Are you doing enough to retain valuable recruits?
A recent survey revealed that almost 35% of hiring professionals expected more employees to leave their jobs in 2018 than in 2017.
The cost of staff turnover depends on several factors. The lost does not just to extend to productivity but also to the cost of the time it takes for staff to become fully effective in the new role, advertising costs and the cost of replacing items such as uniform, badges/passes.
The average cost of employee turnover, based on the average UK salary, is around £11,000 per person.
In order to avoid these costs, businesses must focus on improving recruitment and retention:
- Recruiting a good hire is the best first step. According to a number of recent studies, almost half of all new hires fail within the first 18 months.
- Be honest when detailing a role; this way, the new recruit knows what you expect of them.
- Make sure you spend time on an effective induction and onboarding process and remove anything that is not relevant – make the new recruit as effective in their role as quickly as possible.
- Finally, reduce the amount of factors making staff members want to leave -pay & benefits and workplace environment are the most cited reasons for employees leaving so make them attractive. According to studies, employees value a positive environment more than pay so creating a positive workplace environment is crucial.