Labour Retention…These Stats May Shock You!

THESE HIRING/FIRING NUMBERS MIGHT SHOCK YOU!!!

In almost every video blog I’ve done (Thursdays on LinkedIn.ca), I am mentioning the importance of labour retention.  Why?  Because it is becoming one of the biggest costs a company is going to incur over the next decade.  Gone are the days when people spent years working for one employer.  There is a big shift in Leadership taking place with focus going from Performance and Results only, to a conscious focus on people, job satisfaction and culture.  Take a look at these stats…. they may shock you!!

  • THE AVERAGE EMPLOYEE STAYS AT A JOB 2.6 YEARS.
  • 46% OF NEW HIRES FAIL WITHIN THE FIRST 18 MONTHS – ONLY 19% REACH UNEQUIVOCAL SUCCESS
  • 40% OF MILLENNIALS WOULD RATHER MAKE $40K FOR A JOB THEY LOVE THAN $100K FOR A JOB THEY THINK IS BORING
  • 46% OF MILLENNIALS LEFT THEIR LAST JOB DUE TO LACK OF CAREER GROWTH
  • 69% OF JOB SEEKERS WILL PASS ON A JOB IF THE COMPANY HAS A BAD REPUTATION…EVEN IF THEY ARE UNEMPLOYED (THE AVERAGE JOB SEEKER

READS 6 REVIEWS POSTED ABOUT A COMPANY BEFORE FORMING THEIR OPINION ON A COMPANY)

  • $4129 IS THE AVERAGE COST TO HIRE ONE EMPLOYEE
  • 36% OF MILLENNIALS HAVE A TITLE OF MANAGER OR ABOVE… WHILE ONLY 7% OF COMPANIES HAVE LEADERSHIP PROGRAMS TO NURTURE THEM
  • 76% OF FULL-TIME WORKERS ARE LOOKING FOR EMPLOYMENT ELSEWHERE
  • 15% ENGAGEMENT WORLDWIDE
  • 48% OF EMPLOYERS ARE UNABLE TO FILL THEIR JOB VACANCIES
  • 90% OF JOB SEEKERS SAY THAT IT IS IMPORTANT THAT THE COMPANY EMBRACE TRANSPARENCY
  • 90% OF EMPLOYERS ANTICIPATE MORE COMPETITION FOR TALENT
  • 3% OF EMPLOYEES DO SOME OR ALL OF THEIR WORK FROM HOME
  • 80% OF MILLENNIALS LOOK FOR PEOPLE AND CULTURE FIT WITH EMPLOYERS
  • 33% OF EMPLOYEES ARE ENGAGED AT WORK
  • 62% OF EMPLOYERS ARE FOCUSED ON SOFT SKILLS
  • $30.5 BILLION COST TO USA ECONOMY AS A RESULT OF MILLENIAL TURNOVER DUE TO LACK OF ENGAGEMENT
  • 87% OF ORGANIZATIONS CITE CULTURE AND ENGAGEMENT AS ONE OF THEIR TOP CHALLENGES – 50% OF THEM CALL THE PROBLEM ‘VERY IMPORTANT’

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Overall areas that are trending in Leadership; improving culture, retaining employees, providing personal development and growth opportunities, improving engagement, focus on soft skills.  Successful Leaders are in tune with these trends and are working hard to stay ahead of the curve.  Brace yourselves everyone, we are only on the cusp of what will prove to be BIG CHANGE for everyone as a result of these latest statistics.  Shocking indeed!

(Results: LEADERSHIP IQ/INC Magazine/FORBES Magazine/College Field 2014/Global Human Capital Trends/Deloitte/Glassdoor Data Labs )

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