How To Increase Job Retention Rates

For many companies and businesses in all places of the United States, job retention has become a major problem. People are leaving companies at rates higher than ever before, and job retention has been cited as a considerable issue by the majority of businesses, particular human resources departments, of which forty six percent have determined employee retention to be the number one concern of their companies. More than twenty percent of all recent hires will leave their jobs within less than two months after being hired (at an average of forty five days of work) and the current generation in the work force – millennials – are even referred to as the “job hopping generation,” as more than half are always looking for the next best job, even if it means leaving their current one.

There are a number of causes for poor job retention rates, one of which can be at least somewhat solved through the use of a job agency. Job agencies can help to sort through potential applicants and only send the most qualified through to the next round of interviews. Job agencies are, in this way, beneficial to both employer and prospective employee, as job agencies can help to weed out potential candidates that would not be fit for the position. Poor job fit is on of the main reasons for poor retention rates in companies and businesses around the company, and can be solved and even eliminated through the use of skilled job agencies. Job agencies are also likely to only send through highly qualified candidates, as the typical staffing agencies will have an extensive review process including, for more than ninety three percent of such recruiters and temp agencies, overviewing any social media profiles made public by the prospective candidate.

But the issue of job retention goes deeper than what job agencies can solve. Many issues with job retention stem back to employee satisfaction and overall motivation and engagement. Unfortunately, less than three out of ten – or thirty percent – of all employees said that they felt that they were sufficiently motivated by a boss, manager, or other superior. This lack of motivation can lead to a lack of effort and lack of productivity in the workplace. These employees are also more likely to deal with high levels of stress and lack of job fulfillment. In fact, employee engagement is of serious concern to human resources departments, second only behind job retention as thirty six percent of all human resources departments have noted that employee engagement is a serious problem at their business or establishment.

Fortunately, there are steps that each company can take to increase their overall rates of employee job retention. For one, a thorough onboarding process has been shown to lead to success in employee retention. Nearly sixty percent of all employees who went through such an onboarding process were likely to stay with the company for at least three years. And employee recognition programs have also proven beneficial, as of all of the companies and places of work that have instituted them, more than eighty five percent have reported back with increased levels of employee happiness and, therefore, employee motivation and engagement.

More diversity has also been directly linked to greater rates of employee happiness and engagement. Diverse companies are also very much likely to outperform companies that are lacking in diversity, with companies with diverse genders outperforming other companies by as much as fifteen percent and ethnically diverse companies outperforming like companies lacking in diversity by as much as thirty five percent.

There are many reasons behind poor employee retention rates, but fortunately there are steps that employers can take to begin to solve the problem. Job agencies can help, as well as the institution of employee recognition programs. But job agencies and employee recognition programs won’t do it all – the company or business must be committed to making a change where change needs to be made, such as including greater diversity within the company.