Imagine if nearly a third of your memories vanished. How many tasks you couldn’t perform, how much information would be lost forever.
Now imagine if the same thing happened to your business.
Employee retention is your business’s memory
Employee retention is a measure of how well your business holds onto its staff. The higher your retention rate, the longer each employee stays with you. Each time a staff member leaves, your retention rate goes down, and their vital knowledge and experience goes with them.
A retention crisis
One client recently came to us with a 29% retention issue; nearly a third of all staff left the business within a year of joining. These losses had an immediate detrimental effect on morale and productivity, as well as being costly to replace.
A big part of the problem was that they had hired the wrong employees in the first place; staff members who had different expectations and misplaced skillsets.
To help solve the client’s retention problem, Ignata implemented a range of complementary tools and strategies from the beginning of the employment journey; from initial recruitment and candidate assessment through to on-boarding and training, all concluding in long-term future employment.
The first step is to ensure the Employer Value Proposition (EVP) strikes the perfect balance between showcasing the business as a fantastic place to work while managing candidate expectations as to the realities of the role and their new employer. Providing this level of clarity upfront along with toolkits for the hiring managers helped reduce staff churn from 29.1% to 9.2%.
For further examples of how we have helped businesses boost their memory – and how we could do the same for you contact Matt Burton on firstname.lastname@example.org