Replacing an employee is expensive. “The typical (median) cost of turnover was 21 percent of an employee’s annual salary,” according to The American Center for Progress. “It is costly to replace workers because of the productivity losses when someone leaves a job, the costs of hiring and training a new employee, and the slower productivity until the new employee gets up to speed in their new job.” The good news: employee retention is not a lost cause. There are several ways you can lower turnover rates and encourage employees to stay long-term.
Keep Employees Happy
Before enlisting the help of in house legal recruitment services or top legal recruitment agencies, consider attending to your current employees. “The driving force seems to be that the happier workers use their time more effectively, increasing the pace at which they can work without sacrificing quality,” University of Warwick professor, Daniel Sgroi, says. Moreover, research shows that there is at least a 12% increase in productivity. Google noted even greater success rates among its own employees, with an increase in productivity of up to 37%! Seemingly small things — like generous vacation and sick day policies, encouragement, and low-key events and incentives — can do an incredible amount of good for employee retention, experts add.
Promote Physical and Mental Wellness
A growing number of firms are investing in programs to keep their employees healthy. “Programs that encourage workers to be more physically active, control their weight and manage stress are especially popular,” Forbes reports. ” Those with fewer than 5,000 employees expect to spend an average of $595 per employee on wellness programs in 2014, an increase of $151 from 2013.” Generous flextime policies — easing the work-life balance — do wonders for mental and emotional wellness, Forbes continues. Healthy employees are much more likely to stay with the company. Recruiting services, including top legal recruiters, can also attract the most qualified candidates — or a greater amount of new employees.
Lower turnover rates and boost productivity levels by keeping employees happy and healthy. Before teaming up with top legal recruitment agencies, make sure there are proper motions in place to retain current employees.