How to Calculate and Reduce New Hire Turnover at Your Company
Hiring a new employee demands a significant investment of resources, including time and money. When you invest in this, the last thing you want is a new employee to quit after a few weeks or months and have to begin the hiring process all over again. So, how can you reduce new hire turnover in your business today? What is new hire turnover? New hire turnover is an important HR and recruiting metric that calculates the number of employees who leave a job within their first year or another period defined by the organization. New hire turnover can be voluntary —an employee decides to leave—or involuntary —an employee is asked to leave. The purpose of tracking new hire turnover is to determine how effective your hiring and onboarding processes are. It is very expensive to hire a candidate who doesn’t work out – either because the organization or the individual concluded it wasn’t a good fit. What’s more, a high new turnover rate can harm your employer brand, your recruitment budget, an