You spend a lot of time looking for the right engineering candidates. But how much time are you spending keeping them there?
Employee retention is a real issue – and a real expensive one too. According to a recent report by CBS News, the cost of losing an employee is equal to about 20% of their overall salary. That’s a pretty big chunk, and that is not factoring in whether or not they hold a key position in your company.
Engineers are highly sought after and the more experience and knowledge they have, the more attractive they are to your competitors. So, how do you keep your engineers from getting lured away? Let’s take a look at some simple retention strategies you can start implementing right away.
1. Have a strategy in place before you hire. It is one thing to put a fire out before it’s raging. It’s another to take the time to install fire extinguishers before a fire hits. Make sure the salary and benefits packages you offer are competitive and geared towards rewarding long-term employment.
Whether it’s incentive based over time, or simply just such an attractive package they’d be silly to leave, make sure you’re doing all you can to keep your employees happy – even before they’re officially hired.
2. Strive for a great company culture. Employees are a lot more willing to stay with companies where they feel valued, appreciated and fit in. Don’t discount the impact that your overall culture has on whether or not an employee wants to stay with you.
In many cases, if an engineer is happy with their environment and has a good salary, they’re going to be a lot less likely to stray. Focus on creating an environment where your employees thrive and where they feel as though they make an actual difference.
3. Recognize and encourage accomplishments. Let’s say you work for a company where the pay isn’t all that good, but management recognizes your accomplishments and rewards (or simply thanks) you for all that you do. Would you be as apt to look elsewhere for employment?
Taking the time to single out high performing employees and recognize what they do goes a long way. Ignoring employee accomplishments and not making them feel valued is a great way to show them the door on your own.
Retaining employees is an art, but it’s not rocket science. Offering the best pay you can and paying attention to what makes an engineer want to stay put will go a long way towards helping you keep your employees happy – and keep your competition away from them.
Need to find and keep great engineering candidates? The experts at SoloPoint Solutions are here to help!