How Retention Can Get You Through Tough Times
Nad Elias, our founder and CEO, sat down with Adam Conrad, CEO of Great Recruiters, to discuss retention in today’s business world and how to utilize that stickiness to get throughout tough times.
Retention needs to be at the forefront of everyone’s mind -employees, employers, prospective clients, etc. As markets continue to become more competitive, employers need to make implementing and executing both external and internal retention strategies their main priority.
How to Create Retention Externally
Retaining customers can be difficult if you don’t have the right processes in place. It’s one thing to initially acquire a customer, but it’s another thing to keep them. And the best way to keep your clients is by adding continuous value.
At recruitAbility, we were founded on the idea of changing the way the recruiting world operates. We surveyed hiring managers and asked them what the one thing was that they would change about the recruiting industry. And the most common answer was that recruiting firms don’t share the accountability of retaining a placement.
We took this information and built a retention platform to provide frequent check-ins with the hiring managers and candidates. This helps us understand the expectation and satisfaction of both parties and gives us the opportunity to help make adjustments on either end if needed. By giving companies a solution to help retain their employees, we were able to add value and create stickiness with our clientele.
How to Create Retention Internally
There is the famous quote of “happy people make happy customers.” This is still true today.
Every company strives to have a low employee turnover rate, but only a small percentage of them achieve that. How do you create loyalty from your employees?
No matter how cheesy it sounds, everything ultimately boils down to the company culture and core values. When you have something that you believe in, you are more likely to attract employees that share the same values and beliefs. A strong company culture creates a sense of community and gives employees a feeling of purpose.
Retention In Tough Times
Creating stickiness externally and internally will not only help your business grow but will also create sustainable in tough times. But if you don’t have retention before tough times, how do you create it when times get bad?
One of our core values is Live to Serve. We are a service-led organization with the main priority of making lives better. When covid hit, things became very uncertain very quickly. One thing that we focused on as a company was not how many placements, we made but how many people we helped. Our team was encouraged to pick up the phone to whoever called and build relationships with the person on the other end. This helped create stickiness within our networks and provided future partnership opportunities with our clients and candidates.
Retention continues to be an ever-evolving challenge that businesses face. We’ve helped several businesses implement and execute retain strategies. If your business is interested, please reach out to sales@therecruitability.com