More than half of the employees who left a job in the past year had held that job for less than twelve months.
Much like the topic of expatriate ROI, there is an elusiveness to the costs associated with losing a new hire. We hear that there is a high cost, but often those are not standing out readily in the company's profit and loss statement.
We know that some of the following will fall into the equation for calculating the loss:
* On boarding and training costs
* Lost knowledge
* Lower overall productivity
* Overworked remaining staff (and possible overtime costs)
* Additional recruitment and interviewing time and costs
Consider how to avoid the need to run this calculation by pondering the elements of engagement. There are several misconceptions about new hires that likely impact the lack of strategy around engaging and retaining new hires.
Consider all 5 of them as you seek to increase both retention and engagement of new hires!
Tucker said overlooking new employee engagement is costly if left unaddressed. Getting past increased rehiring expenses, what’s probably more detrimental is the toll a lack of a new hire engagement strategy will have on the existing workforce. Work quality will go down. Employee engagement will go down. Productivity can, and will, be lost. “Those are really serious consequences,” Tucker said. “That becomes a much bigger problem to address and change and much more expensive and much more time consuming than if you invest up front in helping your new employees.”