Employee Engagement Barometer
Have You Counted The TRUE Cost Of Your Employee Attrition Rate?
Download the FREE Engagement Barometer Calculator
When one of your team hands in their notice, they take with them a lot more than just their own skills.
An employee who has become demotivated enough to leave will have been underperforming for some time, reducing their productivity and their return on your investment in them. They may even have been disenfranchised enough to have a knock-on effect on their co-workers. At best this will lead to reduced productivity across the team, at worst it can even inspire others to leave - exacerbating an already expensive situation.
Add to that the cost of recruiting, inducting and training a suitable replacement and the true cost of losing a team member could be as much as one and a half times their annual salary - a huge dent in your budget.
Are your employees pulling the wool over your eyes?
The majority of companies today carry out exit interviews to ascertain the reasons why people leave. If you do this already, you may feel you have a good grasp of the situation. however, you should consider the following:
- An employee may feel that candid answers in an exit interview will jeopardise their chances of re-employment or a positive reference
- They may not be motivated to provide answers that will really assist the company moving forward
- Due to the pressures of backfilling the vacancy, you may not have the time or resource to carry out an exit interview in every instance, missing out on valuable information
All of the above factors will negatively influence the effectiveness of any exit interview strategy. Yet effective exit interviews can play a vital role in minimising your employee attrition and maximising your profitability.
Recrion work with you to achieve exactly that - an accurate understanding of precisely what it is that motivates and demotivates your team; what inspires them to work to their potential, and what makes them give in and leave.
Our Employee Engagement Barometer can work wonders for you!
Having a third party carry out your exit interviews brings with it a range of benefits.
- By not speaking directly to a line manager or HR officer, employees are more inclined to speak candidly about their concerns and frustrations
- Full follow-up, including action planning and solution finding, can be carried out without taking up valuable working hours
- Multi-site organisations can see a collated, overall picture of employee satisfaction issues, allowing solutions to be tailored to the overall situation
- Employee retention experts know exactly which questions to ask - and how to ask them - to extract the most valuable responses
The Recrion Employee Engagement Barometer TM goes one stage further than the traditional exit interview strategy. We begin by interviewing your candidates 3 months after their induction into your company. Speaking candidly at this early stage can shed invaluable light on how the employee feels the impression given during the recruitment process is born out in reality - at a time when they're still keen to suggest constructive changes which will improve the probability of them staying for the long term.
Simultaneously we will conduct strategically designed exit interviews with your leaving employees - as close as possible to the date they hand in their notice. These interviews are crafted to extract information about the real reasons employees elect to leave. In a recent survey, 62% of HR officers cited "lack of promotion opportunities" as the key reason for employees leaving. Response from the associated exit surveys indicated that in fact that was true in only 32% of cases. Conversely, 19% of leavers said they were motivated to hand in their notice due to "lack of teamwork and cooperation", whereas only 4% of HR officers felt this was critical.
This illustrates just how vital it is to base any employee retention policy on the genuine factors that motivate employees, rather than the perceived reasons for them leaving. Our anonymous, strategic, and non-threatening questionnaires dig right to the root of the problem, giving you the information you need to make informed decisions about the most effective ways to inspire the greatest productivity and long-term commitment from your team.
A strategic package, tailor-made for your company
The Employee Engagement Barometer TM is essentially an "off-the-shelf" solution, which can be scaled and adapted to perfectly suit your needs, for a fraction of the cost of recruiting even a single candidate.
Beginning with an initial consultation, we'll work together to assess your employee attrition rate, determine the scope of the project and agree the desired outcomes. You'll then have custom made post-induction and exit interviews crafted to get to the very heart of your business. Once the structure is in place, you can hand over the reins to us - freeing up your time and allowing you to get on with what you do best!
We'll agree a point at which we can start to feed back interim findings, so that you can start to build a picture of how your employees really view your company; and as the programme continues you'll get a more and more accurate impression of exactly how to really motivate your employees, and to meet and exceed their expectations - so that they in turn exceed yours.
The information that your employees and leavers give will be correlated against industry norms, and at the end of the project will be presented to you as a comprehensive report, including expert recommendations on how to move forwards. You'll have all the tools to ensure that your recruitment processes, inductions, and training programmes are all working in unison to attract the finest candidates, and then retain them to gain the maximum return on the biggest investment your company makes - in it's people.
To find out more about how Recrion can revolutionise the way you see your team - and they see you - contact us today! Or Call 01780 484910 for a FREE assessment of how much we could save you.
To see exactly what your employee attrition rate is really costing you, simply enter your contact details below, and we'll send you a free calculator!