Employee Turnover Costs $11 Billion Every Year How Can Businesses Put A Dent In This?
What can employment agencies offer that your business can’t seem to get the hang of?
A place to start, for one. Some actual results, for another. Today’s business has a lot to go up against on the way to the coveted worker that does their job and sticks around for the long haul. Employee turnover, new diversity initiatives, proper training protocol…it can all seem a right mess for the company that just wants to get closer to those monthly figures. With the aid of employment agencies you can finally hand over some of that stress to professionals that are just as keen as creating that match made in heaven as you are.
Here are five things an employment agency can do for you this year.
Everyone is talking about hiring diverse these days…but what does that really entail? A major facet of expanding your employee pool is reaching out to communities that have been regularly looked over for one reason or another. McKinsey’s research has been prioritizing the study of diverse hiring initiatives, revealing some rather impressive numbers over the years. Gender-diverse companies have been found to outperform their peers by 15%. That means stronger output, a more positive consumer response and better performance. Ethnically-diverse companies? Even more so at 35%.
Employee turnover kills business. Plain and simple. It forces companies to put forth effort not in reaching out to customers and improving product, but constantly searching, finding and training new people. Just how bad is employee turnover these days? One study found over 20% of new hires will leave their jobs within 45 days of being hired. Another study found over 45% of human resources professionals stating employee retention to be their biggest concern. How can employee agencies improve these staggering numbers?
Job agencies are designed to give your business a leg up on the competition. It does this by both identifying the problem and providing the resources necessary to bull through the barriers determined on bringing you down. The costs of employee turnover can be as little as 30% of an employee’s salary and as high as 150%. Improving retention is as simple as giving your system an overhaul. New hires that undergo a structured on-boarding program, for starters, are 60% more likely to be with the company for three years or more. As you can already see, that’s a huge money saver.
You want to reduce turnover, improve retention and hire diverse for many reasons. One of the biggest is to save money and give your business some breathing room. A staggering $11 billion is lost every year to employee turnover. That’s a lot of cash that could be spent on, quite literally, anything else. Employment agencies can do wonders for reducing these numbers and increasing others. Over 80% of companies, for example, that have employee recognition programs in place have cited a notable increase in worker happiness. That’s not the only thing a recruiting agency can do, though…
Give Your Business A Boost
Your business needs a boost. It’s losing too many workers and wasting far too much money trying to manage not just day-to-day expenses, but an unhappy employee base. Rather than just handing the ideal workers to you and leaving it at that (wouldn’t that be nice?), they’ll provide you the structured training and resources necessary to bridge the gap. That means encouraging diverse hires through new marketing tactics, overhauling your application process and installing superior recognition programs through all layers of the company.
Staff your business right. Reach out to employment agencies who want to see you succeed.
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