Six Retention Statistics That Will Get Your Attention
You already know that recruitment and retention are closely tied to your company’s bottom line. You also already know that unemployment is at its lowest since 1969, and the hiring market is competitive for certain in-demand roles and skills.
With surveys showing that more than 80% of HR professionals report having a hard time finding candidates for open positions, hiring can be an ongoing challenge. According to talent acquisition expert Maren Hogan, there are some key stats all HR leaders should be aware of when it comes to retention.
- Nearly 80% of business leaders are concerned about retention.
- They’re concerned for good reason, too: it can cost 20% or more of an employee’s salary to replace him or her, so finding ways to reduce turnover likelihood helps preserve productivity and protect the bottom line.
- One-third of new hires know whether or not they’ll stay with their company long-term…in the first week. One-third of all your hires are certain within five business days. That means how you onboard is incredibly important.
- Nearly three–quarters of companies revamp their onboarding to improve retention. Now that you know how important your first impression is, what might you change in the way you welcome and train new employees? Mentorship, choice, and support are all key factors to a successful onboarding—and good first impression.
- Remote workers are 50% less likely to quit. Working in an environment they’re comfortable with, in an arrangement that often provides some flexibility, can make workers feel greater satisfaction and control over their work lives.
- Over a third of workers will start job-searching if pay raises lag. Even a 12-month raise freeze can drive up job-seeking activity, so ensure you’re focused on this aspect of your retention strategy.
- One-third of new hires will quit within six months. Again, it’s that first-impression thing at work. Focus on onboarding effectively and giving your new hires everything they need to succeed. In the first few months, it’s key to keep employees engaged and provide milestones and communication to ensure they understand what is expected of them and how their roles contribute to the organization’s goals.
It’s clear that onboarding, regular attention to performance, and the right compensation and rewards go a long way toward enhancing retention.
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