Retaining key staff should form part of every human resources department in their management of an organisation’s talent. The cost of poor staff retention can be significant in any company both in terms of the financial cost and a whole host of other issues that arise form high staff turnover.
Staff turnover is costly both financially and in the impact on the working environment. The financial costs are straightforward to assess and may include exit benefits and the recruitment of replacements but there are other costs that should be considered too. This is particularly true in digital tech start-up companies where key projects can be delayed and productivity suffers as a result. When an employee quits for a ‘better’ role elsewhere there can be an adverse effect on team morale too. Employers need to recognise these non-financial aspects of key staff leaving.
After staff leave human resources are then challenged with finding a suitable replacement as quickly as possible. Of course, there are always costs associated with the recruitment and selection process. If the position being filled is a replacement then potential candidates will want to know why the incumbent left that position. Even after successful recruitment there is the onboarding and training process that new employees go through before they become effective team members. Using an AI recruitment hiring tool can help speed up the process at a reduced cost combined with increased accuracy of candidate selection leading to reduced staff churn.
Reducing potential staff turnover should start during the recruitment phase where hiring managers can make value judgements and assessments on a potential candidate’s propensity to stay with the employer. High staff turnover can be significant in the digital tech sector, primarily driven by a lack in digital talent with specific skills and experience in a rapidly expanding industry. The package of salary and benefits are key in attracting and retaining digital talent and hiring managers should constantly assess their competition to ensure that the packages they offer are competitive. The brand of the employer is also crucial in retaining talent on a long-term basis, staff need to know the direction and mission of the employer and need to feel comfortable that they have a long-term future with room to grow in their role and the business overall.
One such company who are game changing the face of recruitment by providing a robust process to ensure more efficient recruitment is Hire Digital, a start-up recruitment company with a global presence that has invested heavily in Artificial Intelligence (AI) to manage the digital tech recruitment process. Their talent management software platform gives digital talent recruiters a strict criterion for posting job adverts and descriptions and their AI works in such a way that it generates a much smaller more targeted candidate list by using up to 40,000 attributes. They key to this is efficiency, recruiters spend less time generating job advertisements and trawling through hundreds of CV’s to get their shortlist, Hire Digital tech can rapidly access up to 1bn talent globally.
Hire Digital is an AI technology with a human touch that is completely revolutionising the recruitment and selection process. It’s two times faster, 50 % cheaper and ten times more accurate than traditional hiring tech. To find out more speak to Robin Brohl at Hire Digital, he is a real person and would love to engage with you and help you streamline your recruitment processes.