New Staff Retention
Tackling the issue of ‘new staff retention’ – Nearly one-third of new employees plan on leaving their job in the first 12 months and more than half of them anticipate they will not be with the company after 3 years.
Institute of Leadership and Management (ILM) have published a report that found short-termism is known by managers, with more than half of managers who responded saying they expect a large number of new recruits to leave after 3 years.
The report mentions that, although 73% of new recruits feeling ‘delighted’ with their new position, it does not guarantee a long-lasting career at their new organisation.
New Staff Retention is causing major financial loss for companies
The ILM states this is a massive financial loss for companies as the losing and hiring of a member of staff can cost them nearly £30,000.
Kate Cooper, head of research, policy and standards at the ILM, said: “Our research has shown that employers and their new starters are, on the whole, benefiting from what is being seen as a honeymoon period, where delight with the job is very high. The way to retain this new talent is to maintain that feeling of delight and ensure steps are in place so neither one of you lose that loving feeling.
“The research has identified factors to help tackle the issue of short-termism in the workplace. These include new starters needing to feel a sense of immediate productivity and skill utilisation, and having accessible line managers. As well as having their expectations matched by actual experience once in post.”
“This investment in new staff will yield a return when business leaders appreciate how early that intent to leave may develop. Essentially the advice is, once you’ve got them, don’t let them leave.”
Here at Dovetail, we pride ourselves on building loyal and long-term relationships with our clients & candidates, and we strive to deliver candidates that are the ‘perfect fit’ – and helping companies to avoid new Staff Retention becoming an issue.