In today’s market, many hiring managers and C-suite executives need help with higher turnover rates than any industry – not just technology – has previously experienced. That’s inevitable in a market that is candidate-focused. As a result, companies’ talent pool is now shrinking as qualified candidates can open up their opportunities across the nation. It’s no secret that high turnover rates can harm your business.
One report from Express Employment Professionals says, “Almost half of U.S. hiring managers surveyed said their company is seeing increased turnover, compared to 44% who said the same at the end of 2021.” They also report how, “Employee turnover costs companies $57,150 on average, but close to a quarter of hiring managers said it costs their company $100,000 or more per year.”
With it being a candidate’s market, what’s stopping your top earners from seeking a more competitive role? Not to mention, turnover doesn’t only affect leadership but also the remaining employees at a business. When a company experiences an increase in this rate, more pressure is put on the employees who choose to stay. One hiring manager, Greg Sulentic, Express franchise, says, “Turnover typically is very difficult for the remaining staff, compounding the need for additional shifts and excessive overtime. The result is even higher levels of turnover leading to faster training cycles and higher entry-level wages.”
So, how can your business be well equipped to protect your company as best you can from high turnover rates?
Many businesses have successfully implemented a few of these measures when trying to increase employee retention. Take a look:
- Start conducting “stay” interviews.
- Don’t just meet your candidates where they’re at – meet your existing employees where they’re at too. People respond well to an empathetic leader.
- Increase advancement opportunities
- Stay on top of the trending HR best practices driving candidates to more competitive opportunities.
And while you’re here, don’t forget to view all of APC’s thought-leadership pieces, which cover a range of informational articles for both employers and professionals on topics like resume help, a study on the Great Resignation, top tech hiring trends this year, and more!
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Kristen Burgess is the Marketing Specialist at Alliance of Professionals & Consultants, Inc. She has five years’ experience in curating content for digital platforms, social media contributions, and supporting marketing campaigns and strategies. Before joining the APC wolfpack, she worked in digital marketing for software as a service, giving her keen insight into the types of professionals APC hires today. In addition, she likes to stay up-to-date on the most relevant trends within the technology industry through thought-provoking podcasts and newsletters while paying attention to industry leaders’ trends. In her spare time, she serves on the Management Team and helps craft communications for the Junior League of Durham and Orange Counties.