Job retention has become a huge concern in recent years, and one that has enveloped much of the working world. All industries are concerned with job retention rates, and they have valid reasons to be. After all, more than one fifth of all new hires will actually end up leaving their new jobs before even just 45 days have elapsed, a period of just under two months.
Not only does this put a considerable emotional strain on the company, but a monetary and financial one as well. In fact, the cumulative cost of job turnover has now exceeded $11 billion on a yearly basis. For many companies, the loss of an employee can even cost up to 150% of that employee’s salary – and typically no less than 30% at the very least. And so it is not hard to see why more than 55% of all organizations now have some very real concerns surrounding matters of employee retention.
In order to start solving matters of employee retention, however, it is quite hugely essential that we get the root of the problem. In may cases, it is simply a lack of job search help during the job search process on an individual scale. Many people end up working temp jobs FOR that job search help and are turning away from more permanent work. And while some of these temp services provide job search help and indispensable skills, many people who do NOT get this job search help end up in jobs that they are not happy in or a good fit for.
Unfortunately, a lack of job search help is far form the only problem surrounding poor employee retention rates. For staffing your business or staffing your company, conducting a thorough screening process will be just as important as providing job search help to those that need it. After all, properly screening a candidate has become easier than ever before, thanks to the advent of the internet. Fortunately, this has led proper screening to become ever more effective, as more than 90% of all staffing services and employment agencies will thoroughly overview any given candidate’s social media profile pages, which certainly can help them to identify any number of red flags.
Of course, steps must be taken not just to provide proper screening or job search help, but to ensure that the newly hired person is being given the support systems that they need. Unfortunately, only around 20% of all currently employees in this country actually feel like they are being adequately supported by their superiors. The rest often feel the exact opposite, which can certainly mean that they are less likely to stick around for the long haul.
A number of approaches can be impactful at relieving this problem, if not just eliminating it entirely. For one thing, employee recognition programs are quite widely successful in different types of work places all throughout the country. As a matter of fact, the data that has been gathered on the subject more than backs up this claim, showing that up to 86% of all organizations that instituted an employee recognition program of some sort has found success with it, seeing overall employee happiness levels go up. And when employees are happier and more content in their jobs, both the quality and overall quantity of their work is quite likely to improve, sometimes by a truly immense amount.
Adequate on boarding programs are also incredibly helpful for new employees. When a thorough on boarding program is in place, after all, the typical employee become more than 55% more likely to stick with the company in question for at least three years, if not even longer than that. In addition to this, they are more likely to produce high quality work and give better results, as they have been given more tools to do just this.
At the end of the day, there is no denying the fact that employee retention is a very real concern. However, there are a great many steps that can be taken to help solve this problem, at least in part. From job search help to employee recognition, the options are vast.