High turnovers are among the top concerns of firms these days, especially since the costs of employee turnover are increasingly high. According to a US-based think-tank, the costs of employee turnover can be 16 percent of annual salary for high-turnover, low-paying jobs and it can go as high as 213 percent for highly qualified executive positions.
That is why forward-thinking companies are investing in dedicated HR consulting services to improve their employee experience. This keeps their businesses thriving even in competitive markets. Here’s how top HR consultants can help retain the best talents and create positive employee experiences.
1. Retention begins with recruiting
Professional HR consultants routinely engage with new recruits to get to know them better across various parameters that determine a great employee-employer relationship.They do not wait till an exit interview to find out why a key talent has decided to move on. Failure to be proactive increases the probability of losing a highly skilled resource before their time.
2. Hire the right fit
A manpower consultancy team can ensure the right candidate is hired to fill the vacancy. They also make sure that every individual has been assigned responsibilities according to their experience, skill sets, and aspirations. For this, they keep a close tab on the qualities and characteristics that indicate whether a candidate is well-suited to a particular organization and the opportunity at hand.
3. Give the right compensation
Compensation remains a key factor in the process of talent acquisition, performance management, and retention. It is important to quote a salary that is mutually acceptable to the company and the candidate. In this regard, HR manpower consultancy help Organizations identify a fair compensation for the type of talent they are looking to bring on-board and/ or retain in line with the market and individual expectations. Finding the right balance ensures a strong start to a relationship and also ensures a strong Offer to Joiner ratio and Employee retention.
4. Do not forget the importance of recognition
People stay where they are recognized and rewarded for their work. An HR consulting firm will reinforce the importance of reward and recognition frameworks to keep the top performers motivated. This way employees feel they are valued by the organization and continue to contribute to its growth.
5. Put AI to work
Organizations have large volumes of performance related data at their disposal. Advanced human resources consulting services can harness this data with the help of Artificial Intelligence to highlight patterns and trends to improve workplace wellbeing and performance. Apart from identifying and predicting who is likely to leave, AI and advanced analytics can help pinpoint reasons for attrition and possible ways to prevent that.
6. Create the right company culture
A company’s culture can make a big difference; a healthy environment and work culture are vital to its success. A company is composed of individuals, and an HR consulting firm uses its expertise to hire talented individuals that understand the importance of good company culture and help shape it.
7. Introduce flexible working where required
Employers often overlook the benefits of flexible working hours, and how it improves work-life balance. Business growth is driven by a happy workforce, allowing employees to decide work hours and where they want to work from can deliver result-oriented performances. Rather than risking losing your top talent, it is worth being more lenient on overly rigid working hours as advancements in technology have made this possible.
8. Make the most of exit interviews
Whenever an employee resigns, the HR consultancy will intervene immediately to find out the reasons which prompted the employee to resign. The HR will sit with the employee and discuss all relevant issues face to face and try to provide a solution. The focus is not just on retaining the employees but also to identify problem areas that may currently be a blind spot to the Organization and prevent any future attrition.
At G&S Consulting, we have the expertise and experience that can help businesses across the spectrum to find and retain the best talent in the market. Our engagement models are designed to manage all operational HR functions within the company for successful recruitments and long-lasting results.