Worker Retention Is The Number One Issue Facing Modern Businesses Today Why?
Employment agencies are designed to make the screening process a little easier. Now, they don’t do all the work for you. Far from it! They instead teach your business how to help itself, offering you modern solutions to old problems like employee turnover, employee dissatisfaction and retention issues. This can be as simple as having a professional eye look over your application process or as complex as creating a more diverse workforce from the ground up. The benefits of a job placement agency will be felt as soon as you start and keep on giving as you push through the new year with a hopeful heart.
Employee turnover is expensive. It’s frustrating. Worst of all? It’s a potential death knell for your brand. It’s estimated as much as $11 billion is lost every year due to employee turnover alone, which doesn’t even take into account additional money lost through new ventures, employee training programs, inventory shrink and more. Over 60% of organizations today view employee retention as a major problem, one they want to fix with superior employment opportunities. A job placement agency is more than a little familiar with these woes and will help you get back on your feet after a setback.
What other costs can employee turnover take right out from under you? Well, employee turnover can end up as little as 30% of an employee’s salary and as high as 150%. Combine that with all the time that goes into posting applications, reading resumes and conducting interviews and you’re going to need some help. New hires that undergo a more structured on-boarding program are 60% more likely to be with a company after three years. Longevity is the name of the game and employees that stick around are much cheaper than employees that come and go like the wind.
It’s estimated as many as three million temporary and contract employees will work for staffing companies at any point in the week, meaning you’ll be wanting for nothing once you apply for assistance at a local job placement agency. Recruiting agencies are able to point out the holes in your business’s foundation and get you ever closer to that elusive ideal hire. Nearly 47% of human resource professionals say retention is their greatest concern for the future, followed close behind by employee engagement. Where do you stand on the list?
Diversity has been talked about extensively these past few years. While it can be tempting to roll your eyes at the hype, let some statistics sway you the other way. McKinsey’s research has been revealing nothing but benefits for diverse companies, ranging from improved employee engagement to better customer perception. This is before we even get to the financial incentive! Gender-diverse companies are over 15% more likely to outperform their peers, while ethnically-diverse companies boast an average percentage of 35%. This is the sort of good news many companies only dream of.
A modern job placement agency is aware of all of the above and then some. They know the long-term damage employee turnover does to a business. They’re keen on making sure employees know what they’re getting into the moment they file for the job. They can even give you some tips for the long haul. Over 85% of companies with employee recognition programs in place (think ’employee of the month’ or discounts) cite an increase in worker happiness than those without. Sound like something both your workers and managers would want to see? It’s time to reach out to a staffing agency and ask how they can help.
The only place to go from here is up. What are you waiting for?