One of the major issues faced by businesses is employee retention. It’s important to note that 22% of new employees will actually leave their positions after just 45 days. There are, however, a variety of available solutions and resources to assist businesses with addressing this vital issue.
The Issue of Employee Retention
A recent survey revealed that more than half, or 57% of organizations, consider employee retention to be a problem. Human resources professionals indicated that this was their greatest concern, with 46% in agreement. Employee engagement was considered to be the second greatest concern for 36% of the participants.
How to Increase Employee Retention
An effective way to address employee retention is to have new personnel participate in a structured on-boarding program. It’s been found that when new hires participate in these programs, that they’re 58% more likely to remain with a company. In fact, they are more likely to still be with that company after three years.
When companies have employee recognition programs, this can also make a significant impact. For those companies that do have these programs in place, 86% reported that they noticed their employees were happier. Employee recognition programs can encourage workers to be more productive because they know that their efforts are valued.
Gender and ethnically-diverse companies also tend to outperform their counterparts, according to McKinsey’s research. Gender-diverse companies, for example, are 15% more likely to do so. Furthermore, ethnically-diverse companies are 35% more likely to outperform their peers. When companies are both gender and ethnically-diverse, it’s likely this will also positively affect performance.
Contact a Staffing Company to Learn More
Since staffing your business may be challenging at times, you may want to consider utilizing the services of a staffing company. During an average week, there are over three million temporary and contract employees that work for these job agencies. Given this, job agencies have a pool of qualified individuals from which to choose. If you need to fill a job on a temporary basis, or have temporary to permanent jobs available, then consider the benefits of working with a staffing company.
In addition to providing your business with a variety of staffing solutions, 93% of the recruiters at these job agencies will also screen social media profiles to ensure that they find a good match for your company. Once your business has had the opportunity to work closely with an agency, there’s an excellent chance that you will utilize their services as needed in the future.