Employee Turnover Is One Of The Most Expensive Costs A Business Can Make Job Placement Agencies
You want to find qualified hires. You also want to find people who stick around in the long-term. Is this an oxymoron or is it a possibility with a little extra work?
Thanks to job placement agencies this is a trick question. Not only can you find qualified hires with the help of a job agency, you can also increase the possibility of cultivating long-term hires that save you money. This can seem like an impossible feat in today’s dynamic economy, particularly with employee turnover as bad as it is. Before you start promoting opportunities for employment, consider looking below. You’ll be surprised at what you find.
From diversity to long-term staffing, job placement agencies have you covered.
Employee Turnover Is An Expensive Long-Term Problem
Just what, exactly, is costing your business money? This is the question you’ve been asking yourself for months, with only a few answers to show for it. Employee turnover is one area you can focus on for the time being, as it remains one of today’s biggest barriers toward success. Recent studies found out over $10 billion is lost yearly to this issue. Up to 60% of organizations have even gone at length to state employee retention is their biggest concern.
Constantly Losing Employees Can Affect Morale
What’s another side-effect of constantly losing employees? It can affect morale and make it harder to find qualified hires. The benefits of keeping workers around in the long haul is more than just a cost-saving venture — it’s a way to cultivate a team, rather than a one-size-fits-all approach to your business. Up to 20% of new hires will leave their jobs within a month and a half of being hired. Changing this means reaching out to recruiting agencies that can look at your business more critically.
Diversity Is A Financial And Social Boost
This is one important element you won’t want to overlook. Qualified hires and diverse hires are not polar opposites, not when there are many people of different shapes and sizes searching for work. In fact, encouraging a more diverse hiring pool can do a lot to improve customer relations and how your business is being perceived. McKinsey’s research has gone at length to study the positive impact of gender diversity in companies, finding gender-diverse teams deliver at a 15% higher rate. Ethnically-diverse companies do even better at 35%.
Saving Money Means Encouraging Employee Retention
How do you counteract employee turnover? You give employees extra incentive to stick around for the long haul. The costs of employee turnover have been found to range between 30% and 150% of the employee’s salary, which doesn’t even cover the additional labor of seeking out qualified hires. When you keep an employee around for the long-term, on the other hand, you can save time and money better spent elsewhere. New hires that undergo a structured on-boarding program, for example, are 60% more likely to stay with the company for three years or more.
Staff Your Business With The Aid Of Job Placement Agencies
Employee turnover is only getting worse. Diversity is best shown through your workforce, rather than empty platitudes. Getting this all sorted means reaching out to staffing services to help you find qualified hires. More than three million temporary and contract employees work for today’s staffing companies, thanks to recent data. They can help you create better on-boarding programs, fine tune your application process, and point you in the direction of more diverse hiring pools.
Things may look bleak now, but that’s what a helping hand is for. Let temp agencies shoulder some of the burden of staffing your team.