Employee retention is an issue for many organizations. Recent figures indicate that $11 billion is lost every year as a result of employee turnover. Surveys show that 57% of organizations consider employee retention to be a problem, and 46% of human resources professionals state that it is their greatest concern. Employee engagement is also a concern for 36% of human resources professionals.
Many new employees quit their jobs soon after being hired. A recent survey showed that 22% of new hires did so within 45 days. While there are a variety of reasons that new hires leave their positions, it’s likely that they did’t have the opportunity to participate in a structured on-boarding program. These programs have proven to be successful with acclimating new employees to company culture and their specific position. According to recent data, 58% of new employees are likely to remain with a company for three or more years after participating in an employee on-boarding program.
In addition to structured on-boarding programs, companies with employee recognition programs are more likely to retain their employees. When workers are acknowledged for their contributions, they are more likely to be happy and remain with the company as a result. A recent survey showed that 86% of companies with these programs noted that their employees were happier.
Employees are more apt to remain in a position when their workplace is diverse. Furthermore, these employees also tend to outperform workers in similar companies that aren’t as diverse. According to McKinsey’s research, a gender-diverse company is 15% more likely to perform higher, and an ethnically-diverse company is 35% more likely to do so.
In order to explore their options and locate more fulfilling positions, many individuals choose to work with temporary employment agencies. On a weekly basis, staffing companies employ over three million temporary and contract workers. In many cases, a staffing company will specialize in recruiting for specific types of positions, such as administrative and managerial staff.
A staffing company can provide a variety of services to employers that need to fill positions on an interim or a permanent basis. Given their wealth of experience, staffing companies can also provide assistance with issues related to employee retention, such as the design of on-boarding and worker appreciation programs. Since employee retention is a major issue for many businesses and organizations, utilizing the services of a staffing company can make a significant difference with maintaining daily operations.