According to a 2017 CareerBuilder survey of 2,250 U.S. hiring managers and HR professionals survey, companies lost an average of $14,900 on every “bad hire” in the last year, and it's a common mistake — nearly three in four employers (74 percent) say they've hired the wrong person for a position and that half of these bad hires have quit within the first six months of employment.
When asked how a bad hire affected their business in the last year, employers cited less productivity (37 percent), lost time to recruit and train another worker (32 percent) and compromised quality of work (31 percent).
The survey also illustrated that while the cost of hiring the wrong person can be high, the cost of letting a good worker go is even higher. CareerBuilder’s survey respondents cited the average cost of losing a good hire as $29,600. As a workforce and HR consultant who has worked on retention strategies with dozens of organizations, I’d like to share five recommendations for keeping your best people.
Acclimate Them to Your Culture Early
The moment an offer letter is extended, the new hire experience starts. However, some organizations fail to communicate with candidates between offer acceptance and start date, and this is a retention mistake. Based on 15 years of working with employees, and especially younger ones, I’ve learned that the most important thing organizations must do to retain new hires is to get them involved in the culture immediately.
If an employee starts a new job and feels lost, they may feel like they didn’t make the right decision, and keep interviewing. If a better opportunity arises, a new hire that doesn’t get a positive first impression right away may not wait around. For this reason, I advise organizations to launch a comprehensive onboarding initiative that starts the minute the offer is extended and mixes face-to-face and virtual components to connect new employees to the company they’ve joined.
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Great read! Thanks for sharing and keep it up!
Posted by: Kiye Sic | October 08, 2018 at 07:21 AM