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When new employees come to your company, they usually go through an initial honeymoon period where they are very positive and engaged. But all too often, once the honeymoon is over, the new joiners can become disillusioned and either move on voluntarily or are lured away by competitiors.
According to research from Jobsite.co.uk, British Small and Medium Enterprises (SMEs) waste over £69 million per year on poor recruitment decisions, as 22% of new recruits - or 55,000 new employees - leave their job within the first six months. For any business, saving time and money is important, but it is doubly so for small businesses where the best resources are potentially even more limited in supply. Hiring the wrong people is costly and can be seriously detrimental to the productivity – and even the future – of small and medium companies, particularly in the current economic climate.
If you have a robust and proactive engagement strategy, you can keep down your advertising, recruitment and agency costs and ensure that once you have the right people on board, they are committed and are much more likely to want to stay with you.
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