A new Korn Ferry survey shows that if new hires aren’t happy, they’ll leave.
In the May 2018 survey of 361 professionals from varying industries, 93% agreed that the retention of new hires in their organization is an issue. 26% said they’d leave a job if it wasn’t a good fit, even if they didn’t have another position lined up. The top reasons new hires leave, according to the survey, is their specific role isn’t what they expected and working for the company was different than they thought it would be. Respondents said a desire for more money was not a primary reason a new hire would leave.
“It is important that organizations have a clear employer brand to share with candidates that is true to the company and reflects the day-to-day culture,” said Neil Griffiths, Korn Ferry Futurestep vice president, Global Brand, Marketing and Communications. “Competitive benefits and salaries are table stakes to attract top talent, but creating an environment where employees are given interesting work and recognized for their efforts will give them a reason to stay.”
More than half of the respondents (55%) said that offering more money to a new hire who wanted to leave would not make them stay. More than three quarters, (82%) said that if they accepted a job that they ended up not liking, even though it paid well, they would leave as soon as they found a new job.
“Unhappy employees will not go above and beyond the basic requirements of their job, even if they are well paid,” said Griffiths. “Our study found that the majority of respondents (70%) said challenging and rewarding work is what keeps them on the job. Clear advancement opportunities also create a positive environment that benefits both employees and employers.”
As stated earlier, the top two reasons new employees leave are:
· The role wasn’t what they expected.
· Working for the company was not as expected.
This shows how important it is to present an accurate view of both the company and the position during the interview process. Painting a picture that is much prettier than reality, can result in added recruiting costs and retention issues in the end.
Four ways to ensure you present a truthful picture include:
1. Be specific. A recent Glassdoor survey showed that 76% of job seekers said they want to hear details on what makes a company “an attractive place to work.”
2. Let the candidate speak to current employees. Current employees can be an organization’s best resource for recruiting. By sharing their experiences, current employees can give a genuine voice to an employer brand.
3. Be realistic. If you find a great candidate, but after talking with them know that while they have the skills you need, the position is not an exact match for what they are seeking, realize and accept that they might not be the ideal candidate. Don’t try to sell them into a role that you know doesn’t match their goals.
4. Promote the best of what you have. While you might not offer unlimited vacation or a parental leave like Netflix, talk about what you do have. Every company has perks and benefits. Figure out what yours are and promote them! Just make sure they really exist. If you say you have flexible scheduling and work/life balance, make sure all managers are adhering to that cultural perspective.
While offering a competitive compensation plan is imperative to attracting and retaining employees, it will only go so far if the employee isn’t happy or the job isn’t what they expected. Employers should view the employee experience as a lifecycle, which starts during the interview and onboarding process.
Additional ASE Resources
McLean & Company – ASE partner, McLean & Company, offers vast research and tools for developing the employee experience. ASE members can access this information by logging into their ASE Dashboard and clicking on McLean & Company under My Resources.
ASE Pre-Employment Assessments - ASE’s pre-employment assessment tools give your organization additional insights into job candidates, so you can make better-informed selection decisions. Better selection decisions will reduce improper hiring and cut costs by sharply cutting turnover. Visit our pre-employment assessments web page to learn more.
Source: CCH HRAnswersNow, FastCompany.com