Employee turnover, employee retention, and employee engagement are issues for many companies and organizations. New hires, for example, often quit or resign their positions within just 45 days of their hiring date. This amounts to 22% of new hires, which is sufficient to qualify as a concern.
Recent Data on Employee Retention and Engagement
Recent data indicates that employee retention was a problem for 57% of the participating organizations. Human resources professionals indicated that it was their greatest concern, which was conveyed by 46% of these individuals. The second greatest concern for human resources professionals was employee engagement, which applied to 36% of these participants.
The Financial Costs of Employee Turnover
Every year, companies and other enterprises lose $11 billion due to experiencing a significant number of failed hires. These costs do vary, and depend on multiple factors. The individual costs for each employee turnover tend to range from 30% to 150% of their salary.
How to Retain New Hires
Company cultures do vary, and some may be a better match for employees than others. That said, there are some steps that can be taken to create a more worker-friendly environment. Structured on-boarding programs, for example, have demonstrated positive results in this regard. When new hires participate in these programs, 58% are more likely to remain with a company. It’s also more likely that they’ll still be with the company after three years have passed.
When companies are both gender and ethnically-diverse, it can also make a positive impact on retention and performance. According to McKinsey’s research, gender-diverse companies tend to outperform their counterparts by 15%. Ethnically-diverse companies tend to outperform their counterparts even more at 35%. If a company’s personnel is gender and ethnically-diverse, it’s likely that worker performance levels will further increase. When employees are recognized for their concerted efforts, they are more likely to want to remain with that company.
Employee recognition programs also have the potential to assist with retaining new hires. Companies that do have these programs in place have reported positive results. An increase in worker happiness was noted with 86% of the companies that chose to create and maintain these programs.
Learn More About Working for Temp Agencies
Since you’re likely searching for a temporary job placement, have you considered working for temp agencies? Over three million temporary and contract employees work for these types of agencies over the course of an average week. In some instances, you may have the opportunity to be placed in temporary to permanent jobs.
It’s important to note that most, or 93% of job recruiters, will look at your social media profiles. Given this, you want to be sure that these sites reflect you in a positive light. Furthermore, you also want to make sure that your resume is updated and utilizes appropriate key words that are geared toward the positions for which you’re applying. In this way, you increase your chances of being hired by temp agencies for a job that matches your skill sets.