How can PrideStaff help you lower your employee turnover rate?

Every year, 1-in-4 employees leave their job to work for a different employer, the Retention Report: Truth and Trends in Turnover, compiled in 2018, finds. The report, which is based on more than 234,000 exit interviews, shows that employers lost $600 billion to these turnovers 2018, a figure projected to hit $680 billion in 2020. A single replacement costs, on average, $16,061.76.

A separate report by the Society for Human Resource Management (SHRM) indicates the high turnover trends will persist for the next few years. Johnny C. Taylor, president and CEO of SHRM, says voluntary turnover is likely to reach 30% by 2023.

If nothing else, these stats remind employers of the need to invest more in employee retention. Although completely preventing turnover is impractical, if you’re going to meet your growth goals, it’s more important than ever to find ways to retain employees.

PrideStaff is here to help you find and keep the best and most qualified employees.

Defining Employee Turnover Rate

Employee turnover is the proportion of employees who leave your company over a specific period, typically in a year. It doesn’t include workers who’ve been promoted, transferred, or retired. Your turnover rate is the turnover number divided by the average number of employees during the same period.

There are three main reasons why employee turnover rates have been high recently, i.e., low unemployment rates (until COVID-19 struck), career development, and work-life balance. Many experts sum up these three into just one explanation – the employer isn’t meeting the expectations and needs of the employee.

A high employee turnover rate is a dangerous indicator for any company. It points to low workforce morale and negatively impacts production and sales/revenue. It also makes it difficult to sustain performance and growth goals and places undue strain on the HR department.

PrideStaff Can Help Lower Your Employee Turnover Rate

Retention efforts start long before you make the hire and become a routine once the employee walks through the door. PrideStaff can help you in three keyways:

Find and place the best employees

The fidelity of an employee is a vital sign when assessing whether they’d commit to your company. How long did they stay in the last job, and the position before that? If an employee has a habit of changing employees every few months, that’s a red flag.

The professionals at PrideStaff take fidelity information in the first round of screening and pass on candidates with a habit of changing employers. We combine the candidate loyalty score with our knowledge of industry customs to eliminate candidates with shorter-than-typical stints.

We reduce the time it takes to replace

One of the reasons employee turnovers can be extremely expensive is lost production. Take an example of an employee who directly contributes $100,000 to your company leaving. Since it takes, on average, 8-12 weeks to replace employees, by the time you find a replacement, you’d have lost about $25,000 in direct revenue/profits.

Working with a recruitment company, such as PrideStaff, significantly reduces the time it takes to replace employees, thus reducing total losses.

Pridestaff is here for you every step of the way

Finally, and perhaps the greatest thing about partnering with PrideStaff, is that we’re with you every step of the journey. It means that we’ll continuously help you identify and work strategies to boost retention while minimizing turnover, including developing a strong onboarding program and creating a rewarding workplace culture.

Even if an employee has to leave, we’ll spot the signs (of them leaving) long in advance and help you plan early to minimize the impact.

Contact PrideStaff for More Information about Employee Turnover Rates

PrideStaff is the go-to employment agency in Fort Lauderdale and administrative & clerical staffing services provider. Let’s help you get over your employee turnover rate worries and build a strategy to keep your best talents happy and committed. Contact us today to schedule a no cost consultation.