The challenge and cost of employee turnover is among the most discussed, most frustrating and many misunderstood problems businesses face. Management has identified that employee retention is a growing concern. Keeping skilled employees is a bigger problem compared to finding them.
Employee turnover starts with a poor hiring decision. Whenever we hire someone who is a poor job fit, we have already begun an almost inevitable course that will end with failure – and another turnover casualty. Part of the problem of bad hiring lies with our poor tools: One comprehensive study of the employing process indicated that, if an interview is your only tool, you have just a 14% chance of making a good employ. Add good reference checking (and we all know how difficult that can be), you can raise your success percentage to 26%.
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Some of the largest businesses struggle with making proper assessments with regards to hiring new employees. Many employees report giving references that proceed unchecked during the interview process. This is amazing given the size of most Recruiting departments.
The combination of poor employing decisions and improper assessment may cause employees to take action and leave a career on their own. As more people are becoming business owners and switching careers frequently, employees are becoming more and more empowered.
Gone are the days that an employee chose a career path to get 30 years until retirement.
People are retiring early and taking their cost savings to start new businesses.
When an employee quits his or her job, it presents a huge problem for employers. Let’s take a high-performing salesperson for example. When a high-performing salesperson quits, especially without notice, it requires 6-8 months to replace that individual. Even though a manager can hire an applicant immediately, it takes time to train the newest employee and it also takes several months for that new employee to nurture the same relationships that his or her predecessor experienced. Surprisingly, the cost of training a new worker can be almost double the cost paying out the former employee.