4 Tips to Help you Hold on to your New Hires
As the over-used but underrated statistic tells us, 46% of new hires fail within their first 18 months in a new job, at a new company. That’s almost half of the candidates who have made it through the often lengthy selection and recruitment on boarding process; have been fully trained and are beginning to add real value to the business; are leaving their organisation in the lurch.
Here we have compiled what our experience leads us to believe are the top tips for ensuring you retain your new hires for the long term.
1. Assist them in building their network
We’re not saying that your new hire must become best friends with everyone at the company, but according to research, 70% of employees say that having friends at work is the most crucial element to a happy working life.
When your new hire starts working with you, we recommend getting them to sit with various members of the team and giving them the opportunity to shadow their line manager for a day. This will not only allow them to break the ice with their colleagues, helping them to make the first step towards building those all-important relationships, but it also gives them an insight into the bigger picture; where they can progress to, and how important the work they do is in the larger scheme of things.
2. Keep the training momentum going
The same research referenced in point number one also shares that employees with the longest on boarding programs reach their potential 34% faster than those with the shortest. Whilst bringing the time it takes for them to reach their optimum level of proficiency down by 4 months, this will also have a positive result on their eagerness to stay and grow with a company that really values their training and development with a long term training plan.
3. Plan for progression
There is no doubt in our minds that planning a clear route for progression for your new hire can have enormous benefits. It shows them that you plan for them to stay a long time, you hired them for a reason and believe in them, and demonstrates how staying with your company will be more beneficial as opposed to moving to another organisation.
Work with them to create a plan that works for the both of you, and make sure that this is brought up on a regular occasion, perhaps at your appraisal meetings, so that they know their route to becoming a manager or director was not just created on a whim. Which leads us to our next point…
4. Keep your promises
Whether you promised free parking, flexible working hours or a window seat in the office during your new hire’s interview, make sure you stick to your guns. There is nothing more demotivating for a new hire than the disappointment of not getting what was agreed right from the outset, and it doesn’t set the best scene for what’s to come.
Research conducted by London Business School has unveiled that 37% of high-potential employees born in the 1980s and 1990s reported that they planned to stay no more than two years at their current company. Times have changed and staying within one company for your whole career no longer provides the best career progression or promises the highest salaries in return for loyalty. Which is why the factors we have mentioned have more bearing than ever in the effort for new hire retention.
If you would like any further information about this article, we would be pleased to help you! Likewise, to understand more about how we could work with you to support your organisation’s recruitment strategy or find out about our current vacancies please get in touch with your local Sheridan Maine office or submit your CV here. We look forward to hearing from you soon!
Sheridan Maine’s unmatched knowledge of Finance and Accountancy Recruitment is why we are the go-to specialists for permanent, contact and interim positions for a broad range of clients across Basingstoke, Southampton, Reading, Portsmouth, Bournemouth, Bristol, London and Birmingham.