Here in the United States, rapid employee turnover is a problem that is faced by many in companies and places of business all throughout the country. In fact, it has become such a problem – and a growing one at that – that now more than fifty five percent of all businesses and other such organizations find the matter of employee retention to be hugely problematic. Human resources professionals back this up, with more than forty five percent of them citing this, employee retention, as their first and foremost concern about the working world as it is today. As many a staffing service and temp service can attest to, the problem of finding the right candidate for a job has certainly never been easy, and now more so than ever.
And the data backs this up, showing that more than twenty percent (twenty two percent, to be a little more exact) of all recently hired employees will leave their newfound positions just forty five days or less after first starting the job. This means that in the span of less than two months, nearly one fourth of all new hires will already be seeking employment elsewhere. And up to sixty percent of Millennials, known as the job hopping generation for a reason, say that they are always keeping an eye out for the next good opportunity when it comes to their jobs and their careers.
Unfortunately, such rapid employee turnover is hugely detrimental in a number of ways to the typical company, something that a staffing service or any given employment agencies will likely be able to attest to as true. Not only does it create a lack of stability in the actual workplace, but rapid employee turnover as seen by many a staffing service can actually have a huge financial toll as well for just about everyone in the company.
In fact, companies around the country typically sustain a cumulative loss of around eleven billion dollars for each and every year that passes. This loss is directly attributed to poor employee retention rates seen in many such companies of all different shapes and sizes throughout the United States. It has even been estimated that this frequent employee turnover can cost as much as one hundred and fifty percent of what that employee’s salary had been or would have been.
And as any staffing service or temporary job placement service can tell you, there are many reasons for poor employee retention. For one, many people don’t feel that they are being adequately supported or encouraged in their place of work, with more than thirty five percent of human resources professionals citing employee engagement as a significant cause for concern. And only around twenty percent of all employees feel that their superior motivates and encourages them in the way that they should. And when an employee does not feel adequately supported in their place of work, it is more likely than not that they will seek work elsewhere.
But there are steps that the typical staffing service and company can take to prevent this from becoming the case. Implementing employee recognition programs, for one, has show to be quite successful. In fact, more than eighty five percent (eighty six percent, to be more exact) of all companies that have recently put employee recognition programs into place have found that the engagement and overall happiness and satisfaction of their employees has increased by quite a considerable margin.
Having a structured and intensive onboarding process can also help, providing employees with the support that they seek but that far too many do not get. And this onboarding process, when it is intensive enough, has been shown to work. Data even shows that new hires that go through such a process with a staffing service are up to fifty eight percent more likely to still be employed at that very same company as many as three years down the road – and many employees will even end up staying for quite a while longer too.