You’ve made the offer and Superman has accepted… now it’s back to doing what you’re supposed to be doing; recruiting is over… life will soon be very good again. Or will it?
The statistics on new employees ‘sticking’ are woeful… 42% of new employees LEAVE before their first year! That means you’re right back ‘recruiting’ again… paying additional fees, conducting multiple interviews, entertaining candidates and their spouses and training and… not doing YOUR job, all over again. It’s not what the grand plan was all about… and the hard truth is that your new employee probably started to leave within the first week on the job.
New employees who leave invariably leave because of a difference in their perception of the job and reality. Losing a new employee is simply expensive. According to Bliss-Gately1 the cost to replace an employee is 100-200% of their salary. This range is dependent upon their tenure and the complexity of the position. The further you head up the organizational chart the relative costs to replace a tenured position increase, but the cost to keep that newly hired executive is amazingly cheap.
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Onboarding & Employee Retention (PDF)
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