Finding good talent can be hard. It can be equally hard to keep that good talent. Now let's add on to the fact that some of your employees might not be doing what most would consider a "fun" job. Especially the seasonal workers. I know that I do not like heating my car, walking in the cold winds, and anything else that comes with the cold. So if someone asked me to get on a ladder, build a house, or anything in the cold I would not be excited.
However, it is costly to hire and train new employees. It is crucial to your bottom line to retain your employees. Here are five stats about employee retention you never knew.
1. 42% of employees say education and training is the deciding factor in where to work.
This stat BLEW MY MIND! Your employees want to be educated, challenged, and safe. You need to provide everything from ongoing education to safety training for your employees. The more your employees are learning, the more invested they will be in staying with your company.
2. 67% of employees say they would leave a job with no room to grow in their career.
This goes hand and hand with stat number one. Show your employees how they can grow. You need to make it obvious too. Share an outline with them when they are hired of what the ladder looks like. We don't mean a safety ladder; we mean their career ladder. This puts their growth in their hands instead of yours.
3. More than 50% of companies have a hard time retaining their employees.
This is where incentive programs come into place. Often we hear that people don't have the time or the money for an incentive program. If you add up how much you are spending on turnover, you will quickly find that you can save yourself money on an incentive program. Your incentives do not always have to be physical things or money. Often employees like public recognition, an extended lunch, or a remote day. Don't complicate your incentive program as an excuse not to get started.
4. Only half of the millennials at your company think they will still be at the same job in a year.
This stat caused me to pause. I would never imagine that half of the millennials are planning on not being at their current companies. When you are planning your incentive programs, make sure that you consider what your millennials want. Minimizing their turnover can positively affect your bottom line.
5. 80% of retention is caused by bad hiring.
The hiring process is crucial. Make sure you do not speed through it. When you are asking questions make sure to ask about previous experiences as well as some questions that will allow you to understand their personality. Having team members who do not mesh well can harm your safety culture.
So there you have it, five stats that shocked — even us — about employee retention. Keep your employees well trained, educated, and appreciated.
Leave a Comment