New benchmark reports from global HR research and advisory firm McLean & Company examine elements that impact the new hire and exit components of the employee lifecycle. Focused on the common themes identified in the firm’s data, the reports provide HR leaders and their organizations with valuable insights into trends impacting talent acquisition and retention.
TORONTO, Oct. 9, 2024 /PRNewswire/ – As HR continues to play a pivotal role in preparing organizations for the future of work, talent acquisition and retention remain top priorities for future-focused organizations. While HR understands that managing the employee lifecycle is critical to achieving long-term talent management success, it can be difficult to identify and measure the specific factors that contribute to talent attraction and turnover. To support HR leaders seeking to better understand talent acquisition and retention trends, McLean & Company has published two new benchmark reports: New Hire Survey Benchmark Report 2024 and Exit Survey Benchmark Report 2024.
“While HR continues to prepare organizations for an unpredictable future, data will play an increasingly necessary role in effective planning and decision-making,” says Will Howard, director of HR Research & Advisory Services at McLean & Company. “As a strategic partner to the organization, HR has a responsibility to guide organizational leaders using data-backed strategies and tactics that will ultimately yield long-term organizational success. We know that talent acquisition and retention continue to present challenges to organizations across a wide variety of industries, so by better understanding the various factors and experiences that impact the new hire and exit experiences, HR and organizational leaders will be better poised to effectively address gaps and areas for improvement within their own ecosystems.”
The new hire report is based on McLean & Company’s proprietary New Hire Survey database scores, while the exit report uses the firm’s Exit Survey database scores; both use data from January 1, 2021, to December 31, 2023. The majority of employees and organizations surveyed are based in North America.
As evidenced in both reports, many environmental factors influenced hiring and turnover from 2021 to 2023, including the COVID-19 pandemic, the Great Resignation, return-to-office policies, an increased demand for labor, unstable market conditions in certain industries, and the cost-of-living crisis alongside fears of a recession. The firm’s reports also point to career opportunities as a key driver for both hiring and turnover, with career opportunities cited as the most common reason for candidates to accept new jobs and opportunities for career advancement holding the number one spot among reasons for leaving an organization.
To help HR and organizational leaders better understand the elements that impact hiring, McLean & Company identifies and analyzes four new hire experience categories in the New Hire Survey Benchmark Report 2024, as outlined below:
- Acclimatization. This category of the report examines new hires’ perspectives on how prepared the organization and their manager was to welcome and familiarize them with the organization and their role. For example, respondents were asked to indicate how strongly they agreed or disagreed with “My manager effectively communicated how my role fits the mission and vision of the organization” alongside other related statements.
- Training and development. In this experience category, new hires’ perception of the training they received and how well the organization supported their development was measured. Survey participants responded to statements such as “The training provided was effective in transitioning me into my role” on a sliding scale of agreement.
- Defining performance expectations. The third category evaluated new hires’ perspectives on how well they understood their performance expectations, goals, and any feedback received from their manager. Respondents indicated their level of agreement to statements including “I have a clear understanding of how my performance will be measured in my role.”
- Candidate experience – hiring. The fourth and final experience category measured how new hires rate their experiences through the hiring process, responding to such statements as “I felt well informed of my status throughout the hiring process.”
To support HR and organizational leaders in evaluating the components that impact turnover, McLean & Company examines the following six leaving factors in the Exit Survey Benchmark Report 2024:
- Personal factors. Non-organizational factors that contributed to the employee leaving, such as going back to school or retirement.
- Job factors. Factors related to position, career and development opportunities, and satisfaction with work, including relationships with co-workers and satisfaction with roles and responsibilities.
- Compensation factors. Factors pertaining to compensation and benefits, such as base pay and paid time off.
- Organizational factors. Factors regarding company potential, culture, senior leadership, and interdepartmental relationships, including concerns about the organization’s future and unhealthy organizational culture.
- Manager factors. Factors concerning an employee’s manager’s effectiveness at managing, leading, and coaching, such as managerial trust and feedback.
- Working condition factors. Physical and psychological conditions within the organization, including physical safety of the work environment and scheduling hours.
The New Hire Survey Benchmark Report 2024 and Exit Survey Benchmark Report 2024 explore each new hire category and leaving factor as well as their benchmark scores in detail, providing insights for action planning and a comparison point for organizations using McLean & Company’s New Hire Survey and Employee Exit Survey.
To access the full reports, please visit New Hire Survey Benchmark Report 2024 and Exit Survey Benchmark Report 2024 or contact kking@mcleanco.com.
Media interested in connecting with McLean & Company analysts for exclusive, research-backed insights and commentary on generative AI in HR, HR trends in 2024, the future of work, and more can contact Senior Communications Manager Kelsey King at kking@mcleanco.com.
To discover how to create and implement an onboarding program that meets the needs of new hires and the organization, please visit McLean & Company’s Develop a Comprehensive Onboarding Program page.
McLean Signature 2024 HR Conference
To prepare for the future of work, register for 2024’s must-attend HR industry conference by visiting the official McLean Signature event page. This year’s conference will take place from October 27 to 29 at Red Rock Casino Resort & Spa in Las Vegas, Nevada.
About McLean & Company
McLean & Company pairs evidence-based research and immediately applicable tools with deep HR expertise to position organizations to meet today’s needs and prepare for the future. The global HR research and advisory firm’s member organizations enjoy comprehensive resources, full-service diagnostics, workshops, action plans, and advisory services for all levels of HR professionals, from executive leadership to HR leaders to HR team members, that help shape workplaces where everyone thrives.
McLean & Company is a division of Info-Tech Research Group.
Media professionals can register for unrestricted access to research across IT, HR, and software and hundreds of industry analysts through the firm’s Media Insiders program. To gain access, contact kking@mcleanco.com.
SOURCE McLean & Company
