A successful organization has a plan for reducing and preventing unnecessary losses to revenue, including those that come from employee turnover. It’s been estimated that between 20-30 percent of all new hires placed into entry level positions will either move up in the company, or they will leave because of a lack of career satisfaction within the first 2 years of employment. The cost to replace a single employee can be at least half of that employee’s salary. Over time, this can become hard to manage, even for a company that’s grown accustomed to the frequent loss of employees in their initial stages of being on the job.
Entry level assignments can be tough, particularly when they typically pay the least, but often have the most direct contact with customers. Constant turnover does damage to the overall employee morale, breaks down teams, and reduces the profit margin of your business. This is why it’s important to create a plan to retain your entry level workforce to stop high turnover from wreaking havoc on your business.
Here are some suggested ways to reduce turnover of entry level employees.
Invest in a strong recruitment program.
Your first defense against high turnover among entry level employees is setting the bar high in terms of your recruiting efforts. Be more selective about the people you hire for these roles. Increase your success by working with a staffing agency and recruiting pre-screened candidates.
Commit to onboarding of all new hires.
Numerous workforce studies have shown that when there is a structured onboarding program for all new hires, including entry level assignments, employees tend to stick around for longer. Why? Onboarding creates consistency of learning, a sense of support and faster integration with your existing team. These factors spell success.
Give entry level employees equal respect.
In some workplaces, entry level employees are viewed as “disposable” by members of management and even other employees. From day one, this means that entry level staff are treated as if they plan to leave and therefore, they get no respect. Change this attitude in your business by insisting that all employees get the same amount of respect and have a say at work.
Compensate entry level employees well.
Your job as an employer is to create a sense of community and pride in work by offering competitive wages to all employees. This includes offering entry level salaries and benefits that are above average for your industry. Give your entry level staff a reason to become loyal to your company by giving back.
By using the above approaches, your entry level staff will know that you are invested in their success. Therefore, they will invest in yours.