A 2008 study by Deloitte Research found that one in three new hires leave a company within the first year of employment. The first-year turnover rate grew to 31.7% in 2007. Although the economic downturn has affected retention, as the economy improves, this statistic will return.
According to Business Performance Management (BPM) and Success Factors, which conducted a survey of over 700 human resource professionals (in cooperation with the Human Capital Institute), 98% of respondents said competition for talent is increasing in their industry, and 65% said it's increasing to a "high" or "very high" degree.
According to "Retaining Talent: A Benchmark Study" by Paul R. Bernthal, Ph.D. and Paul S. Wellins, Ph.D., "The cost of replacing an employee ranges from 29-46% of the person's annual salary. Turnover costs the average organization more than $27 million dollars per year."
So you may be asking yourself, "what can we do to retain top talent in our corporation?" The answer: Implement a corporate mentoring program. Mentoring translates into talent retention (instead of turnover), happier employees and management, and a healthier bottom line (among other things!).
Contact us if you would like more information on a corporate mentoring program.