Are your new hires at risk? According to the Institute of Leadership & Management (ILM) one third of new employees plan to leave their job within twelve months and one in five are already actively looking for their next career move. Here’s our advice to prevent your new hires from making an early exit:-
Don’t oversell : An anxious hiring manager may oversell company culture or job prospects to convince a top performer to accept a job offer. Don’t. A CIPD report revealed that one third of employees found that career progression doesn’t meet their original expectations and is often blocked by line managers, a toxic working environment and poor training. Be realistic about what it's like to work for your company to prevent the impact of a bad hire on your budget and employee morale.
Analyse job acceptance time : Research from CV Library highlights an emerging ‘job hoarding’ trend among qualified candidates. The survey suggests that nearly two thirds will accept an offer and continue their job search. A delayed acceptance or an attempt to renegotiate your terms may indicate that your candidate has other job offers to consider. Analyse your recruitment metrics to identify new hires who delayed their final acceptance and monitor them closely as potential ‘flight risk’.
Invest in training : On average, UK employers are investing only £109 per employee per year for digital training, relying instead on new hires to arrive in the workplace equipped with the skills their business needs. The UK ranks only 22nd out of all of the EU countries in terms of investment. Upskilling all employees will become urgent if Brexit makes it more difficult for employers to access qualified candidates.
Assign a mentor : The ILM report showed that assigning a mentor to a new employee improves retention rates but less than half of new hires are allocated individual support. Working closely with your new hire after the formal onboarding period is over helps to identify early stumbling blocks. A mentor, or ‘buddy’ is more likely to discover what they like most about their job, whether it matches their expectations and what can be done to improve motivation and engagement levels.
Review your HR metrics : Recruitment analytics provide insight into the flight risk of your new hires based on previous patterns in the last 12 months. What characteristics did these hires share? What was the most common source of hire for your short term employees and what reasons did they give for leaving in their exit interview? How long did they remain with your company after the formal onboarding process finished? Data helps to inform and improve future hiring decisions.
Be alert for warning signs : The Office of National Statistics (ONS) found that one in three people are in the wrong job. Learn to identify the warning signs of unhappy new hires. It may be something as simple as not updating their LinkedIn profile to include their new job with your company, declining new projects or arriving late for work. Are their skills being utilised to their full capability? Are they fully supported? Recognise the early signs and take steps to prevent your new hire's resignation.
Examine your company culture : According to research from Morgan McKinley, UK workers are feeling overworked and underappreciated. 81% of employees work beyond their standard hours, although a third felt they weren’t productive during this time. A stressed, burnt out workforce will quickly impact upon your new hire. What’s happening within your business? A Yougov survey also found that less than half of all employees met with HR in the last 12 months, resulting in demoralised and demotivated workers
Support talent acquisition with HR technology : Sophisticated recruiting software automates basic parts of the hiring process, enabling HR to focus on issues of quality of hire, engagement and retention. The impact of replacing a rapidly departing employee goes beyond financial implications. Streamline and support your talent acquisition strategy with HR technology to educe your time to hire and enhance your onboarding process.
Prevent early departures with world class recruiting software that helps you to hire better people faster. Contact Advorto today.
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