So, after spending all that time and money to find an employee, the last thing an organization wants is to have that employee leave. According to the Society for Human Resource Management (SHRM), the average cost per hire (CPH) is $4,425 and time to fill is 36 days.
Believe it or not, that’s exactly what happens.It’s not hard for employees to find a new job in today’s
competitive employment landscape. Gallup’s State of the American Workforce reports that a record number of
respondents (47%) are saying now is a good time to find a quality job, and more than half (51%) are currently searching for a new opportunity. The searches are working. Employees are finding quality jobs. Voluntary resignations of U.S. workers are at a decade high.
A recent study by Work Institute found that 40% of employees who quit in 2017 did so within 12 months of being hired. About half of workers who departed in their first year left quickly – within the first 90 days.
According to a recent Forbes Insights / SilkRoad Technology survey, 64% of CFOs believe that retention rates are less than optimal and that the top causes of unwanted turnover are poor employee engagement and lack of opportunity to learn new skills, have on-the-job training, or educational training.
Set new hires up for success by downloading this important eBook. First 90 Days eBook