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From recent research carried out by Oleeo, businesses that employ up to 250 people are losing 14% of their staff each year, with 39% of their new employees leaving within 6 months.
This amounts to small to medium enterprises wasting up to £125,347 a year on failed recruitment.
It has been found that more HR professionals are focusing on the recruitment costs that they can “see” such as agency fees; far less attention is paid to “hidden factors” such as staff churn, time taken for new recruits to start performing and an organisation’s effectiveness at attracting talent that both stays and performs.
The research found that HR heads have concerns finding the right talent, with two-fifths saying they had a major problem with people leaving. Forty-seven percent of HR heads expected to lose over a tenth of their workforce in any given year; 14% of HR heads expect new hires to leave within the first 30 days, and 39% estimate it will be within the first six months. It was also found that 31% of HR heads expected a long-term employee to stay in their role for just 18 months or less, which means that excessive amounts of time and money are being spent on recruitment.
The research also found that the hiring process is becoming increasingly complex with 91 touchpoints in the average recruitment process. 72% feel that competition for top talent is greater than it was three years ago, whilst 94% have a problem with people pulling out of the process after accepting an offer. In addition, when a new employee starts their role, it was found that 71% of HR professionals said that it took a new starter three months or more to start performing at the same level as the person they replace, whilst 14% said it took between nine and twelve months.
The data also showed that the average cost to hire – based on a £25,000 per annum role – taking into consideration the HR team’s time, recruitment costs, training, and onboarding costs and loss of productivity was £9,183.
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