A Look Behind How We Can Fix Job Retention Rates In The United States
As temp agencies in Texas and all throughout the country know, finding the right job can be a difficult task indeed. That’s why temp agencies in Texas and all throughout the country employ as many as three million temp employees and contract employees, sending them out into the workforce on a daily basis. In many cases, these employees from temp agencies in Texas and elsewhere help to fill the need that other employees have left, as many companies throughout the United States are struggling quite significantly with the matter of job retention.
In fact, the problem of job retention is so widespread among so many of different companies and industries that around 57% of all organizations here in the United States alone feel that job retention has become incredibly problematic. In addition to this, more than 45% (around 46%, to be more precise) of all professionals in the field of Human Resources feel that job retention should be the number one concern, followed only by employee engagement (and it is no surprise at the end of the day that these two concerns are very much linked and play into and off of one another).
And unfortunately the statistics that have been gathered on the subject show that these concerns are more than warranted, as can also be attested to by those who work for temp agencies in Texas and all throughout the United States as a whole. In fact, up to 60% of all millennials are constantly on the lookout for a brand new job, making them the “job hopping generation,” so to speak. On top of this, nearly one quarter (22%, more precisely) of all people who have been recently hired will actually leave a job within the first 45 days of employment, less than two months in.
All of this is not just hugely detrimental to the morale and the sense of community that one hopes to find in any given workplace but is a huge money suck to boot. In fact, the cost of an employee leaving of a position can be as much as 150% of what their salary was – and typically is no less than 30% of that same salary. In total, more than $10 billion is wasted on employee turnover over the course of a year in just the United States alone. And even more is wasted when hiring people from temp agencies in Texas and other places (such as temporary agencies in California or even temporary staffing services in places like Illinois or New York), desperately trying to fill the gaps that the employees who have left the role have left behind.
Fortunately, there are a number of steps that can be taken to improve the rates of employee retention that are seen all throughout the country. The first is to improve the employee experience, as far too many employees feel that they are taken for granted or not advised or encouraged or even given feedback enough in their current place of work. Fortunately, instituting an employee recognition program has already been found to be largely successful all throughout the United States, with as many as 86% of the companies that have already done so citing it as widely helpful in improving overall employee satisfaction, which is subsequently likely to improve things like employee productivity and overall employee engagement, as well as the quality of work that employees are regularly producing.
As temp agencies in Texas and beyond are also likely aware of, incorporating diversity into the workplace can also be incredibly helpful – and can even improve the overall performance of the company quite significantly. In fact, companies that have a good deal of gender diversity throughout are found to perform up to 15% better than similar companies that do not. And ethnic diversity has been found to be even more important, boosting overall performance by as much as 35% when all is said and done. At the end of the day, the right people for the job should always be hired, but gender and ethnic diversity initiatives can help to make sure that this remains the case.