Average turnover across all organisations is about 20% per annum - across all industries, around the world. Obviously some industries like retail and hospitality are much higher, with some at 40-50% turnover or more. And some geographical areas have lower turnover due to less opportunities.
However the stats say that 1 in 3 of new hires leave within 12 months. (According to some research, 22% of those left within 45 days.)
Some turnover is good turnover. But early turnover is bad turnover. When they leave before 12 months or even 6 months is up, you don’t get the value payoff after attracting, selecting, inducting and training them.
That means you’re wasting a huge amount time, money and effort on:
- Re-advertising those same roles
- Re-viewing more applications
- Phone-screening more possibles
- Interviewing the best ones
- Organising 7 new contracts
- Waiting for the new hires to start
- Re-onboarding and inducting another 7 people
- Training another 7 to get them up to speed.
Tedious.
Thinking about your own organisation, do you know your numbers?
If not, find out:
- How many new people were hired in the last 12 months?
- How many new hires left within 12 months of employment, in the last year?
- Was this a typical year? Why or why not?
Now that you have an idea of those numbers, consider how much poor onboarding and induction might be costing you.
Try this easy ROI Calculator to see if it’s what you thought.
