How well do you understand what’s going through your employees’ minds at any given point in their tenure at your company? Unfortunately for many employers, by the time they realize their employees are unhappy, they’ve already left the company. Here are five surprising facts about the employee lifecycle you may not know.
1. The average job search can cost a company up to 200% of an employee’s salary.
2. One out of three employers need more than a year to get new hires to peak performance.
3. Management is the number one issue that makes employees leave.
4. A little less than two-thirds of disputed unemployment claims are lost by employers because they didn’t document well enough.
5. By 2025, millennials will make up around 75% of the world’s workers.
So what does this mean for your business? Check out our Employee Lifecycle Roadmap to learn more.
An understanding of what employees go through at certain points of their tenure can help you identify key areas in your company’s hiring, onboarding, training, retirement, and offboarding processes that may be turning off good employees.
The infographic below shows important facts about the major phases of your employees’ tenure, from hiring to retirement. Please enjoy and share!