From employment agencies in Fort Worth to temp services in Arlington TX to job placement agencies, all know that there is currently a considerable problem with job retention here in the United States. As the years pass on, the commitment to job loyalty fades and fades, and the current employee is typically always on the lookout for something new. There are many factors as to why job retention is such a concern, but there is no doubt about the fact that it is a concern to begin with.
The statistics and data that have been gathered more than back this up, showing that up to sixty percent of all Millennials who are currently in the work force are ready to leave their current jobs in favor of a new and better one at a moment’s notice. Because of this fact, Millennials have been branded and referred to as the job hopping generation, always on the lookout for the next best thing.
On top of this, the problem with job retention is one that has been shown to be steadily increasing. More than twenty percent of all recently hired employees are likely to leave their jobs within less than two months (around forty five days, on average) after first officially accepting the position. It has become such a prevalent problem that nearly half of all HR departments have cited job retention (and the lack of it) as one of their very top concerns – if not the number one concern in and of itself.
And the impact of poor job retention can be hugely negative, for everyone from employment agencies in Fort Worth to the companies that said employment agencies in Fort Worth work for, as well as employment agencies all over the country (not just employment agencies in Fort Worth). For instance, a huge sum of money is lost each and ever year – currently as much as eleven billion dollars – thanks to poor employee retention rates alone. The task of hiring on a new candidate for the job can often prove to be incredibly expensive as well – and if the process continues to repeat itself, this issue becomes greatly compounded.
Fortunately, there are a number of ways that job retention for employment agencies in Fort Worth and all kinds of other companies can be drastically improved. For one, it’s important to show your employees a good deal of support. Currently, only around a mere twenty percent of employees feel that they have the necessary support and guidance from their higher ups, something that can lead to not only confusion but dissatisfaction in their position as well.
Employee recognition programs can, in many ways, help to change this. Because of this fact, employee recognition programs are becoming much more widespread across the country, in employment agencies in Fort Worth and all. And the results so far have been good, with more than eighty five percent of companies that have instituted such programs, either recently or not, reporting an overall rise in employee engagement and satisfaction in their roles, two things that are critical to the success of a workplace environment.
Having an extensive onboarding process for all recently hired employees can also drastically reduce the rates at which new employees are leaving your company. Data even backs this up, showing that companies that have implemented an process of onboarding have improved their rates of employee retention by more than fifty five percent – a considerable amount, to say the least. These employees are far more likely to be at the company as many as three full years later.
Finally, diversity in the workplace is a key factor in employee retention rates as well as overall employee performance and output. In fact, diversity is likely to improve the company as a whole. Data shows that companies that incorporate gender diversity outperform other companies by as much as fifteen percent and companies that are ethnically diverse fair even better, outperforming like companies that do not incorporate diversity by as much as thirty five percent.
Though employee retention is currently quite a problem here in the United States, it is a problem that we have the power to rectify in many different ways.