Feedback and reference services can give you the edge you need to reduce turnover woes.
Nearly all of our client organizations arrive on our doorstep because they hope to reduce turnover. Who can blame them? Common figures estimate the cost of replacing a high-value employee at double his or her annual salary, with very little room for improvement on that front. Not to mention the knowledge lost, months of catching up in terms of productivity, training costs… sound expensive yet?
If you’re wondering why turnover is such a problem in your organization, you’re already behind. And while HSD Metrics offers services such as ExitRight® to reveal issues identified by employees on their way out, there’s simply no better way to reduce turnover than to hire the right employees the first time.
People are complex, and hiring will never be an exact science. But organizations are doing a disservice to themselves if they’re not using the robust tools and data available to them to make better-informed hiring decisions. You don’t have to spend a fortune to reduce turnover – but you may have to change the way you think about developing your organization’s culture.
An employee’s potential fit is no easy quality to nail down, no matter how hard you try. Given the challenge, and the expense of a misstep, any opportunity to catch the bad apples early becomes all the more valuable. Automated reference checking services such as ReferenceRight® can provide these kinds of insights well before an organization has paid the ultimate price by hiring the wrong candidate. Automation provides consistent data that actually gives a hiring manager something to go on.
New-hire turnover might be the most costly human resources issue of all, so the insights from continued evaluation of a new hire’s transition are priceless. Use what you learn from SurveyRight’s onboarding feedback surveys to keep the chances of losing new hires as low as possible.
While hiring the right employees will reduce turnover dramatically, you know your job doesn’t stop after the probationary period. Employee engagement surveys help to guarantee that the needs of your employees are met after hiring day. Employee exit interviews merely complete the cycle of a well-rounded employee retention plan.
If you’re ready to initiate the kind of plan that can reduce turnover in all phases of attrition, talk to a retention expert at HSD Metrics and get started today.