Focus on retention over hiring, says MIT study

Focus on retention over hiring, says MIT study

The majority of customer service employers are more concerned with finding new employees than retaining their existing workers, said MIT Technology Review. 

In their recent poll, 62% of employers surveyed said they struggle with increased recruiting costs, only one-third said that high staff turnover is a problem. 

The paper explained that most companies are trying to compete in the labor market by hoarding capable talent. At the same time, hourly workers are “reshuffling” where they work to find greater flexibility and opportunities for advancement.

However, MIT Technology said that prioritizing hiring over retention could be detrimental to organizations. That is why the paper advises employers to pay attention to their existing employees instead of recruiting more people.

How to start retaining workers?

To combat this issue of losing seasoned employees, MIT Tech said that leaders need to develop career paths for customer experience staff that expand beyond the contact center.

That means developing robust learning programs and creating a culture of learning and development (L&D). Such programs should tie into employees’ personal and professional goals, the report said.

Employers could also look into cultivating an inclusive environment for workers and prioritizing L&D time above all. Such cultures, according to a report by HR Dive, could provide more avenues for reducing turnover, improving retention rates, as well as attracting new employees to the organization. 

Read more here.

 

Start your
journey today

  • Independent
  • Secure
  • Transparent

Access fantastic talent at world-leading prices

Scale your business fast while reducing costs —
the average all-in employment costs in the
Philippines are typically 70% less than its
Western counterparts

Philippines United Kingdom Australia United States
Software Developer
$7,221
$39,913
$62,653
$81,994
HR Manager
$9,506
$46,669
$66,518
$78,007
Team Leader
$7,152
$31,174
$45,428
$75,823
Accountant
$5,959
$58,479
$67,190
$72,923
Copy Writer
$4,767
$52,088
$56,600
$62,653
Customer Service
$3,337
$22,137
$29,717
$35,275
Virtual Assistance
$2,285
$39,066
$42,240
$31,797
Select a role to view salaries
Philippines $7,221
United Kingdom $39,913
Australia $62,653
United States $81,994

Avoid guesswork. Talk to the experts, free.

Get 3 free quotes

You can save 70% on staff costs, whilst driving quality & growth. Connect with an outsourcing expert to see how outsourcing can transform your business.

Why choose us?
  • Independent and unrivalled expertise
  • We carefully match you from 3,000+ leading suppliers
  • Access to Outsourcing Savings Calculator & Report

Get Started

How many staff to outsource?

About OA

Outsource Accelerator is the trusted source of independent information, advisory and expert implementation of Business Process Outsourcing (BPO).

The #1 outsourcing authority

Outsource Accelerator offers the world’s leading aggregator marketplace for outsourcing. It specifically provides the conduit between world-leading outsourcing suppliers and the businesses – clients – across the globe.

The Outsource Accelerator website has over 5,000 articles, 350+ podcast episodes, and a comprehensive directory with 3,000+ BPO companies… all designed to make it easier for clients to learn about – and engage with – outsourcing.

About Derek Gallimore

Derek Gallimore has been in business for 20 years, outsourcing for over eight years, and has been living in Manila (the heart of global outsourcing) since 2014. Derek is the founder and CEO of Outsource Accelerator, and is regarded as a leading expert on all things outsourcing.