Elmo’s just released 2024 HR Industry Benchmark Report1 highlights four key findings that may be relevant to you:
* 23% of staff are actively looking to go to a new employer,
* Replacing a staff member costs around $20,000 each,
* New staff take 35 days on average to become productive, and that’s
* If new staff stay – 1 in 7 leave within their probationary period.
In an almost stagflationary economy, the Elmo study noted a key 2024 business need is to lift staff productivity and so revenue.
But lifting productivity is hard when staff are disengaged from their employers, and this disengagement is largely driven by change fatigue, burnout, and feelings of poor wellbeing.
360-degree reviews may help to identify disengaged, lower performing staff, or those planning to leave. But self-preservation may keep such interview responses anodyne.
Genuinely anonymous surveys enable your staff to be open and honest about their engagement, feelings, and their stay or leave intentions.
People who complete our independent, external surveys are guaranteed anonymity of response. So they can answer openly and honestly.
We report your results in anonymous and aggregated totals, so you’ll understand your people’s views and needs broadly.
This means that when you know broadly your people’s feelings and intentions, you can update or put in place programs and practices to minimise people churn and to increase their engagement and productivity – and save on recruitment and onboarding costs. All further strengthening your business.
The first steps to increased staff engagement and retention – call Philip Derham now on 0414 543 765 or email him at derhamp@derhamresearch.com.au.
Source: 1 https://elmosoftware.com.au/resources/research-reports/2024-hr-industry-benchmark-report