Keep up with the latest hiring trends!
Did you know that companies lose $11 billion on average every year due to employee turnover? Not exactly pocket change now, is it?! When you put it into context, $11 billion would buy you 7 Burj Khalifas in Dubai, the tallest building in the world. And if that isn’t prime real estate, we don’t know what is!
Let’s face it. Every recruiter makes bad hires from time to time. After all, we’re only human. And as much as you do everything you can to ensure that successful candidates have not only the skills, experience and general personality to fit into a role as well as the company’s culture, no one can say that they have a 100% success rate when it comes to retaining new hires.
That being said, there are plenty of things that recruiters can do to ensure that employee turnover is kept to a minimum. We’ve previously talked about using the the power of purpose to attract top talent, but purpose also plays a huge role in employee retention too. For 6 in 10 Millennials, a sense of purpose is one of the main reasons for them choosing an employer. So it’s not just about engaging employees so that they will stay with a company. It’s about giving them purpose. A clear understanding of what it is that they are contributing to, a goal that they are working towards that will actually make a real difference.
The gang over at YouEarnedIt.com have put together this infographic to share even more retention stats that we can all learn a thing or two from, so get ready to take notes!