Dive Brief:
- A Korn Ferry study found that 90% of executives said keeping new hires onboard is an issue in their organizations. The majority of executives polled for the study said that between 10% to 25% of new hires leave within six months.
- The study showed the chief reason new hires leave is that the job wasn’t what they had expected based on the interview process. Another 19% of the respondents said new hires, especially millennials, leave because they don’t like their organization’s culture.
- According to the results, short onboarding periods are a possible deterrent to new hire retention. Although 98% of those polled said onboarding programs are key retention factors, 69% have formal programs, but as many as 23% of them last one day while 39% run for a week.
Dive Insight:
Company culture is a key attraction for millennials, as Tim Powell of Korn Ferry's Futurestep points out. Employers must be upfront with job candidates about their values, mission, principles and expectations. Plus, since millennials are the largest segment of the workforce, being honest with this demographic is critical.
Informally surveying new hires might uncover potential problems before those newcomers are compelled to leave. Only 29% of survey respondents poll new hires, and among those who do, 52% look at the results and adjust their hiring practices.
Employers might need to re-examine their recruiting procedures, which may require changes to how they go about selecting candidates for hire.
An effective employer brand is never a bad thing to have on your side; candidates identify with workplaces that are friendly and authentic. HR departments can work with others in an organization to build a better image in multiple ways: Social media campaigns and even internships can serve as important points of contact for brand awareness.
