Higher unemployment rates mean better hiring outcomes for companies, right? In theory, after all, finding your next great team member should be easier when you’re starting with a larger pool of available candidates. But in practice, unfortunately, things aren’t exactly playing out that way for very many companies right now.

In fact, ongoing hiring challenges are a major part of the reason so many of them are prioritizing employee retention efforts these days. And if you’re one of them, you should know that you don’t have to go it alone — Randstad can help. Our end-to-end workforce management solutions are proven to help move the needle on employee retention rates.

Here’s a look at how we do it.

optimizing compensation 

Given the scope of disruption and fallout from the global pandemic, it’s no surprise that many companies are eager to slim their budgets and cut costs wherever possible. But, take it from us, you don’t want to downwardly adjust compensation in turn.

The bottom line over the long run is that the cost of losing top talent to your organization is far greater than the cost of offering incrementally higher compensation.

After all, how much do you think it costs, on average, to replace a single departing employee? The answer is almost certainly higher than you think — and could be as high as two times that employee’s annual salary.

By contrast, even small increases in salaries or hourly wages can yield tremendous benefits for organizations. For example, Randstad recently partnered with a California-based energy company that had been struggling with both attraction and retention. After increasing their pay rates by $2.00 per hour based on our recommendation, the company saw a 28 percent decrease in weekly turnover — and even managed to attract 296 new applicants. Check out these 10 pay rate success stories for further proof of how important it is to optimize compensation.

In the interim, if you aren’t sure how much you should be paying your employees (and especially if you’re worried that it isn’t enough), download your copy of our 2022 Salary Guide right now. It’s a good starting point for understanding how your current levels of compensation line up with the market.

getting proactive about employee engagement

Many companies have taken steps in recent years to proactively deal with employee engagement, but studies show that they should do more. In fact, some studies have found that less than a third of all employees actually feel engaged on a day-to-day basis in the workplace. And with the rise of hybrid and remote work environments, the risk of disengagement is probably even higher.

Given that companies that report higher engagement levels can be as much as 20 percent more profitable than organizations with less engaged workforces, this is obviously a major issue. What can be done to avoid disengagement?

For one, partner with Randstad to identify where and why these and other employer-employee disconnects are occurring — and what steps you can take in the near term to most effectively address them. For example, will more robust benefits packages translate to higher engagement levels, or is more frequent feedback from managers the thing that would truly move the needle? You won’t know unless you have the data.

Plus, thanks to our comprehensive employer branding research and analysis, we also offer deep-dive insights into what your candidates want, what they expect from employers and how they perceive your employer brand, all of which can have powerful ramifications down the line when it comes to employee engagement.

enhancing your onboarding efforts 

When do you think employees are most likely to quit their jobs? The answer might surprise you: the first three months of their tenure. In other words, how effectively you’re onboarding employees is directly and powerfully translating to good — or bad — retention outcomes. Indeed, studies show that companies with more robust and structured onboarding processes generally report higher retention rates as a result.

Considering that the cost of employee turnover and retention for businesses across the board is approximately $1 trillion annually, you can’t afford to be getting it wrong when it comes to onboarding. But where should you look to start making improvements?

At the beginning, for one. That is, onboarding should start on day one, minute one, second one — meaning the moment your new hire accepts the job, not their first day performing it. A welcome kit, for example, is a simple best practice, as well as an easy way to support your new hire as they transition into a new organization and culture. From there, the goal should be to help the new hire acclimate, get up to speed and get comfortable as quickly as possible.

Of course, that’s where the trouble so often happens. But fortunately, Randstad can help.

We’re equipped to manage or optimize your onboarding process from end to end. We also understand that every company is unique — and has unique challenges and requirements. So rest assured, we can customize our approach in countless ways. For example, we’ll let you determine which parts of the onboarding process you want our team to handle, and which parts you’d prefer to keep in house.

No matter what level of support your company needs, we’ll work with you to develop an onboarding process that drives the retention outcomes that matter.

evaluating talent more effectively

One of the best ways to reduce turnover rates also sounds like the simplest: hiring the right people from the start. After all, given all the time and money you invest each year recruiting and onboarding new hires, the last thing you want to do is wait until the onboarding process to realize they may not be the right fit for your company.

Struggling to effectively evaluate candidates — and separate the best from the rest? That’s something else we’re widely recognized as the experts at.

For starters, we always take the time to get to know your company, industry and market. From there, we can incorporate a host of critical factors — workplace culture, business processes, hiring needs, strategic goals and more — into our evaluation criteria as we begin to assess talent. It’s the only way to ensure the people you hire not only have the right skill sets and backgrounds, but all of the other qualities that will make them the best-possible fit at your company.

The result? Better hiring outcomes. Higher-performing workforces. Lower retention rates.

ready to bring in a best-in-class partner?

From recruitment and selection to onboarding, shift planning, forecasting and more, we can cover the whole gamut of workforce management — and bring in advanced tools and technologies to make it easier for your team going forward. Of course, our approach to every engagement is flexible and adaptable, so we’ll work with your key stakeholders to determine which parts you want your team to handle, and which you’d rather hand off to us. This should also give your in-house team more time to focus on value-adding activities like launching new training and development initiatives or strengthening organizational culture.

Ultimately, no matter what goals matter to your company — or the specific KPIs or metrics you have in mind — Randstad can deliver value. Areas we’re often asked to focus on include:

  • improving retention rates
  • boosting productivity
  • decreasing turnover
  • reducing or eliminating absenteeism
  • rolling out more flexible scheduling
  • reducing costs
  • increasing profitability

Is your company struggling with any of these things? Partnering with Randstad is a proven solution, with proven value. Learn more by getting in touch with us today — or see how we helped one company improve their retention rate, which reduced the costs associated with managing their workforce in turn.