As per data from the US Bureau of Labour Statistics, voluntary employee attrition peaked in the United States in November 2021, with more than 4.5 million people voluntarily quitting their jobs. The talent pool is shrinking, with 44% of people who voluntarily left the job indicating no interest in returning to the workforce soon.
The current attrition is different from the earlier ones when employees left the organisation for better opportunities. However, in the current attrition wave, termed 'Great Resignation', which doesn't seem to have any end in sight, employees are leaving for healthier work-life balance, more professional freedom, and a lack of a sense of purpose in their work. A greater percentage of employers are experiencing higher employee turnover than in previous years, which they expect to continue. The voluntary turnover in the United States alone costs companies more than the US $1 trillion.
It becomes critical for a talent hiring team to ensure good quality hires who are professionally competent and a great fit for the organisation. They also should ensure that new employees hired for the organisation do not leave after only a short period of time. Positive recruitment and onboarding experience are crucial to attracting the top talent and ensuring the longevity of the employees after they join. One of the important steps in the hiring process is employee screening and background check that contributes significantly to the candidate experience, which has become more important than ever, specifically in remote work environments, to attract, hire and retain talent. A good candidate experience during hiring creates a good impression, which helps in building stronger retention and creates goodwill for the organisation among future employees. According to a study, 75% of employees working at companies have accepted the offer because of a positive candidate experience during the hiring process.
In this report, we discuss:
- How can HR and Talent hiring teams hire the right talent?
- How does the technology solve the human resources pain points in employee background screening and reference checks?
- What are the top technology trends in hiring?
- How can you improve HR and Talent Hiring with the visionary HRTech innovations of Veremark?