7th November 2022

Maximising new hire retention to offset skills shortages

Recruitment

Realising value from hiring by reducing new hire turnover

The talent gap continues to drag on the growth prospects of many businesses, including the expansion aspirations of many recruitment agencies. It’s one thing to fill the funnel with active and passive candidates, but quite another to work through them and arrive at the point where someone is actually hired.

After all your effort, and your clients’ expending considerable amounts of money, the last thing anyone wants is for new talent to resign early on. Your agency’s clients need to realise value from the candidate selection process by choosing the right people.

However, there are many factors that determine what ‘right’ actually looks like. Ability to do the job; interpersonal skills; team-player; and cultural fit are usually high up the list.

With fee structures for new recruitment often indexed to new hires successfully completing probationary periods, it is essential that those who have a higher probability of throwing in the towel early on are identified and managed appropriately, should they complete the selection process.

In short, there is a need to ensure that choosing the ‘right’ candidates considers the issue of retention. Here are some of the top indicators of new hires either not completing probationary periods or resigning early on after taking up a new position. 

Key factors influencing new hire turnover rates

In the temp and contractor market, for short-term contracts retention is unlikely to be too much of a problem as many workers might tolerate any such issues, knowing that the situation is only temporary. However, for longer placements and contracts this may not be true.

Get more value from recruitment processes with ETZ

ETZ’s leading timesheet and invoicing solution, streamlines the back office processing of your recruitment agency. Our complementary solutions, ETZ Comply for onboarding and document management, and Caspian for business intelligence give agencies further capability to streamline and uncover opportunities. To find out more call us on +61 (0) 405 458 821 or book a demo.



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