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Bad Hires Cost More Than You’re Willing to Admit – How to Improve Your Retention Rate

June 20th, 2018

Everyone can agree that a bad hire is a costly mistake and also inconvenient. But do you know just how expensive hiring the wrong employee is to your business?

The Cost of a Bad Hire

It’s expensive to hire a bad employee. To calculate the cost of a bad hire, you will need to consider all these factors:

  • Recruitment advertisements fees and staff time
  • Relocation and training costs for replacement hires
  • Negative impact on team performance
  • Disruption of projects
  • Lost customers
  • Weakened employer brand
  • Litigation fees

These areas are several examples of how much a bad hire can cost your company. Totaled, it may be close to, or even over, $200,000.

Increase Your Employee Retention Rate

As you do the best you can to avoid making bad hiring choices, you can also do a lot to make your office environment one that employees want to stay at a long time and do great work. To help increase your retention rate, consider these guidelines.

Be Clear About Expectations

It’s so important that managers and supervisors are clear about their expectations for their employees. It’s more often that people will leave a manager rather than leave a job or company. One of the best ways to keep your employees is to be clear about expectations regarding growth opportunity, daily tasks, wages or compensation, and company goals. When workers know what’s expected of them they have a greater sense of purpose which translates to overall worker happiness.

Allow Employees to Speak Their Minds

Another great way to achieve higher employee retention is to create an environment where employees can feel comfortable speaking their minds. Workers want to be able to share ideas, feedback, or frustrations. When a company allows the proper avenues for open communication, it makes their employees feel significant and valued. Workers are less likely to leave a company when they feel as though they can speak their minds to their coworkers and supervisors.

Reward and Recognize Your Employees

Employees want to feel as though their work is appreciated. A company can retain their employees by recognizing effort and accomplishments and rewarding those workers who meet or exceed job performance expectations. Sometimes, the reward or recognition can come in the obvious form of an increase in compensation. Other times, small gift cards, or lunch outings are appropriate.

Create a Healthy Company Culture

There are many ways to create a healthy and positive company culture. This can also help increase your employee retention. For more information on how to enrich your office culture and retain happy employees, contact Concorde Personnel.

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Temp-to-Perm: Why It’s the Answer to Your Job Search Problem

June 6th, 2018

If you are having difficulty finding the next job on your career path, it might be a great time to consider a temp-to-permanent position. These types of jobs are often overlooked, but they could be the answer to finding you the next job that advances you in your career.

What is a Temp-to-Perm Job?

A temp-to-permanent job is when a company hires an employee for a period of time (example: 12 weeks) and then after that time, decides whether or not to hire them full-time.

Three Reasons You Should Consider a Temp-to-Perm Job

To understand why you should apply for temp-to-permanent job openings, consider these three big reasons.

1. Test Drive the Job & Company

One huge advantage of a temp-to-permanent job is the fact that you are able to basically test drive the job position and the company. Through hands-on experience, you’ll be able to decide whether or not you like the type of work you were hired to do. This is especially a great option if you’re getting into a new industry or are unfamiliar with some of the responsibilities necessary to be successful in this new job. If you decide that the skills or responsibilities, or the company itself, doesn’t mesh with your career goals or aspirations, you are free to leave without any hard feelings.

2. Learn New Skills & Find Your Fit

During your temporary time in this position, you will most likely learn some new skills. While this will undoubtedly make you a stronger employee should you get a permanent position, it also helps build up your resume if you want to seek other job opportunities. You will also get a chance to determine whether or not you like the company’s culture. Maybe you like everything about this job position, responsibilities, and required skills, but not the culture. Finding a similar job at a different type of company can be your next step.

3. Get to Know Your Co-workers & Manager

As you work alongside your co-workers and managers, you can develop strong professional relationships. You might find a wonderful mentor, regardless of whether or not you stay at the company past the temporary period. You may also make some great friends along the way. Whether you are offered the chance to join the company full-time or not, these connections are valuable.

Companies Receive These Benefits, Too

Just as you have three great reasons to try a temp-to-perm position, companies benefit with those same three reasons. At the end of the day, you are looking to achieve your career goals. Perform your best at your current job and you may get offered a full-time permanent position. If not, you’ll have fostered valuable relationships that will be great references for another job opportunity.

Find a Temp-to-Permanent Position that Fits Your Career Goals

If you want to find a temp-to-hire opportunity that helps you achieve your career goals, contact Concorde Personnel.

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