If you have just taken on a new member of staff, don't be surprised if you're hiring their replacement in the next 12 months. New research from the Institute of Leadership & Management (ILM) found that a third of new starters plan to leave their job less than a year after starting.
Although 70% expect to stay at a company for more than one year, 58% don't anticipate being there when it comes to three years. And 53% of managers also expect their new recruits to depart within three years.
The ILM's report revealed that despite 73% of new starters describing themselves as "delighted" with their new job, it does not guarantee a long-lasting career.
The 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 ILM, 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 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.”