Using an employment verification service enables employers to quickly and easily verify employment information for both employees joining or leaving your organization. What is not always recognized is the fact that your employment verification provider may also be able to help you retain employees. Read on to find out how.
Cost of Employee Turnover
When the unemployment rate is low, it's more important than ever to retain quality employees who may be looking elsewhere. Doing so saves a considerable amount of time and effort in replacing valued employees.
In fact, as noted in this CAP brief, thirty case studies taken from the 11 most-relevant research papers on the costs of employee turnover demonstrate that it costs businesses about one-fifth of a worker’s salary to replace that worker. Depending on your industry, organizational needs, and location, one-fifth salary replacement cost is very low and it may be more than double that amount.
The fact that it costs a great deal in time and money to replace valued employees is not news to anyone. There are dozens of excellent suggestions on how to best retain employees, which includes everything from aligning organizational benefits to staff desires to improving the company culture. All of these suggestions are helpful for long-term situations. However, what if there is an immediate need? Where do you start? Who do you turn to? Will solutions that worked for the firm down the street, work for you?
Use Employment Verification to Retain Employees
One place you can turn to is your friendly neighborhood employment verification vendor, of course! Through the use of data analytics your employment verification vendor can quickly and easily identify departmental and possibly more granular areas of retention concern. For example, using data analytics will enable you to identify which organizational areas have a higher than average turnover rate and potential contributing factors such as a common manager, lack of schedule flexibility, or pay differential.
Many times solutions to retention concerns are far easier than they may appear but solid analysis must be completed first. Otherwise, your organization runs the risk of riding on the never-ending merry-go-round of ineffective solutions because time wasn’t spent to truly understand the cause of your retention issues.
Unlike the financial performance of mutual funds, employee retention is one area where the past can be a very strong predictor of the future. Your employment verification provider can partner with you today, as well as other specialists, to not only identify areas of concern but also, to design and implement a customized retention approach.
Depending on your needs, solutions may be cost-effective, immediate, and customized to your specific needs rather than a generalized approach to the entire organization. It all starts with data analytics and effectively utilizing your employment verification vendor.
Partner with i2Verify and we’ll provide data analytics that will help you retain your employees, and more, with our employment and income verification service that’s free for employers.