NEW YORK CITY, NY—December 3, 2007-- Bernard Hodes Group, a leading provider of integrated talent solutions, today announced the results of its Hodes 2007 Workplace Study – Playing for Keeps/Recruiting for Retention. The survey was conducted among both full and part-time employees, and focuses on drivers for retention and how companies should focus recruiting efforts on retaining top talent.
“While we are still experiencing low unemployment rates and a shortage of top talent, it is imperative that companies focus on quality of hires and finding long term talent, as opposed to just filling open seats,” said Alan V. Schwartz, president and CEO of Bernard Hodes Group. “Fifty-three percent of those responding to our survey are passive job seekers, so engaging these employees to determine their needs can help shape a company’s retention efforts and keep valuable employees with the company.”
Turnover, regardless of industry, is costly and some reports show that the estimated cost of a single vacancy for some jobs has been calculated to cost anywhere from $7000-$12,000 per day. The estimated 2007 annual voluntary turnover rate based on statistics from the U.S. Bureau of Labor is about 24 percent.
According to the Hodes study, workers seek employers who have a cohesive workplace culture and offer benefit packages that include options such as work/life balance and flexible scheduling options. Results include:
• The top two reasons employees are looking or are open to new employment are: limited career path (51%) and compensation (benefits and pay) not in line with skill set (50%)
• Of those surveyed, 21 percent reported that at some point in their career they had returned to work for an employer, which they had previously resigned.
• Sixty percent responded that they would reapply for the same job at the current employer.
“Our study proves the old truism that 'people don't quit companies, they quit supervisors.' It's great news to know that 1 in 5 of those people find a way to return to the company. And the data demonstrates that the power of community is what draws them back," said Paul Austermuehle, senior vice president of Bernard Hodes Group and an expert in employer branding. “Strategy should build on the friendships and sense of belonging that make so many jobs so satisfying in the first place. This takes considerable pressure off of the staffing team.”
For more information about the Hodes 2007 Workplace Study, please visit: http://www.hodes.com/publications/retentionstudy.asp.
About Bernard Hodes Group
Bernard Hodes Group is a leading fully integrated talent solutions provider, Bernard Hodes Group (http://www.hodes.com) offers solutions that often combine multiple service offerings from the Company's core competency areas: Recruitment Marketing; Sourcing/Response Management; Hiring Process Re-engineering; and Staffing Technology (see http://www.hodesiQ.com). All solutions are developed and measured within the company's 360-degree process methodology. The company is headquartered in New York, with over 80 offices and affiliates around the globe. Bernard Hodes Group is a part of Omnicom Group, Inc., (NYSE - OMC) (www.omnicomgroup.com). Omnicom is a leading global advertising, marketing and corporate communications company. Omnicom's branded networks and numerous specialty firms provide advertising, strategic media planning and buying, interactive, direct and promotional marketing, public relations and other specialty communications services to over 5,000 clients in more than! 100 countries. Bernard Hodes Group serves thousands of clients in virtually every industry, helping them to attract and retain talented workers in every skill set.
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