A report recently published by the Institute of Leadership and Management (ILM) confirms what we already knew, retaining staff is harder than it ever has been. The report brought to life the new trend ‘short-termism’ in the workplace that managers are apparently aware of. With almost a third of new starters planning to leave their job in the first 12 months and more than half anticipating they won’t be at the company after three years, what does that mean for business?
The ILM stated the findings are a massive blow to businesses, as losing and hiring a member of staff can cost in excess of £30,000. The report discovered that, despite 73% of new starters feeling ‘delighted’ with their new jobs, it does not guarantee a long-lasting career at their new company. With more than half of managers who responded saying they expect a large number of new recruits to leave after 3 years, why did they hire them in the first place?
Kate Cooper, head of research, policy and standards at the ILM, said: “Our research has shown that employers and their new starters are, on the whole, benefiting from what is being seen as a honeymoon period, where delight with the job is very high. The way to retain this new talent is to maintain that feeling of delight and ensure steps are in place so neither one of you lose that loving feeling.
“The research has identified factors to help tackle the issue of short-termism in the workplace. These include new starters needing to feel a sense of immediate productivity and skill utilisation, and having accessible line managers. As well as, having their expectations matched by actual experience once in post.
“This investment in new staff will yield a return when business leaders appreciate how early that intent to leave may develop. Essentially the advice is, once you’ve got them, don’t let them leave.”
How do businesses stop this from happening? The ILM emphasised the importance of allocating a buddy or mentor to new recruits when they first join. According to the research, such schemes are not currently standard practice, with over half of new recruiters saying they were not allocated a buddy (54%) or a mentor (52%). The new employee needs support and guidance when entering into a new work place and also gives those who have worked there a while, a sense of authority for being given the responsibility. It’s not just the younger recruits, but the oldies too appreciate a work buddy.
RedBox Recruitment recently discussed if employers were paying their staff enough to keep hold of them. It also raises the question is it cold hard cash or work perks that employees want / need to stick at a job. Let us know your thoughts and opinions on the subject!