Reduce New Hire Turnover With Cognology

Reduce New Hire Turnover With Cognology

The issue of new hire turnover can be a daunting challenge for many organisations. High attrition rates within the first year not only incur financial costs but can also impact team morale and productivity. Fortunately, Cognology offers a comprehensive suite of HR solutions designed to tackle this very issue. In this article, we’ll explore how Cognology can help you reduce new hire turnover.

28 September 2023

The Cost of New Hire Turnover

The escalating cost of new hire turnover is a pressing issue for Australian businesses, now more than ever. A recent research study by PriceWaterhouseCoopers (PWC) reveals a startling surge in the average cost of hiring a new employee—from approximately $10,000 the previous year to an eye-watering $23,000 per candidate. With the study surveying 1,800 Australian workers, it’s alarming to note that nearly 38% are contemplating leaving their current roles within the next year.

But the financial toll doesn’t end with hiring. Australian companies are investing upwards of $40,000 per new hire in engagement and retention strategies alone. This underscores the considerable fiscal impact that talent acquisition and retention have on the bottom line.

Reduce New Hire Turnover Infographic

Adding another layer to this complex issue, the Australian Bureau of Statistics (ABS) reports that job mobility has hit a 10-year high, stabilising at 9.5% for two consecutive years. Among the working population, professionals demonstrate the highest rate of job mobility at 24%. Astonishingly, around 2.3 million Australians either left or lost their jobs within the year ending February 2023, even though the annual retrenchment rate dipped to a historic low of 1.4%, the lowest since 1972.

Key Factors Contributing to New Hire Turnover

Understanding the root causes of turnover is the first step in resolving it. The main factors often include:

  1. Lack of Proper Onboarding

    A poor onboarding experience can leave new hires feeling disoriented and disconnected.

  2. Misalignment with Organisational Culture

    New hires may find it hard to adapt to the company’s culture, resulting in a disconnect.

  3. Inadequate Role Clarification or Training

    Unclear job roles and insufficient training can make new hires feel overwhelmed and undervalued.

HR Onboarding System Mobile Screens

How Cognology Addresses These Factors

  1. Comprehensive Onboarding and Inductions

    Our onboarding module is designed to offer a seamless integration experience for new hires. From completing essential paperwork to induction processes, Cognology’s Onboarding Software ensures that new hires feel welcomed, prepared, and engaged from day one.

  2. Regular 360 Feedback and Performance Management

    Cognology’s Performance Management System provides regular check-ins and feedback mechanisms to ensure new hires are aligned with organisational goals and expectations. This keeps both the employee and the manager on the same page, thereby reducing misunderstandings that can lead to turnover.

  3. Competency Management

    Our competency management features allow for the identification and development of key skills and behaviours that are crucial for success in any given role. Through continuous learning and growth, new hires are more likely to feel engaged and committed to their jobs.

  4. Agile Capabilities for Real-Time Solutions

    One of the standout features of Cognology is its agile capabilities, including real-time feedback, custom forms, and regular check-ins. These features allow for quick adjustments and interventions, providing solutions to problems as they arise rather than waiting for annual reviews.

See How Cognology Can Help Reduce Your New Hire Turnover

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In the brief videos you will see:

  • An overview of each modules capabilities
  • Different ways customers use the system
  • Cognology’s agile capabilities
  • Workflow and automation features
  • The standout configurability of Cognology
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