Are you experiencing issues with employee turnover? Have you considered the benefits of working with an employment agency to address your staffing needs?
As a result of employee turnover, companies lose approximately $11 billion every year. Employee retention has been identified as a problem with 57% of the organizations that participated in a recent survey.
Human resource professionals in particular have stated that employee retention and employee engagement are both significant concerns. Employee retention leads with 46%, while employee engagement follows close behind at 36%.
Since about 22% of a company’s new hires leave after 45 days of being on the job, it’s clear that there may be several issues that lead to this occurring. While some employees may leave due to unforeseen circumstances, others apparently make a conscious decision to do so.
Does your company have a structured on-boarding program? Were you aware that these programs have been shown to be effective for retaining employees? When new hires go through this process, data suggests that they are 58% more likely to remain at a company for 3 years or longer.
Employee recognition programs can also make a significant difference. Recent figures show that 86% of the companies that have these types of programs have seen an increase in their employees’ happiness. When personnel are happier, they tend to be more productive, especially when they’ve been acknowledged for a job well done.
According to research conducted by McKinsey, gender-diverse and ethnically-diverse companies both tend to outperform their non-diverse counterparts. McKinsey’s data shows that gender-diverse companies will do so by 15%, and ethnically-diverse companies will do so by 35%. As a result, diversity is an issue that you may want to consider addressing.
If you’re interested in hiring temporary and/or contract employees, working with an employment agency can assist you with filling these positions. During an average week, for example, there are over 3 million employees in these categories alone that work for staffing or temp agencies.
When these job placement agencies search for the best qualified personnel for you, they will engage in a variety of screening procedures. Most recruiters, for example, will spend time looking at the social media profiles of potential candidates. This step alone can provide valuable information on a candidate’s suitability or lack of suitability for a specific position.
Recruiting agencies can also save your business time and energy, which translates as productivity. When you are understaffed, your existing staff may need to work overtime, which can be counterproductive on multiple levels. When you use an employment agency to place workers in your business, you will be increasing your chances of having an uninterrupted workflow.