It continues to surprise me when I get calls from employers -- corporate and domestic -- who tell me the market is soft and it is justification for having a below-average salary, among other things.
If you're an employer and your company turnover is higher than you would like, then it's time to take a good look at the following:
First and foremost, the way to attract and retain the best of the best talent is to pay them what they deserve. Employers who lowball candidates just because there is an overabundance of jobseekers doesn't mean it's the right thing to do, ethically or professionally.
Sure, companies can get candidates to accept the below-average job offers, but employees will never stay long-term. Essentially, what happens is that employers actually wind up spending more money in the long run because when there is a revolving door of candidates, then the cost of hiring and training new staff actually costs more money -- just do the math.
On average, it costs an employer about one year's salary to recruit and hire a candidate, so if that employee doesn't stay with the company 3 to 5 years, then the cost of replacing staff is enormous; and it the case of domestic staffing where employers need to share secrets with staff, the heartache of finding "the right one" over and over again is grueling.
The biggest and most successful companies that can attract and retain the most qualified candidates know that employee happiness is very important. Times have changed, and getting a large salary isn't as important to candidates as it was 20 years ago. Employees want to matter, make a difference, and be happy when they go to work.
Benefits packages are so much more than having great health insurance and vacation because employees want to feel mattered and wanted. So, many companies now put a large focus on customer satisfaction but put little to no focus on employee satisfaction.
If employers really want to attract and retain quality staff, then they should engage in anonymous surveys so employees can speak up without fear of retaliation.
Strangely, many companies usually have "exit interviews" because they want to know why employees are leaving. It's ironic, isn't it? If you, the employer, really cared and wanted to know, then why didn't you ask the employee's opinion BEFORE they quit. If you're asking after they have already accepted another job and they are on their way out the back door, it's too little too late.
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Written for assistants and estate managers working for celebrities, CEOs, UHNW families, billionaires and royalty