Photo by Marten Bjork on Unsplash
McLean & Company has released two new reports, the New Hire Survey Benchmark Report 2024 and the Exit Survey Benchmark Report 2024, to help HR leaders understand talent acquisition and retention trends.
With talent acquisition and retention as top priorities, these reports provide insights to assist organizations in managing the employee lifecycle, which is essential for long-term success.
Will Howard, director of HR Research and Advisory Services at McLean & Company, emphasized the growing importance of data in planning and decision-making.
“While HR continues to prepare organizations for an unpredictable future, data will play an increasingly necessary role in effective planning and decision-making,” Howard said.
He explained that HR must guide organizational leaders with data-driven strategies for long-term success. He noted that talent acquisition and retention remain challenging for many industries.
By understanding the factors influencing new hires and employee exits, organizations can address gaps and make improvements within their systems.
Both reports highlight how various environmental factors, including the COVID-19 pandemic, the Great Resignation, return-to-office policies, labour demand, unstable market conditions, and the cost-of-living crisis, influenced hiring and turnover from 2021 to 2023.
Career opportunities emerged as a key driver for both hiring and turnover. Career advancement remained the top reason for employees leaving organizations, while career opportunities were the most common reason candidates accepted new roles.
In the New Hire Survey Benchmark Report 2024, McLean & Company evaluates four key categories of the new hire experience:
The Exit Survey Benchmark Report 2024 breaks down six key factors influencing employees' decisions to leave their organizations:
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