Small business leaders are increasingly concerned about loosing their newest recruits, with 53 per cent of UK managers expecting the majority of new recruits to leave within three years.
New research conducted by YouGov on behalf of The Institute of Leadership and Management has discovered that around a third of new starters in Britain plan to leave their job within the first year, while 58 per cent don’t anticipate being at the company for more than three years.
Despite 73 per cent of new recruits feeling “delighted” about a new role, the research revealed that nearly a fifth of all new recruits are actively looking for a different job, while 11 per cent make plans to leave a job within the first 12 months of employment.
The news will come as a blow to small business owners, since losing a member of staff, and having to hire a new one, can cost businesses more than £30,000, according to a separate study by Oxford Economics.
Commenting on the research’s findings, head of policy and standards and the Institute of Leadership and Management, Kate Cooper, said: “New starters need to feel a sense of immediate productivity and skill utilisation, and have accessible line managers.
“They need to have their expectations matched by actual experience once in post. Investing in new staff should yield a return when business owners appreciate how early the intent to leave may develop.”
Employers that formally acknowledge the good work of a worker can expect to retain them for far longer. In January, research conducted by performance improvement agency P&MM uncovered that staff retention in firms that introduced formal employee recognition programmes grew by 3.7 years on average.
Allocating a mentor to new recruits can also be a vital part of whether or not staff choose to stay. YouGov found that over half of all new recruits were not allocated a mentor when starting their role, with the suggestion being that this was key to levels of short-termism.
Read on to find out why offering the right incentives could be the key to staff retention.
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