Employee turnover is expensive. Refugees tend to stay in the same job longer than others in the US workforce. Volag USCRI cites 96% retention rates (from 2012 national Matching Grant data) in a great package of materials they have provided to all of the resettlement agencies in their network. After long journeys to safety or long stays in refugee camps or third countries where they weren’t allowed to work, refugees often crave job stability. All of the employment services we provide contribute to those retention rates.
Many studies estimate the cost of losing an employee from 20% to as much as double their annual salary. As the economy continues to improve and unemployment rates drop, companies are paying even more attention to employee retention strategies. You can read more in depth coverage about that – and about the cost of employee turnover in a recent LinkedIn post we added to Higher’s customized news magazine on Flip Book.
Tara Mulder, LIRS Director of Marketing and Communication, says that statistics are always a strong selling point in any marketing communication. Here are three practical tips for using high retention rate statistics in your own job development and communication strategies:
- Compile data you already track in monthly reports to generate your own statistic. You might be able to use 90 day job retention and the total number of employment clients served compiled over a calendar year.
- Use that percentage in your sales pitch when you’re reaching out to new employers. (if you also track the employer name, you could look at specific industries, which might give you a better statistic to use when targeting employers in that field.)
- Turn the data into a pie chart to add visual interest when bragging about your success rate on your website or in social media. Also use it in an Employment Brochure.