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 voluntarily by the close of the year.1
One cause of this is the increase of millennials, those born between 1981-2004, in the workplace.2 Millennials are less likely to remain loyal to their employer, and like to change jobs more regularly. When asked whether workers should stay with their employers for at least 5 years, 13% of millennials agreed. However, when asked the same question, a whopping 41% of baby boomers said yes.3
This is part of a wider trend towards labor flexibility that can cause problems for employers. According to recent research, it takes an average of 29 days to fill a vacancy,4 causing a loss of productivity and a lack of product development.
If you have technical employees such as research and development professionals, engineers, or software developers, this is even more important. They’re typically more difficult to find than sales, PR, or marketing staff, and losing them can lead to a lull in product development and the risk of getting left behind by your competitors.
To deal with this problem, it’s 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 to ask yourself. The answers will help you form an effective employer branding strategy and help you retain and attract great employees.