For the past seven years, much of the country has been worried about keeping their jobs and breaking even. But now that the economy has begun to turn around, the fear that employees will leave their current companies for better positions is ever-present. HR professionals are fighting to keep their current teams around, but according to a recent OI Partners survey, these efforts may not be enough.
The global consulting and leadership development firm recently released the findings of their annual employment survey. Measuring responses from 153 organizations based in North America, the figures differed significantly from previous years.
51 percent of companies report higher turnover in 2013 than in 2012
Because the economy has begun to show signs of growth, companies are more comfortable working new hires into their budgets. This has lead to an increase in the number of employed job seekers applying for such jobs. And since many hiring managers are attracted to candidates who don’t have significant gaps in their resumes, employed job seekers make their way to the top of the resume pile. This often leads to an offer letter being handed to an already employed candidate, thus driving them to put in their two-weeks notice.
78 percent of organizations are concerned about turnover losses
Because such situations (as listed above) are becoming ever more common, HR professionals are faced with the ever-present concern of increased turnover. To combat the costly task of rehiring and training, more companies have begun to implement employee retention strategies. Through culture-building efforts and the offering of more benefits (i.e. casual dress, unlimited vacation, etc.), some HR professionals have found a remedy to their turnover problem.
Additional Findings from the Survey
70 percent of respondents listed employee retention as the biggest HR challenge of 2013
65 percent listed recruiting as the second greatest HR challenge
43 percent are worried about senior-level executives leaving
For even more information on OI Partners’ survey, please visit their website.
Before you make any hiring decisions, be sure you read “Six Hiring Myths BUSTED!”