Have you noticed that many of your employees are voluntarily leaving their positions? Millennials, in particular, are more open to leaving a placement than other age groups, according to a 2016 Gallup poll. Approximately 6 in 10 of your Millennial employees may be open to a new position at any given time.
Between June of 2013 and June of 2015, there was a 25% increase in the number of employees that voluntarily left their positions. This amounted to 2.7 million individuals. Needless to say, this can create a number of issues for employers and impact an office’s overall morale.
Robert Half conducted a survey with 1,400 executives. This firm found that there were common factors that contributed to failed hires. The main factor for 36% of these executives was a combination of performance issues and employees without the skill sets necessary to perform their job. The second factor, according to 30% of the executives surveyed, was having employees that hadn’t received clear performance objectives.
Other factors that tend to contribute to failed hires include whether or not a company is gender and/or ethnically-diverse. Research conducted by McKinsey shows that when a company has diversity, it tends to outperform its counterparts. Gender-diverse companies, for example, are 15% more likely to excel over the competition. When a company is ethnically-diverse, it is 35% more likely to outperform its competitors.
Employees are less likely to leave a position when they feel encouraged, appreciated, and happy. A recent Gallup poll showed that just 2 out of every 10 workers believed they were being encouraged to excel. It’s important to note that when companies had an employee recognition program in place, 86% reported their workers were happier.
When companies undergo restructuring, this often involves some lay-offs. In order to streamline this transition process, an outplacement service company can provide a variety of services. New hires, for example, would benefit from a variety of on-boarding consulting services. The executive search consultant services provided by an outplacement service company might also include executive coaching, leadership development, and talent retention.
Whether your company is in the process of restructuring, or is experiencing a series of failed hires, a talent acquisition management service can provide valuable services. Once this transition period has passed, you may also want to consider the benefits of a continued working relationship with an human resources consulting firm.
