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We all know that high attrition rates cause organizations to bleed talent. Having to bear the burden of high employee turnover rate, you can get trapped in a constant need to hire and train new talent. Economists estimate this can easily cost your organization 1/5th of an employee’s annual salary. To make matters worse, it demoralizes current employees and can affect their company outlook, thus adding more fuel in the already blazing attrition situation. But that’s not the only side effect of a higher attrition rate. While it affects the insiders including your employees, investors, and clients, it also influences outsiders- the potential job seekers applying for a job. It should not come as a surprise that, as per HR experts, one of the most sought after question that a job seeker wants to ask is “Can you tell me about your company’s attrition rate?” High attrition rates can threaten the very integrity of your company. Now that we know the real costs of the Brain Drain, the question is what companies can do to stop the bleeding. The challenge is to retain the top talent and keep new talent streaming in.
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Helping organizations hire right through accurate, reliable and efficient hiring practices
STOPTHE BRAIN DRAIN
How Successful Companies do it?
We all know that high attrition rates can cause organizations to bleed talent. Economists estimate this can easily cost a company 1/5th of an employee’s annual salary.
Dynamic Office & Accounting Solutions | (925) 855-3600
One of the most sought after question that a job seeker wants to ask is “Can you tell me about your company’s attrition rate?”
His‘brain’ drains the moment he realizes he doesn’t belong there.
Dynamic Office & Accounting Solutions | (925) 855-3600
How Can a Background Check Save
Employers From Making Bad Hiring
Decisions?
HR should keep in mind the psyche of Gen Y job seekers today - They are looking for jobs that fulfill not only their professional needs but also their emotional needs. They want to be listened to, appreciated by peers, and give back to the society.
Dynamic Office & Accounting Solutions | (925) 855-3600
Here’s a 5-point strategy to stop the ‘Brain Drain’ from your organization:
Let them be heard – Today’s generation seek employers where lively discussions are happening and their ideas are valued. The employers need to involve the workforce in their key decisions, be it related to innovation, investment or production.
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Dynamic Office & Accounting Solutions | (925) 855-3600
Create a Learning Environment for Employees
Being born and raised in a competitive environment, the new generation of job seekers continuously seek to improve their skills. They want their workplaces to nurture their unique talents through comprehensive training programs.
2
Dynamic Office & Accounting Solutions | (925) 855-3600
Give back to society
Gen Y is more socially conscious and seek to bring a positive change through their work. Why else have campaigns like BatKid and ALS Ice Bucket Challenge gone viral? Gen Y will always opt for a socially conscious organization over one that isn’t.
3
Dynamic Office & Accounting Solutions | (925) 855-3600
Make Sure the Work Culture is Sync with the Brand :
Brand consciousness is higher among Gen Y job seekers. They identify with their company’s brand instantly. Every company is known for its brand image. If the job seeker discovers any sign of incoherence between the company’s brand and its work culture, it simply turns him off.
4
Dynamic Office & Accounting Solutions | (925) 855-3600
Show’em the true value
Job package may not be the most important factor, but it really counts as a motivating factor. In today’s market, it’s not just the competitive pay package that matters. Candidates are looking for creative compensation plans such as profit sharing, health benefits and long term incentive plans that translates into additional benefits.
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Dynamic Office & Accounting Solutions | (925) 855-3600
The Anatomy of an Ideal Working Environment
o If there’s one thing that defines today’s workforce most perfectly - it is diversity, be it in terms of gender or ethnicity.
o Try to find professional talent from diverse backgrounds.
o Cultivate an environment that allows the workforce to enhance their skill sets, allow for professional growth, and foster creativity among employees.
o Design development tools and programs to help individuals realize their full potential.
Do I have the right to see the
background check information
that goes to the employer?
Should landlords do background checks
on potential tenants?
Give them the space to let them be what they are and make positive changes in their own unique ways.
Dynamic Office & Accounting Solutions | (925) 855-3600
Creating a work culture that reflects your company’s vision and philosophy will ultimately create an environment that propels growth and innovation and will lead to the success of your employees and your organization.
