New Hire Turnover Woes
New hire turnover is a serious drain of talent, money, and resources for companies of all sizes. According to the U.S. Department of Labor, a mismatched hire could cost an employer 30% of the employee’s first-year earnings with nothing to show for it. Not to mention the sunk costs of onboarding, lost business opportunities and the stress understaffing places on the rest of your team. A new hire mismatch can also be a threat to your brand should a disgruntled review go viral on social media and employment sites. As a hiring manager, you understand that in a competitive labor market there is no one quick fix. However, in our next blog, we help identify one of the most common reasons for new hire turnover and strategies to prevent it.
Not What You Advertised
If you’ve ever used a dating app or tried to recreate something you saw on Pinterest, you understand that feeling when reality does not live up to expectations. That feeling of letdown is what many new hires experience when the reality of their new job doesn’t meet the expectations set in the recruitment posting. Avoiding a disconnect between employer needs and employee expectations is why recruitment branding is critical.
To extend our online dating metaphor, if you fill out your “bio” with the intent of appealing to the most candidates rather than what you can actually live up to, you may get several to ‘swipe right’ but you won’t find that authentic connection you seek. Authenticity in your messaging is a key factor to retention.
Live Up to Your “Great Benefits”
Every company says they have “great benefits,” but what does that really mean? Specifically, what does that mean to your target? To a young parent, it means vacation time, maternity leave, sick time, kin care. For a single entrepreneur type, it might mean more freedom, investment options, educational reimbursement and a collaborative environment. For an IT professional it might mean access to ‘cutting edge technology’ or opportunities for training. Think about your ideal candidate as a target audience. Talk about what matters to them.
At the same time don’t over promise or be ambiguous. It will come back to bite you later when you have an unhappy new hire who feels they were misinformed or outright lied to. Make sure your recruitment message is clear and honest when it comes to benefits. Be honest and attract the right candidate rather than stretching the truth in an attempt to attract more candidates.
Level set expectations
Benefits are not the only place you can set expectations. The hiring process should include opportunities to communicate and get the right information, in the right way, at the right time. If you promised them great training, make sure you check in and ensure they’re satisfied. Keep the hiring conversation going during the onboarding process through tools like Up2Speed that allow you to send the right message to the right people exactly when they need it.
Another angle to consider is how your message will be perceived. What may seem an inadequacy to some can be marketed positively to the right candidate. Perhaps you’re a small company that can’t afford great benefits, but you do provide an entrepreneurial flair and tons of freedom. Speak to the kind of person that has the talent you need and would appreciate what you DO have to offer.
The bottom line is that along with salary, benefits, and sense of purpose; truthfulness and transparency are what today’s employees demand in exchange for “company loyalty.”
Especially amongst Millennial and Gen X cohorts.
In short, try to live up to your profile picture.