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3X Employee Retention Through Positive Candidate Experiences.

In the face of escalating HR challenges, new data from ELMO's 2024 HR Industry Benchmark Report reveals a concerning trend: one in eight employees are quitting during their probation period. This high turnover rate during such a critical phase for employee integration highlights major onboarding issues that are becoming increasingly costly for employers.

The time it takes for new hires to reach full productivity has also increased significantly—from just 24 days in 2023 to 35 days now. This slowdown can have ripple effects across many areas of a business, affecting everything from team dynamics to project timelines.

However, there is a silver lining. The report underscores the pivotal role of positive candidate experiences in improving employee retention. Companies that invest in creating a seamless and respectful recruitment process are seeing substantial benefits. In a seperate report, it was found that these companies are reportedly three times more likely to retain their employees, which not only stabilises their workforce but also enhances overall team performance.

To tackle these challenges head-on, many employers are turning to innovative solutions like Benchmarcx— designed to measure and enhance both the candidate experience & onboarding experience. Benchmarcx allows companies to compare their results and processes against other employers hiring the same talent, offering insights segmented by role, industry, gender, and more. This level of analysis is crucial for identifying strengths and weaknesses in their approaches and implementing targeted improvements.

Understanding the correlation between candidate experience and onboarding outcomes is vital. Benchmarcx provides tools to benchmark these experiences at crucial intervals: the first week, the first month, and the third month. This granular insight enables companies to make real-time adjustments that can significantly impact employee satisfaction and retention.

In an environment where hiring and retaining top talent is more challenging and competitive than ever, tools like Benchmarcx offer a strategic advantage. By prioritising candidate experience and refining onboarding processes, companies can not only reduce turnover during probation but also enhance their overall productivity and team cohesion.

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