Employee retention is a growing concern for various organizations and businesses. On an annual basis, employee turnover has resulted in various enterprises losing a combined $11 billion. As a result of new hires leaving, this can cost companies and organizations from 30% to 150% of the employee’s salary.
Approximately 57% of the organizations surveyed indicated that employee retention is a significant issue for them. Human resource professionals in particular have voiced their concern about this situation as well. A recent survey showed that it was the greatest concern for 46% of these professionals. Employee engagement was the greatest concern for 36% of human resource professionals.
Recent figures show that 22% of new employees leave their jobs soon after being hired. In fact, they often do so within the first 45 days of their initial hire date. There are, of course, a variety of reasons for this. While some new hires may leave due to a business’ workplace culture, others will do so because they haven’t participated in a structured on-boarding program.
There are solutions available to address employee turnover. Employee recognition programs, for instance, have been shown to increase worker happiness in 86% of the companies with these programs in place.
Structure on-boarding programs can also make a difference. When new hires go through these programs, they are more likely to remain with a company for several years. Recent figures show that 58% new hires that receive this service may still be with that company after 3 years.
Since workplace culture can also play a significant role in whether or not an employee chooses to remain or leave, it’s important to focus on this important facet. McKinsey’s research, for example, found that gender and ethnically-diverse companies are more likely to outperform their counterparts. Gender-diverse companies are 15% more like to succeed in this regard, and ethnically-diverse companies are 35% more likely to do so. When companies have a diverse workplace culture, it may make a dramatic difference with employee retention.
Staffing companies and their recruiters can provide a wealth of services to assist businesses and organizations with locating the best possible candidates for a particular position. In addition to screening resumes and performing other important tasks, 93% of recruiters will also closely examine a potential candidate’s social media profiles.
Many people in the United States search for job opportunities and potential career-track positions by registering with temporary employment agencies. Over the course of an average week, for example, there are over 3 million temporary and contract employees working for employment agencies.
If your business is experiencing a heavy turnover rate or otherwise needs to fill a position, why not contact an employment agency? Since employment agencies are in the business of evaluating a candidate’s skill set, work history, and other important aspects, they will be able to assist you with finding the best possible candidate.