Retaining top talent is a significant challenge for many hiring managers. Statistics show that the average cost of losing an employee can range from six to nine months of the employee’s salary. For example, if an employee earns $60,000 annually, it could cost between $30,000 to $45,000 to replace them due to recruitment costs, training, and lost productivity (SHRM).
Additionally, a study by the Work Institute found that 78% of the reasons employees leave are preventable. This highlights the importance of effective hiring and retention strategies (Work Institute). In light of the costs associated with hiring the wrong person, here are 12 ways a hiring manager can create an environment that attracts and keeps top talent (to ultimately save your budget).
1. Define What Success Looks Like
“Defining clear success metrics helps both the hiring manager and the candidate align their goals right from the start,” says Jeff Straub, Co-Founder of Catalyst Career Group. Here’s how you can clearly outline the essential traits for success in your organization:
- Determination and perseverance
- Excellent communication skills
- Relevant industry knowledge
2. Pinpoint Essential Qualities
“Identifying essential traits early helps in selecting candidates who not only fit the role but can also grow with the company,” says Jeff Naugle, Co-Founder of Catalyst Career Group. Here are the top three qualities to look for in a new hire:
- Drive and Motivation: Eager to achieve and exceed goals.
- Interpersonal Skills: Excellent at building and maintaining relationships.
- Adaptability: Quick to adjust to changes and new challenges.
3. Emphasize Problem-Solving Abilities
“Problem-solving is crucial for effective performance,” says Straub. Because of this, we recommend that you look for candidates who understand and meet the needs of their role and demonstrate:
- Creativity in addressing challenges
- Strong problem-solving skills
And did you know that taking the route of a recruiting candidate search can help you find individuals who specifically excel in this area? We’re experienced in this area and can bring you exactly who you’re looking for!
4. Implement Short-Term Training
“Short-term training helps new hires hit the ground running,” says Naugle. You can set up short-term training that focuses on immediate role requirements and essential knowledge:
- Include practical exercises, mentorship, and feedback
- Keep training materials updated with industry trends
No matter how you set up your onboarding, we’ve seen what works and what doesn’t. Ask us about what we know about implementing effective training programs!
5. Utilize Role-Playing for Skill Building
“Role-playing builds confidence and hones skills in a safe environment,” says Straub. Good role-playing training should include:
- Constructive feedback from experienced team members
- Realistic scenarios reflecting common challenges
- Opportunities to practice different roles
6. Prepare Recruits Before Day One
Clearly communicate expectations and provide resources for new hires to get ready before they start:
- Send pre-reading materials, introductory videos, and a welcome packet
- Set up early meetings with team members
“Pre-boarding sets the tone for a new recruit’s experience,” says Naugle. Our events ensure that candidates are well-prepared and excited to join your team.
7. Build Confidence Early On
“Building confidence early on leads to long-term success,” says Straub. You can boost a new hire’s confidence with:
- Mentorship and Support: Pair them with a mentor.
- Clear Goals and Milestones: Set achievable goals and celebrate successes.
- Thorough Training: Ensure they’re well-trained and knowledgeable.
- Ongoing Feedback: Provide regular feedback and opportunities for improvement.
8. Reflect and Continuously Improve
“Constant reflection and improvement are key to staying ahead,” says Naugle. We encourage you, during the hiring process, to reflect on your strategies:
- Enhance training programs to cover both short-term and long-term needs
- Assess how well they recruit individuals who fit the company’s values and mission
- Set clear and realistic expectations for new hires
We offer consultation services to help you continuously refine your hiring and training processes. Learn more about our Private Recruiting Events here.
9. Recruit Effectively with Proven Strategies
“Effective recruitment is about finding the right fit, not just the right skills,” says Straub. You can use these strategies to find candidates who are driven, adaptable, and skilled. During interviews:
- Use practical tasks or role-playing scenarios
- Ask behavioral questions to gauge these traits
The great things is, our job fairs connect you with candidates who meet these criteria in an in-person and virtual space so you can interview immediately after meeting a candidate with potential.
10. Balance Immediate and Long-Term Training
“Balanced training ensures continuous growth,” says Naugle. Hiring managers should design training that balances immediate needs with long-term development. Don’t forget to combine intensive initial training with ongoing workshops!
11. Manage Expectations for Sustained Growth
“Managing expectations builds trust and confidence,” says Straub. Hiring managers can set and manage clear expectations for new hires through:
- Use clear communication, regular check-ins, and a structured onboarding process
- Keep your team motivated through continuous training, recognition, and career growth opportunities
12. Develop a Clear Vision for Growth
Understanding where you want to your organization to go encourages managers to state their department’s vision. This ultimately leads to the team’s growth and retention. “A clear vision for growth helps everyone understand where the company is headed.” says Naugle,”Our tailored hiring events and candidate search services help ensure you build a team aligned with that growth vision.”
Catalyst Career Group is committed to helping you not only attract but also retain top candidates for your open positions. Through our virtual and in-person job fairs, private hiring events, and targeted candidate search, we provide the tools and support you need to build and maintain a successful team.