Retaining your employees and top talents is the best way to keep your company on the right path while it succeed to achieve its targets. Know the best way to employee retention through us.
What is employee retention?
Employee retention is an essential part of workforce management. It refers to the ability of an organization to retain its employees over a period of time. Programs catered to employee retention focus on creating a positive work environment, implementing effective policies, and offering attractive incentives to encourage employees to stay with the organization for the long term.
To say that employee retention is vital for the overall success of a business is an understatement — maintaining the loyalty of employees results in a stable workforce with a deep understanding of the organization’s goals, values, and operations. This continuity enables the company to maintain productivity, reduce recruitment costs, preserve institutional knowledge, and even enhance their services and customer satisfaction.
Employee retention as solution to high turnover rate
Employee retention is a direct counter to high turnover rate, which is an undesirable situation where a significant number of people leave the business within a certain time frame. Here’s why high turnover rate is considered detrimental to businesses:
• High turnover necessitates frequent recruitment efforts, increasing the associated costs for sourcing, screening, and hiring new employees.
• When experienced employees leave, they take with them valuable institutional knowledge and expertise, which can ultimately disrupt workflow, hinder productivity, and impact the quality of work delivered by the remaining employees.
• A high turnover trend can have a direct impact on customer service and satisfaction, especially when employees with established relationships with customers leave.
• Companies that experience high turnover rates often face difficulties in finding suitable candidates to fill roles, as their brand and reputation come into question.
• Continuity and consistency in decision-making and implementation suffer, hindering the company’s ability to achieve its goals and objectives.
By employing retention strategies, businesses and organizations can prevent the risks associated with high turnover rate. They can create a culture and environment that fosters not just loyalty from their employees but also engagement and job satisfaction, which would significantly help them achieve their goals.
Our Employee Retention Services
Our team knows that finding qualified talent remains challenging and retaining them could sometimes be even harder. The efforts for employee searching, posting for job vacancies, reviewing applications, conducting interviews – could be tedious especially when done repeatedly if an employee leaves.
With us you no longer need to be worried about performing these tasks again and again – we have tailored a great option for your company so you could enjoy the benefits of retaining your employees and growing your business by focusing on your main assets – your people.
What is it?
Our Retention Program allows companies and employees to comply for a longer agreement compared to freelancing and contractual. This is a great option for companies who require a workforce for a longer period of time, say for a year or more. On the other hand employees who prefer longer permanency in one company could have a secured job within the given time.
Our employee retention program will help your employees to develop their potentials and talents through coaching and skill advancements that our team can provide. It’s a win-win situation, and even for your recruitment and sourcing department as they no longer need to repeat the process of hiring every time.
How much does it cost?
The fee for working with De Vore Recruiting will be 30% of the 1st year annual base salary, paid on the following schedule. There is a $5,000 retainer for this program.
The first payment of $5,000 would be due Net 10 of signing this contract.
Should we be unable to provide quality candidates, this portion of the fee could be used as a credit towards a search through our Pay By The Day Program. The remainder of the fee will be due net 30 of the new hire’s first day of employment.
How does it work?
1. During the start of the recruitment process, we will conduct a 30 minutes to 1 hour Candidate Assessment
2. Assessment for the position and how the candidate/s fits for the job
Once the assessment is done, we will provide a 1 hour explanation (based on our assessment) to You, our client
3. Our team will also identify areas for high potential growth where our coaching will be focused
4. Our team will conduct a half hour (twice a week) coaching session each month for 12 months
5. Suggestion for further improvement for retention and engagement for 12 months will also be given
Why should you acquire employee retention services for your business?
When it comes to addressing employee turnover and enhancing retention, companies may find value in tapping into solutions providers. These employment retention service providers offer a range of benefits that can support organizations in their efforts to keep talented employees engaged and satisfied. Bringing valuable expertise and experience to the table, employee retention service providers can give businesses a fresh perspective in terms of strategies and implementation of their workforce programs.
As external partners, they can objectively assess an organization’s current retention challenges and offer unbiased insights. Some hurdles might be unique to a certain industry or type of business but these solutions providers can help craft innovative solutions tailored to the specific needs and goals of the organization.
They take into account factors such as company culture, industry dynamics, and workforce demographics to develop customized retention strategies. By aligning these strategies with the company’s values and aspirations, they increase the likelihood of success in retaining valuable employees.
The biggest upside of tapping employee retention service providers is their data-driven approach, allowing them to target specific problems and concerns. On top of this, they also stay up-to-date with the latest trends and research in employee retention. By taking advantage of industry benchmarks and best practices, they can help companies adopt effective strategies that have been proven successful in similar contexts.
Best Employment Retention Strategies
Many businesses do not realize that it all starts with hiring the right people for the job. High turnover rates might not necessarily mean that a business has a poor work culture — in some cases, the gap starts with the failure to recruit a candidate that is truly fit for the role. Recruitment services providers can help on this end, as they have the expertise to match candidates with the right position based on their experience and skill sets.
Still, even with the best talent and people, businesses must actively create an environment that nurtures growth and provides rewards for their employees. Employee retention service providers can offer valuable insights and expertise in the following areas to help companies improve their retention strategies
In-house training programs to support career growth
Employees are more likely to stay with organizations that offer opportunities for professional growth and advancement. Providing career development programs, mentoring initiatives, training opportunities, and clear career paths demonstrates a commitment to employee growth and retention.
Recognition and reward
Recognizing and appreciating the contributions of employees is essential in fostering a positive, friendly, and supportive work environment where everyone feels acknowledged and encouraged to grow within the organization. By implementing formal and informal recognition programs, celebrating achievements publicly, and offering rewards such as bonuses or incentives, businesses can effectively boost morale, instill a sense of value, and demonstrate genuine appreciation for their employees’ efforts.
Feedback on compensation and benefits
Offering competitive salaries and comprehensive benefits packages is a fundamental retention strategy but one way to make this better is ensuring regular reviews and adjustments based on market standards. Employee retention service providers can help businesses revise their pay brackets, provide a more apt system in providing performance-based bonuses, and get feedback from employees about their current compensation.
Flexible Work Arrangements
The work-from-home trend during the COVID-19 pandemic is likely to linger — it is expected for businesses to be flexible when it comes to how employees can work. For many businesses, giving employees the opportunity to balance their work and personal lives through remote work options, flexible hours, or compressed work can increase job satisfaction and loyalty.
Additional benefits
Employee retention service providers can help companies identify other potential benefits that are outside the traditional ones — not only will this help in retention, it will also be a unique selling point of a business against its competitors, allowing them to attract quality candidates. Some of these extraordinary benefits include:
• Paid volunteer time – Allowing employees to volunteer to causes they care about can foster a sense of purpose and fulfillment.
• Wellness programs – Examples of these are gym memberships, onsite fitness classes, meditation or mindfulness programs, mental health support, and counseling services.
• Retirement savings plan – Employees will be encouraged to stay in a company that would help them save for their retirement.
• Incentive stock options – With this benefit, companies allow employees to purchase a company stock at a predetermined price, which may come with preferential tax treatment. By essentially sharing the company to the employees, this benefit contributes to a sense of belongingness and loyalty.
• Sabbatical leaves – This involves offering employees extended leave, either paid or unpaid, after a certain number of years of service, giving them the opportunity to recharge, pursue personal interests, further their studies, or engage in professional development activities.
Frequently Asked Questions
What are employee retention services?
Employee retention services are steps done by a company or a business to ensure that they keep their employees within their teams. These services aims to lower employee turnover rate while keeping the company’s top talents.
What are the key drivers for employee retention?
The most favorable key drivers for employee retention are: job fulfillment, individual empowerment, collaboration and ‘being a part of the group’, learning and professional growth opportunities, and salary.
What is employee retention credit?
Employee retention credit (ERC) is a tax refund credit for those businesses that continued to pay their employee salaries while shut down due to COVID-19 pandemic or suffered significant declines on their revenue from March 13, 2020 to Dec 31, 2021.
Why is employee retention important?
Employee retention is important because it promotes engagement level between a company and its staff. This leads to a higher productivity and revenue while keeping the turnover rate as low as possible which is a good recipe for the success of a company or business.
Why do employees leave?
There could be more than one reason why employees would jump ship and move on to another – this is what employee and staff retention services aim to solve. Learn more through our guides:
Things you must know about employee retention
Work With Devore Recruiting
We are committed to bringing you quality recruitment service that goes throughout. Contact DeVore Recruiting today and let us discuss how we can focus on finding the right candidate for your team.
Let's get connected
To know more about our Employee and Staff Retention Services, talk to us through our contact page or call us at 1-877-411-4358
You can also reach us at:
LinkedIn: https://www.linkedin.com/company/de-vore-recruiting
Email: Sean@DeVoreRecruiting.com
Office Phone: 818-783-6981
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De Vore Testimonials
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I am extremely satisfied with De Vore Recruiting. Sean and Kimberly are great. Kimberly always checked up on me to see how my interviews went follow up with me and kept me updated. She definitely worked hard for me I can say I'm definitely lucky thank you so much once again. :) 
- Fantastic group of professionals! I loved working with both Sean and Lauren. Amazing team!
- Expert, diligent, professional are nice adjectives to describe the service I received at De Vore Recruiting, none are the reason they received the 5 star rating. Sean and his crew treated me like a person and not a number, they were genuinely concerned about me and my employment status. They took the time to get to know me and then took the time to try and find the right fit.
Anyone looking for a career move(not just a job) then use De Vore they will match you with your dream job.