Managing Employee Turnover: How to Quickly Fill the Gap
Are your best people on the verge of quitting? Several surveys suggest that U.S. businesses should be prepared for their employee attrition rate to skyrocket in the coming months.
- LiveCareer found that 29% of their survey respondents would quit their jobs if they no longer could continue working remotely.
- Prudential Financial revealed one in four people may change employers after the pandemic ends.
The news is not all that surprising. After an initial shock, much of the workforce that went remote has pleasantly adjusted to virtual operations. Plus, people who were waiting out the pandemic for job security now feel less reckless restarting their job search.
How does your business go about managing employee turnover and filling open positions before those vacancies hurt your productivity? Here is some advice to rapidly recruit people – and some reasons why working with an IT staffing and consulting partner can make your whole recruitment process easier.
Pay attention to tech industry layoffs
As companies struggled to maintain financial stability during the pandemic, some chose to furlough or even layoff portions of their workforce. The Washington Post reported that 45 out of the 50 biggest U.S. companies opted to lay off their people, sacrificing experience and subject matter expertise for short-term shareholder profits. The good news is their loss is your gain.
As some companies struggle with the aftermath of the pandemic, there will be some decision makers who are forced to or choose to reduce their workforce. If you’re paying attention to layoffs in the news and are willing to do some research, you can identify who is in between jobs and reach out to those candidates early in their search before a swarm of offers fly at them. Or, if you’re competing alongside tech startups, you can use the handy resource Layoffs.fyi to get regular updates. Though the first company to contact a candidate isn’t always the winner, you have a better chance to build relationships if you are quick to draw.
Set up referrals
Effective recruiting stems from trust. When a candidate trusts your business, they’re less likely to fall off during the recruitment process or accept counteroffers from their employers. Since it’s hard to generate deep trust from scratch, one strategy to accelerate your recruitment process is through employee referrals.
Candidates who have pre-existing bonds with your people are often more forgiving of delays in the process. Plus, your team members can provide some low-key talent nurturing, keeping referrals in your hiring funnel engaged while you finalize the details. This can be a lot to ask of your employee, but it can make the difference if and when your competitors approach them with offers.
Accelerate your hiring process
Often, one of the primary issues holding businesses back is lengthy candidate approval processes. Before the pandemic, the average time-to-hire for IT positions in the United States was around 30 days, according to Workable. Yet after businesses went remote and slow recruitment hurt already tight budgets, some of the barriers to hiring seemed to disappear.
Now, businesses need to be especially focused on improving the candidate recruiting experience at every turn. For starters, leadership needs to have a firm grasp of responsibilities and experience necessary before posting a job ad. Eleventh hour changes to the requirements will only lose people who are eager to leave their old jobs.
Plus, the list of decision-makers to approve your next hire should be short and sweet. Leave the decision to the role’s direct manager and maybe a Director or C-Suite member (depending on the role’s seniority). Take too long and your ideal candidates will be gone.
Embrace virtual networking
Though some conferences and events are opening up this year, there are still plenty that will be online. The dynamics are different, but there is still value to leveraging these conferences. Some release the contact list in advance, allowing you to do some research on the attendees and maybe even establish some preliminary connections as part of your recruitment process.
That said, it’s important to approach any outreach as passive recruiting, communicating with the IT professional rather than coming in hot with an offer. Candidates receive enough unsolicited offers these days that you need to really be tactful about your approach. Getting candidates in your recruitment pipeline requires lots of regular relationship building before, during, and after any virtual conference.
Work with the right partner
All of these activities and more can result in the equivalent of a full-time job (we should know, it’s what we do). Any IT staffing specialists you decide to work with should live up to the above criteria.
If your business is going to move fast to lock down top talent, you need someone with their eye on the market and resources. IT staffing firms have a network of IT consultants with a variety of different skills and start dates so they can redeploy resources who would be a great fit with other companies.
Managing employee turnover and retention requires extra help in the coming months. You can count on iSphere to help you fill talent gaps in your team with top IT professionals.
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