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We have a retention issue. (Again.) But most companies won’t fully realize it until Office Dork™️ hiring kicks back into high gear. (At which point we’ve got another Great Resignation on our hands.)
Before I get started [SPOILER]: as is always the case with retention, all roads lead back to poor onboarding.
We noticed over the past few months a lot of companies we talked to had frustrations with newer employees bailing in the first year. Sometimes right away, sometimes at the year mark. It’s difficult to quantify these sentiments, but the vibes are certainly there.
Then looking at our own placements. People who left their jobs within the first few months effectively doubled in Q1 2024 vs the 2023 average. Still in low single-digit percentage numbers, but relevant.
(Note: I feel obligated to mention that Hirewell provides guarantee periods for these situations. No, we don’t leave our clients holding the bag.)
When things don’t pan out, there are typically two reasons:
1. “Bad” hire. It wasn’t a great mutual fit to begin with.
2. Poor onboarding. A good fit was butchered by a subpar first impression.
And there’s plenty of data on all of this.
👉Only 38% of new employees (under 6 months) plan to stay at their organization for three or more years. And 66% feel included at their company, a 4% drop from 2022 and well below the 73% of all other employees. (Here.)
👉37.9% of employees are leaving their jobs within the first year. 2/3 of those within the first 6 months. (Here. )
👉But what’s weird is that quitting is on the *decline*. 2023 resignations were down 12% from 2022. (Here.)
So why is total quitting going down, but new hire quitting is rising?
A lot of these things are macro level that you can’t really control. But what is in your control is onboarding. Employees who receive effective onboarding feel 18 times more committed to their organization. And only 43% of employees report that they received an onboarding process that lasted longer than a day.
Tldr – Greet your new team members. Train them. Help them understand what their role is and how to be effective.
They’ll stay longer.
Partner at Hirewell. #3 Ranked Sarcastic Commenter on LinkedIn.
In this episode of Beyond the Offer, hosts Rosanna Snediker and Bill Gates welcome Katie Stapor, VP and Director of Talent at FCB Chicago. Katie shares her journey at FCB, where she started in 2011 and earned seven promotions. She reflects on her unexpected path into HR, the power of relationships, and the ever-evolving workplace. The conversation covers adapting to business demands, innovative internship recruitment, transitioning from recruiting to HR, and the value of in-person training and mentorship. Katie also offers career advice for new graduates and insights into the shifting job market.
Episode 11