According to HRmorning most experts say the ideal turnover rate should be 10% or less. But are you aware that some companies have as high as 37%? What this means is that as an employer, you have to spend considerable time, effort, and resources to replace lost talents. It also results in a reduction in employee engagement for the ones that remain.
Some causes of high employee turnover rates include poor employee selection, a lack of adequate communication, and support, an overwhelming amount of work, lack of recognition, reduced learning and development opportunities, and remuneration and benefits, among others.
It is not always easy for employers to get everything right in recruitment and employee management, and that is why smart companies outsource their recruitment and human resource functions to capable companies like Doheney Services.
Here are 3 reasons why you should outsource your HR functions:
- HR outsourcing companies like Doheney Services are specialists in the fields of employee selection, benefits administration, learning, development, etc. They deal with these matters on a daily basis, so they are aware of current trends, tools, and methodologies available to help you hire the right staff, manage them in a rewarding manner, and carry out all other employee management activities that ensure that your best talents stay with you for as long as possible.
- Saving you time and money: As your business expands, so will your human resource responsibilities, and this means spending more time and money to manage a larger number of employees. Outsourcing your HR responsibilities will ensure you have time to execute other parts of your business that need your personal attention, at a reduced cost.
- Effective Benefits Administration: A HR outsourcing firm can provide you with access to high-quality, affordable benefits that allow you to compete for top talent and provide employees with the health and financial benefits they need. It can also assist you by administering your employee benefits program, which requires specialized knowledge and keen attention to detail.
Although employee turnover cannot be totally avoided, certain measures, such as outsourcing HR functions, can be taken to retain high-performing talents, reduce the rate of employee turnover and save your business time and resources on replacing lost talents.