Statistics all over the world show that employee retention has been a challenge for nearly every organization. Even the best leaders have had a hard time in retaining the best talent they have. It is wise for every manager to try and give employee retention their best efforts. You will learn the importance of maintenance when you see the statistics below.
Trending statistics of the employee retention
- 73 percent organizations always revamp their onboarding processes to improve the employee retention.
- One-third of new hires quit their jobs within the first six months. This point is a crucial stage for every company as they need to intense their retention process.
- 45 percent of referred employees will leave after two years. Most designated employees are known to stick with their job for longer. Improving your referral program can help you keep the staff for longer.
- 78 percent of managers rank employee retention critical. These are the companies that include employee retention in their budgets way before they hire. These companies ensure that their staff does not leave due to avoidable reasons.
- 33 percent of recruits knew they were there to stay long-term after their first week. Your company's first impression is highly significant, ensure you engage the newbies as early as possible.
- 50 percent of remote workers are less likely to quit as they are more satisfied with their working conditions. They are able to work at their pace in an environment that they are comfortable. Remote work is an added advantage to companies as they will not have to work hard to retain their employees.
- 35 percent of employees will look for new positions if they don't get a pay rise in the next 12 months. If your company provides no salary increment or bonuses, expect some possible retention problems. All employees besides the newbies expect higher salaries to match their productivity.
- 9.32 percent of employers expect their employees to job hop. This will act as a mental preparation to most employers who fail at retaining employees for an extended period. It is wise to keep such trends at the back of your mind at the same time finding out the cause.
- 33 percent of supervisors and managers are looking for jobs elsewhere. No one in the company is immune to leaving including the senior leadership. The leadership will move if they feel undervalued by your organization. Guard your business not to get to this point.