Employee retention is becoming a major problem for modern companies.
In June 2016, the ‘quit rate’ of employees voluntarily leaving their jobs reached 2.1%. If this continues, just over a quarter of private employees will have quit their jobs by the close of the year.
One of the causes for this is the increase in employees who are part of the millennial generation – those born between 1981-2004. Millennials like to change jobs regularly. When asked whether employees should remain at the same job for at least 5 years, only 13% of millennials agreed. When asked the same question, a whopping 41% of baby boomers said yes.
These numbers represent a wider trend in employment among younger employees towards greater career flexibility. And this can make hiring a real challenge for employers. According to recent research, it takes an average of 29 days to fill an open position. That’s a lot time not spent on product development and other essential areas of your business.
The time you take to hire a new employee is even more significant if you’re hiring for a technical role, such as an engineer, software developer, or R&D professional. They are typically more difficult and time consuming to find than sales, PR, and marketing staff. And losing them can lead to a lull in product development. This leave you at risk of getting left behind by the market and your competitors.
This is why it has never been more important to have a strong employer branding strategy to help you retain your technical staff and attract new talent.
Here are three questions you need to ask yourself when formulating an effective employer branding strategy.