Finding the right candidate, choosing an interview date that suits you both, creating a job offer and salary you both approve of and get the job responsibilities right for their skills and personality traits are just the start of the recruitment process.
After putting in all this work and finding that the new recruit stays for just one month is not ideal for anyone. It means that the business is not right for the candidate, or the candidate is not right for your business. While most employees will move on from your business at some point, you need to make sure that they stay longer than a few weeks.
Research shows that the average worker stays in a role for 28 months (just over 2 years) before moving on to a new opportunity. However it is important to note that some of these employees just moved on to a new opportunity within the same business.
The research by Adzuna found that it takes around 28 months for an employee to fully understand their role, get into routine of their role and feel ready to take on a new challenge.
However there are some job roles where retention rates are significantly higher. For example an Enterprise Architect will stay in their role around 7 and a half years before looking for a new challenge. A machine operator will stay in their role around 5 years and 8 months, while a shift manager will stay in their role for 4 years and 4 months before finding a new opportunity.
Team Leaders and Directors will stay in their roles for 3 years and 9 months on average, while a cashier or shop manager will stay in their role for 3 and a half years. Interestingly a casual cleaner and a chief executive officer will both stay in their roles for around 3 years and 3 months before moving onto a new challenge.
Of course you also need to look at what you offering to your employees. These retention rates can be improved in your business if you have employee incentives that make employees want to stay with you. Good salaries are often a reason that employees stay with a business.
Over a third of workers in the UK are looking for high salaries from their next job opportunity, while one in five workers state that benefits such as healthcare, childcare or increased holiday allowance would make them stay with their current employer.
Research went on to show that 31% of UK workers would change job for a better work-life balance. How can you offer a better level of work-life balance to your employees?
Meanwhile 10% of UK workers say they would stay in their current job if they were given a variety of new projects. They do say that variety is the spice of life!
There are some roles that have a really low retention rate and businesses with these job roles need to think carefully about their staff retention and how to improve the business for employees with these skills and job roles.
For example a marketing assistant will spend around 1 year and 1 month with a business before they feel ready to move on. Meanwhile a teaching assistant or a social worker will wait 1 year and 3 months before looking for their next challenge. A secretary, web developer, sous chef or accounting assistant will stay in a job role just 19 to 20 months before looking for their next challenge.
Take the time to review the benefits and incentives that you offer your employees. A good rate of pay is an attractive offer, but what happens when the employee has spend their wages and is stuck in a job they no longer enjoy?
If you require assistance reviewing your employee benefits and incentive package please contact the team at Aspire Cambridge today on 01223 855440.