A third of new hires plan to leave their job within a year
New research by YouGov, on behalf of The Institute of Leadership & Management has revealed that almost one in five (19%) of new recruits are currently actively looking for a new role and around a third (30%) of new starters plan to leave their job within the first 12 months.
Turnover is expensive so it’s important to protect recruitment investment with consistency, and engagement with new employees. A report carried out by Oxford Economics revealed that replacing members of staff incurs costs of up to £30,614 per person for employers: and that’s without taking into account the risk to productivity and morale of existing staff.
The research also highlights ways in which to retain talent, for example providing a mentor or buddy, along with a robust and thorough onboarding process. It’s not uncommon for candidates to go through lengthy recruitment processes only to leave a couple of days later as they didn’t transition through a consistent program. Here’s how to ensure this doesn’t happen:
Make a plan
Plan your new recruit’s time carefully and make sure they know what their short-term expectations in the role will be. This shows you are genuinely interested in them and are taking the time to plan their future within the company. Claire Bond, Director at Bond Williams Professional Recruitment emphasises the importance of starting out on the right foot:
‘It is so important that new members of staff and employers can work together to form goals and objectives in the early stages. A three month achievable plan and targets that work for both parties will ensure that employees know where they stand. This way it’s easier to track their progress and ultimately secure their success in the new role.”
Prepare effectively by tackling administrative matters in advance and setting up their new workspace, logins and equipment to encourage them to integrate into their new surroundings as early as possible. This then frees up the first few days of their role to begin engagement and relationship building with their new colleagues.
Onboarding is a chance to channel the enthusiasm of a new starter into engagement with the team and connecting to the company culture. This engagement leads to employee commitment and could ultimately be the deciding factor in whether they decide to stay. That’s why it’s vital to hold on to your talent in order to unlock people’s full potential.
Explain what they need to know before they need to know it, assuring new and existing employees that they are valued and have all the necessary tools to succeed. This clearly shows that you care about your employees, and makes it less likely they will look elsewhere.
Whilst it is important to let your new employee know your door is open, in reality due to business needs many managers may not be available as much as they would like, in which case, many companies offer a buddy/mentor within the business that can help entrench new employees and ensure a good onboarding experience.
According to the CareerBuilder study, seven out of ten workers admit that they search for jobs as part of their “regular routine” and 35 % are searching for a job within weeks of starting a new position. In essence, retention of staff for many companies is a key focus and by getting the onboarding process right you will help increase your retention rate and reduce your cost per hire.
The most important metrics to measure the success are usually employee engagement, retention, and time to productivity. However you decide to do it, proper onboarding gets employees up to speed quicker and develops them into a valuable asset, embedded within your company.