for all industries in the U.S. for 2018. That statistic is the highest in 10 years and it will be even higher in 2019. With turnover being up, the cost of your turnover will also go up. Recruiting problems are always present when you have employee turnover. You are already having a hard time filing your jobs and your turnover is making it even more difficult. Due to how the millennials view the workplace, your turnover is already being negatively affected.
I have been there – it is not fun. Our problem was multi-layered:
- The employees who were leaving made up the backbone of our company
- The employees were leaving to go to competition
- We were having a hard time recruiting for all positions and
- It took five years to take a raw recruit and turn him into a senior employee
As you can see from the above lists, the issues and problems are multi-faceted. Therefore, the solutions must also be multi-faceted.
When I describe Value Pathing, a Proprietary Process, Millennials say:
“If my last employer had offered that to me I would have never left!!”
Value Pathing also shortened our training time from five to two and a half years. The employees going to competition were actually a clue as to why they were leaving. Identifying our turnover causes helped solve our recruiting issues. We were then able to focus on our target candidates, weed out the non-targets quicker and succeed in hiring who we really wanted. Our employee turnover went down and we had to recruit less.
All of those costs fell to the bottom line as profit!!