- Around a third (30%) of new starters plan to leave their job within first 12 months
- More than half (58%) don’t anticipate being at the company after 3 years
- Manager attitudes reflect this, with 53% expecting the majority of new recruits leaving after 3 years.
The Institute of Leadership & Management is warning of short-termism in the workplace with 19% of new recruits actively looking for a new role, and 11% planning to leave their job in the first 12 months.
These are new research findings based on a survey conducted by YouGov on behalf of the Institute of Leadership and Management looking at how managers can retain their new recruits.
The report from the Institute of Leadership & Management, ‘Beyond the honeymoon: Keeping new employees away from the exits’, reveals that, despite 73% of new starters feeling “delighted” with their new jobs, it does not guarantee a long-lasting career at their new organisation.
The situation is a large blow to business leaders, for whom losing and hiring a member of staff can cost in excess of £30,000, according to Oxford Economics*.
Kate Cooper, Head of Research, Policy and Standards, Institute of Leadership & Management said:
“Our research has shown that employers and their new starters are, on the whole, benefiting from what is being seen as a honeymoon period, where delight with the job is very high. The way to retain this new talent is to maintain that feeling of delight and ensure steps are in place so neither one of you lose that loving feeling.
“The research has identified factors to help tackle the issue of short-termism in the workplace. These include new starters needing to feel a sense of immediate productivity and skill utilisation, and having accessible line managers. As well as, having their expectations matched by actual experience once in post.
“This investment in new staff will yield a return when business leaders appreciate how early that intent to leave may develop. Essentially the advice is, once you’ve got them, don’t let them leave.”
The Institute of Leadership & Management’s research also reveals how significant the formal allocation of a buddy or mentor to new recruits can be. The study has shown that it does not seem to be accepted as standard practice; with over half of new recruiters revealing they were not allocated a buddy (54%) or a mentor (52%).
Younger recruits, however, were more like to be allocated a mentor with 50% of 19–24s years olds saying they had one.
www.i-l-m.com
*The research conducted by Oxford Economics in 2014 looked at the financial implications of staff turnover: http://resources.unum.co.uk/downloads/cost-brain-drain-report.pdf