There is an increase in the number of new starters who are planning to leave their job within a year.
Approximately a third (30%) of new starters plan to leave their job within the first twelve months. According to research by the Institute of Leadership & Management, more than half (58%) also don’t anticipate being at the company more than three years.
The institute is warning organisations of short-termism in the workplace with 19% of new recruits actively seeking a new role. In addition to this, the report reveals that manager attitudes reflect these figures, with 53% expecting the majority of new recruits leaving after three years.
These findings are based on a survey conducted by YouGov on behalf of the Institute of Leadership and Management. Moreover, it also found that despite 73% of new starters feeling “delighted” with their new jobs, it does not guarantee a long-lasting career at their new organisation.
This 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 at the institute 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.”