A recent Wall Street Journal article addressed the alarming rate of first year turnover amongst American veterans entering the civilian workforce, claiming that hiring veterans has come easy, but getting them to stay beyond the first year of employment has been quite a challenge.
This is challenge is reflective of a larger issue facing organizations today, as employees that leave within their first year of employment make up over one-third of all employee turnover. First year employee turnover is a growing problem in the United States and a very expensive issue that can cripple an organization’s productivity and bottom line if an attempt is not made to tackle the problem, head-on.
Because this is an extremely expensive problem organization’s face, it is imperative to take steps to retain more newly hired employees. And just like any employee population, the best way to understand how to keep them is to ask them about their preferences, expectations and intentions.
It is best practice for companies to reach out to employees throughout each stage of the employee lifecycle to fully understand why employees feel and act the way they do. When organizations understand the feelings, intents, and expectations of employees, they will then be able to step in to make changes to keep employees retained and engaged – thus saving the company the high cost of employee turnover.
Veteran employees are like any other employee and the first year turnover challenges employers are facing with this population is reflective of a greater business challenge. These employees want to be a successful and important part of the workforce. It is on the employer to understand how to best help them accomplish this in their organization.