This infographic from Bamboo offers a visual explanation for retaining new hires.
Recent research from the human resources software company demonstrates 31% of new hires quit their job in the first six months while more than 16% quit in their first week. This infographic not only shows the importance of good retention strategy but also highlights human behaviour. The good news is 58% of new employees are likely to stay on with an organization for more than three years if they have a well-structured onboarding program, according to the Wynhurst Group.
Bamboo's number one tip for retaining new hires is on-the-job training and a review of company policies. Onboarding should also last more than one week, ideally 30 days.
New Employee Retention Stats
A Bamboo Infographic Explains the Secrets to Retaining New Hires
Trend Themes
1. Improved Onboarding Process - Leverage the importance of a good onboarding process to retain employees, aiming for more than a week-long orientation period.
2. Continuous Learning and Development - Invest in on-the-job training for new hires, enabling continuous learning and development in their role and the organization.
3. People Analytics for Employee Retention - Use people analytics to identify reasons for employee turnover and improve retention strategies accordingly.
Industry Implications
1. Human Resources - Human resource companies can improve their technology to offer better onboarding program solutions for clients, now requiring more than a week-long orientation period.
2. Learning and Development - Learning and development companies can provide tailored programs for on-the-job training that meet the needs of both the employee and the organization.
3. Data and Analytics - Data and analytics companies can offer software and consulting services to help organizations measure employee turnover and identify areas for improved retention strategies.