Many companies today talk a good human resources game. They talk about having a great onboarding program, excellent compensation, excellent employee engagement, and loads of room for advancement.
There’s a problem though because all of those reasons are why close to 40% of new hires leave jobs within 90 days of hire.
You might be thinking, “Well, this doesn’t apply to me.”
When is the last time you reviewed your recruitment process and offers? Today’s employees want different benefits and perks. Has your company created a culture that encompasses all of the people at your company?
Does your human resources department know and understand exactly what they can and cannot offer prospective and current employees?
What People Want Today
According to the 2018 Job Seeker Nation Survey conducted by Jobvite, here are some of the reasons people leave their jobs.
Compensation is the number one reason people leave their company, especially for men. Company culture is important, and it’ll be listed later, but money matters.
New and prospective hires care about job growth. They want to see a future for themselves at the company. Not promises of improbable future awards.
Older employees are more concerned about your benefits package, especially health insurance.
Women are more likely than men to leave because of work/life balance issues.
They don’t agree with the company culture.
So, what does this mean to you?
According to the survey, 82% of employees are willing to change jobs if the compensation package and benefits are attractive. If you are losing an inordinate amount of people to other companies, especially ones that are within your industry, you have to look at your human resources plan and decide if you are offering a robust compensation plan.
Again, about 1 in 3 people leave their new job within 90 days. How do your company’s stats compare to that? At approximately $25,000 a person to recruit and hire people, it’s a hard hit to your bottom line.
How To Build A Solid Foundation For HR
Here is how you can help your HR department recruit, engage and retain employees.
Consider how you attract people to your company. The best and most effective way to recruit people is through a referral from current employees. It is also the preferred way people want to find work; there is a sense of safety when a colleague recommends you for a job.
Do the research within your industry and geographical region about compensation packages and pay. Make sure you are in the right range for pay for recruiting people.
Gather your managers and ensure they are giving new hires relevant work that is challenging. Nobody wants to think they are doing “make busy” work.
Encourage people to have outside hobbies and interests. Your company should not be the focal point of their lives.
Using surveys and focus group meetings, find out what your company culture is, or how employees perceive the culture.
Equal Parts Consulting believes your company can reach its full potential with the resources you have on hand. We think making significant changes doesn’t require increasing the strain on budgets. It can be accomplished by utilizing the resources you already have.