• • In 2022, around 50 Million people left their job; which is another increase from the year prior. (cnbc-source 2)
  • In most cases, this is NOT people leaving the workforce. Many are taking roles that better suit their needs with either remote work or higher pay. (2)
  • “Wage growth also shows some signs of moderating. For example, job switchers saw an average 7.7% pay increase in December — down from a peak 8.5% in July 2022 though still well above any pre-pandemic point in the last 25 years, according to Federal Reserve Bank of Atlanta data.” (2)
  • “According to an Indeed survey of 1,000 job seekers, 44% say they have left a job within the first six months.” (indeed- source 3)

• • The Average Company Faces about 18% turnover. (Oracle-Netsuite- Source 4)
  • Replacement is costly; it can be anywhere from half to twice the cost of the position’s salary. For example, that means if the salary is $90,000; that could be $45,000 all the way to $180,000. (4)
  • “Even modest turnover rates cost the organization a lot of money when you consider the entire company. At a 100-person company that provides an average salary of $50,000, turnover and replacement costs could be as high as $2.6 million a year.” (4)
  • Turnover of high performers is costly, but turnover that is a result of hiring the wrong person in the first place is expensive as well. Nearly three-quarters of companies admit to hiring the wrong person for a role, and each bad hire costs companies an average of $14,900. A bad hire can hurt productivity, damage the quality of work and lead to a rushed recruiting process.(4)

Leverage metrics and surveys to understand your staff.

• • Something that we have learned at Integrated Staffing is that many groups overlook the benefits of looking at BOTH positive and negative indicators.
  • One of the most challenging aspects of running a business is finding and keeping talent you can count on. Who are those people and why do they stay?

Monitor Burnout.

• • According Forbes, there are 5 ways to prevent burnout…
    • Align strengths with responsibilities.
    • Remove abusive managers.
    • Have coaching focused management.
    • Make well-being a consideration when considering career goals and promotion.
    • Make well-being fundamental to your culture.

Focus on placement alignment and the full cost to fill the role

• • Hiring matters; it is emotionally, financially and culturally expensive to hire the wrong candidate. Understand that a delay to fill may be cheaper than a rapid placement over the first year. Taking your time to find the right match through due diligence is worth it. Asking the right questions and understanding your market viability are essential; be willing to wait or change your approach if you are not getting the right quality.
  • Understand why your candidates are considering the role and know that pay and work conditions are a key component to longevity. If the competition is looking at benefits differently, your team could be losing quality team members. For most, a job is the vehicle for life, not the other way around. What will make them stay or leave? Is work culture and job environment important? Why?

Get creative!

• • See if certificates and other backgrounds can replace the need for the traditional route of schooling. You could be opening an untapped labor market and pick from a better group of candidates.
  • Consider partners, like us, to supplement areas where your hiring team has exhausted resources. Some studies show that you get around 40% more candidates while using a staffing company.
  • Use motivators that align with your staff.
    • example: Would an extra day off motivate your team more than a bonus? Would a nicer latte maker be better than a lunch?
    • Honestly, ask them and review. You would be surprised how small components can make a work of a difference.