We all know the feeling. You've just poured your heart and soul into recruiting a top-notch candidate, only to have them turn around and resign a few months later. It's frustrating, deflating, and worst of all - it's costly. The average cost of replacing an employee is estimated to be anywhere from 1/3 to 2 times their annual salary. So, what can you do to avoid the great resignation at your business?
The answer lies in re-recruiting.
Re-recruiting is the process of "reselling" your company to current employees in order to keep them engaged and committed long-term. Read on for a few tips on how to re-recruit successfully.
But first, what is the Great Resignation?
The Great Resignation, first identified in May 2021, was the term given to describe the record number of people leaving their jobs since the start of the coronavirus pandemic. Brought on initially by employees' concerns about inadequate Covid-19 safety policies in the office or insufficient remote-work support, millions then left for greater freedom, autonomy or a new direction. Despite the pandemic having passed, the trend of resignations continues with many people feeling unappreciated and disengaged at work. This is costly and disruptive but there are things you can do.
How to identify the warning signs that an employee is about to resign
Identifying when an employee is about to quit their job can be tricky. Though there are certain telltale warning signs that signal the end of their tenure, sometimes these roll out in such a subtle way that it's hard to spot them. It might include hinting at resigning, being vague about future plans and obviously reducing their performance where they're showing decreased motivation and interest in the job.
If all this takes place together, then it’s time to ask some probing questions to gauge whether they really do plan on leaving or if they just need a fresh challenge and different incentives. Either way, it's important to try and identify the signs so both parties have a chance to work things out - though not always successful!
Tips for re-recruiting your employees before it's too late
Re-recruiting your employees doesn't have to be hard. Here are a few tips for making it work:
1. Show them that you value their work and commitment. Acknowledge the job they've done and reward them with compliments, bonuses and other perks when appropriate.
2. Listen to their concerns, questions and feedback. Acknowledge their ideas and show that you're willing to work with them to find creative solutions.
3. Provide stimulating challenges and projects for them to take on. Allow your employees to take risks, make mistakes and learn from them in the process.
4. Keep lines of communication open with regular check-ins and team meetings. This will help keep everyone up to speed on what's happening in the company, as well as allow people to voice their opinions and ideas.
5. Make sure that compensation is fair and competitive. You want your employees to feel like they're being fairly compensated for the work they do - especially if you want to retain them for the long haul.
By following these tips, you can ensure that your employees feel valued and appreciated - making it more likely that they'll stay with your company in the long run. Re-recruiting is an important part of any business's strategy, so make sure to give it the attention it deserves!
The benefits of retaining your best employees
It's no secret that retaining your best employees is a great investment. Not only do they help to maintain a positive work culture and boost morale among their colleagues, but they also contribute significantly to the success of an organisation as well. Your star employees are highly knowledgeable and skilled in their pursuits, allowing them to quickly adapt to the changing needs of customers and competitors. What's more, they can pinpoint opportunities and tackle challenges with a confidence that is unparalleled by any new hire - it makes sense to keep them around.
Investing in your best talent has obvious short-term benefits – happy staff who stay means fewer costs for recruitment, onboarding and training and better productivity – but it also pays off in the long-term; these stars will ensure things run smoothly when times get tough, making them invaluable assets worth having around.
What to do if you're too late
Losing a key member of staff is like losing your right arm and the cost of these losses can be hard to measure in monetary terms, but the disruption to operations and morale can be catastrophic. From the loss of knowledge, to decreased efficiency and productivity, there's no doubt that turnover at executive-level hits businesses hard. So it pays for management teams to work hard in keeping (and retaining) their most valuable players.
If one of them does hand in their notice, there are still ways to re-recruit them...
First, be proactive and speak with them early on about their reasons for leaving. Understanding why someone is leaving gives you a chance to fix any existing issues or have a conversation about creative solutions.
You can also offer incentives, such as additional training and flexible working options, to show your employees they are valued, respected and appreciated by the team.
Don't wait until they are out the door to tell them how great they are - that ship will most likely have sailed!
Lastly, consider appointing a mentor for former employees who may benefit from advice and support during the transition phase. Remember, keeping the door open for future collaboration could prove invaluable down the line with potential re-hiring opportunities - so embrace this challenge head on.
In conclusion, the Great Resignation is showing no sign of stopping and it's time to put measures in place to attract, retain and re-recruit key members of staff before it causes irreparable damage to your business.
Understanding the warning signs that employees may be considering leaving will ensure you take all measures necessary in order to retain them. Taking proactive steps now not only sets you in good stead for future recruitment efforts but could also save your business from a great deal of costly disruption. As emphasised throughout this guide, employee retention energises teams by cultivating a sense of trust and loyalty - empowering individuals with more meaningful job satisfaction - whilst achieving priceless financial dividends. The act of holding onto your top performers not only strengthens professional development within existing staff but can also lure other potential candidates who sense an influential workplace culture. So, don't get caught off guard when it comes to the Great Resignation or risk saying goodbye to all your hard work. Put re-recruitment to the top of your agenda today.
For more information on how to introduce an effective re-recruitment programme, contact Lodge Court.