--- title: How to Switch your Mindset from Recruitment to Retention description: Switching your focus from recruitment to employee retention is all about mindset. Are you investing in and believing in the talent you already have? image: https://www.backstitch.io/hubfs/switch-2736535_1280.jpg --- [![backstitch purple logo](https://www.backstitch.io/hs-fs/hubfs/backstitch_logo_purple_2020.png?width=170&height=36&name=backstitch_logo_purple_2020.png "backstitch purple logo")](https://www.backstitch.io/) ## [Integrate Mental and Financial Wellness into Your Total Rewards](https://www.backstitch.io/blog/mental-wellness-total-rewards) [Read](https://www.backstitch.io/blog/mental-wellness-total-rewards) ## [Implement Flexible Benefits Allowances for Your Workforce](https://www.backstitch.io/blog/flexible-benefits-allowances) [Read](https://www.backstitch.io/blog/flexible-benefits-allowances) ## [Essential Skills and Tools that Every Total Rewards Professional Need](https://www.backstitch.io/blog/skills-and-tools-for-trs-professionals) [Read](https://www.backstitch.io/blog/skills-and-tools-for-trs-professionals) ## [AI and HR: Realistic Expectations for Automated Benefits Communication](https://www.backstitch.io/blog/ai-and-hr-realistic-expectations-for-automated-benefits-communication) [Read](https://www.backstitch.io/blog/ai-and-hr-realistic-expectations-for-automated-benefits-communication) ## [Open Enrollment in a Hybrid Workplace: Best Practices for Virtual Success](https://www.backstitch.io/blog/open-enrollment-in-a-hybrid-workplace-best-practices-for-virtual-success) [Read](https://www.backstitch.io/blog/open-enrollment-in-a-hybrid-workplace-best-practices-for-virtual-success) by [Meghan LeVota](https://www.backstitch.io/blog/author/meghan-levota) on Jan 25, 2018 [Human Resources](https://www.backstitch.io/blog/topic/human-resources) [Company Culture](https://www.backstitch.io/blog/topic/company-culture) # How to Switch your Mindset from Recruitment to Retention ### Subscribe to Email Updates What is your cost per hire? If you’re aiming to recruit the top talent, my guess is it’s not cheap. [A 2016 survey by the Society of Human Resource Management](https://www.shrm.org/about-shrm/press-room/press-releases/pages/human-capital-benchmarking-report.aspx) found that the average cost per hire is more than $4,000. ![Cost Per Hire](https://www.backstitch.io/hs-fs/hubfs/Cost%20Per%20Hire.jpg?width=488&name=Cost%20Per%20Hire.jpg) And if you use a recruiter, chances are the cost will **at least double.** In fact, most third party recruiters charge about [10 to 35 percent ](http://blog.recruitifi.com/what-is-a-fair-placement-fee-to-pay-third-party-recruiters)of the employee's first year salary. So for example, one $50,000 a year employee could cost the business $10,000 or more to hire them. That same SHRM survey showed that the average employee tenure is about **eight years long ** — with [millennials](https://www.backstitch.io/blog/multigenerational-workforce-tool) more likely to job hop than older generations. The average annual turnover rate sits at about 19 percent, with involuntary turnover at 8 percent. What if I told you that it was **cheaper** to focus more of your energy on retaining and developing talent you already have? That’s right, your existing employees. Millennials in the U.S. workforce value career opportunities and development more than company loyalty, the report states. However, most companies aren’t putting as much focus on development opportunities as the [new generations of employees are demanding.](https://www.backstitch.io/blog/multigenerational-workforce-tool) The employee journey is much like the customer journey, and it begins the very first moment you become acquainted with a potential hire. What are you doing to show you value your employees? If you aren’t loyal to your employees, don’t expect them to show it to you. As economic conditions fluctuate, so does employee behavior. Employees in 2020 are not as insecure about job opportunities. [According to SHRM](https://www.shrm.org/hr-today/trends-and-forecasting/research-and-surveys/Documents/2016-Employee-Job-Satisfaction-and-Engagement-Report.pdf), 45 percent of employees reported they are likely to seek out other job opportunities, which is higher than the recent past. This pattern drags out the recruitment process, leaving companies to want to focus on recruitment rather than retention. **Switching your focus from recruitment to retention is all about mindset. ** ![Mindset](https://www.backstitch.io/hs-fs/hubfs/MIndset%20.jpg?width=501&name=MIndset%20.jpg) When human resource departments pour all of its energy into recruitment, they demonstrate a perspective based on lack, rather than abundance  Are you spinning your wheels in search of as many job prospects as possible, out of fear? Or, are investing in and believing in the talent you already have? To focus inward on retention and employee development demonstrates an abundant perspective. Your business has faith in its talent and belief in its employee’s success. Your mindset is like a light switch: once it’s flipped, the lights are on and you are aware of the opportunities that lie ahead. ### [Meghan LeVota](https://www.backstitch.io/blog/author/meghan-levota) Content Strategist at backstitch [![SIGN UP FOR EMAIL UPDATES](https://no-cache.hubspot.com/cta/default/731034/646ddd3c-d03d-493f-9ca9-e290cd3dd9ef.png)](https://cta-redirect.hubspot.com/cta/redirect/731034/646ddd3c-d03d-493f-9ca9-e290cd3dd9ef) [**](http://www.linkedin.com/shareArticle?mini=true&url=https%3A%2F%2Fwww.backstitch.io%2Fblog%2Fhow-to-switch-your-mindset-from-recruitment-to-retention) [**](https://www.facebook.com/sharer/sharer.php?u=https%3A%2F%2Fwww.backstitch.io%2Fblog%2Fhow-to-switch-your-mindset-from-recruitment-to-retention) ![post_img](https://cdn2.hubspot.net/hub/2558854/hubfs/Future-Vision-Assets/post_img1.jpg?width=786&name=post_img1.jpg "post_img") ### READ MORE OF WHAT YOU LIKE. 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