How Can I Minimize My Employee Retention Risk
Posted on 07/30/12 in: General by Mike Bankhead
All companies have people that come and go. That is the nature of business, and the nature of doing business. There are many reasons that have nothing to do with the company, such as relocation of a spouse or partner, illness, children, marriage or a myriad of other reasons. Every company, however, wants to minimize their employee retention risk by making sure the right people are hired that will provide longevity, particularly in the most important positions.
It’s no hidden secret that turnover is costly. There are costs for advertising, costs for management time to interview, overtime and perhaps a consultant. The list can go on and on. Obviously, factors such as company culture and competitive salaries for the particular market are important for employee retention. Employees want to work for a company that they feel values them, but a person’s history can speak volumes about their future with a company. Reviewing someone’s past can help reveal what types of employee they have been.
A thorough background check that presents a clear picture of an employee can help mitigate unnecessary turnover. This can provide a company with an understanding of how a person has performed at previous jobs, what their reasons for leaving were and what their job history shows. Minimizing the employee retention risk is important to any company that wants to maintain solid employees and leadership, which can translate into continued success. An employment screening is one effective tool a company can use to make sure their employee retention risk is as minimal as possible.