Turnover is bound to happen in every business, no matter the size or industry. But one of the keys to managing employee turnover costs is to not panic and rush to hire an external candidate, but instead to lay the prior foundation for a smooth transition, and encourage your employees to refer their past colleagues for openings, which can provide a multitude of benefits compared to hiring external candidates.
The reasons behind employee departures are diverse, ranging from pursuing higher-paying opportunities to personal circumstances like relocation. Regardless of the cause, the consensus is clear—employee turnover is both costly and disruptive.
Robert Half, a leading human resource consulting firm, reports that 38% of employees leave their jobs due to “inadequate salary and benefits.” In today’s robust hiring climate, where skilled talent has options, competitive pay and benefits play a pivotal role in retaining employees. Financial pressures in employees’ personal lives, make higher-paying job offers seemingly irresistible if they have no strong ties to their current company.
Refered provides a solution for businesses to avoid the hassle of employee turnover. Our platform allows you to provide bonuses for employee referrals, which in turn will help to foster a more interconnected culture, which has been shown to increase the loyalty of employees, who according to Zippia last 70% longer compared to other employees.
Other features on our platform that will help to reduce the need for external hires include the ability to provide bonuses and awards for top performers, company wide job postings that make it simple to see which current roles employees can refer their connections to, as well as easily being able to share on social media to reach the vast network of your employees connections.
Transform your approach to talent retention—consider the comprehensive Refered solutions. Schedule a demo today and witness the positive transformation of your business.