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Businesses within this country experience a substantial financial loss because of employee retention issues. This amounts to $11 billion on an annual basis. In addition to the financial costs that are accrued, employee retention issues also the capacity to affect a business’ overall performance.

A Brief Overview of Retention Issues

Recent survey data indicates that 22% of new hires leave their position within less than two months. More specifically, this often occurs within 45 days after being hired. Given this, it’s not surprising to learn that 57% of organizations do view this as a problem. After employee retention, 46% of human resources professionals reported that employee engagement was also a concern. This was the case with 36% of the professionals that participated in the survey.

Successful Business Practices to Address Retention

There are a variety of business practices that have proven to be effective with addressing employee retention. When companies have structured on-boarding programs and employee recognition programs, they are more likely to retain employees. Studies also show that after three years, new hires that participated in structured on-boarding programs were likely to still be with the company.

When companies have employee recognition programs, this has been linked to increased happiness among workers. This applied to 86% of the companies with these programs. In addition to being happier with their jobs and the company at large, this can also make a difference in productivity.

According to research conducted by McKinsey, a diverse workforce also makes a significant impact on job and company performance. Furthermore, when a company is diverse, its employees are more likely to outperform their peers. While gender-diverse companies are 15% more likely to outperform their counterparts, ethnically-diverse companies are 35% more likely to do so. When companies are both gender and ethnically-diverse, this is may also contribute to outstanding performance.

Contact Your Local Temp Agency

Staffing companies provide a variety of beneficial services. During an average week, for example, over three million employees work for these types of companies. In addition to having employees available for temporary positions, they also have those interested in contract positions.

If your business is located in Texas, there are temp agencies available in your area. Dallas temp agencies, for example, are there to assist you with staffing solutions, which includes filling temporary to permanent jobs. In addition to Dallas temp agencies, you may want to schedule an appointment with a staffing service in another area. Whether your company is interested in Dallas temp agencies or ones in another location, a consultant will be able to assist you with staffing your business.

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