Retention is an often-overlooked part of hiring new developers. The necessity of keeping talent around is regularly overshadowed by the recruitment process itself. If retention is poor, employee turnover will grow — creating an inefficient loop of having to find new talent before you’ve finished filling the last position. A dangerous situation, in a field where skilled developers are more in-demand by the day.
Conserve and Preserve Valuable Employees
Do you remember the first time you heard about scooters zipping through the halls of Corporate America? What about those nerf gun office battles? You don’t have to be Google or Facebook to have these kinds of perks or attract the best talent.
Employee turnover is something that every company experiences it’s inevitable. Whether you’re a small or large business, losing a valuable team member can have damaging effects. It can also be costly. Case studies from the last decade note that replacing an employee costs 1/5 of that employee’s yearly salary.
Employee turnover is one of the most vexing problems HR professionals face. But it's not all doom and gloom. Improving your company culture can help you keep valuable employees engaged, satisfied, and stoked to stay with your organization for the long haul.
It’s no secret that more and more Millennials are hopping from one career to another. In fact, 91% of Millennials expect to stay in a job less than 3 years (Forbes) and the cost of replacing a Millennial employee ranges from $15,000 - $20,000. (Millennial Branding) Needless to say, retaining the right Millennial talent has never been more crucial.
Data released this year by the Bureau of Labor Statistics (BLS) found that in 2012 the median annual wage for HR specialists was $55,800. The lowest 10% earned less than $32,770 while the top 10% got paid more than $95,380.