Its See the Unseen report, which analysed the responses of 117 HR leaders, found that employers are struggling with high employee turnover and getting new hires up to speed.
Almost half (47%) of HR leaders said they expect to lose a tenth of their workforce in any given year.
The HR leaders surveyed said 14% of new hires leave within just 30 days, and 39% of new employees leave within six months of accepting a role.
Charles Hipps, CEO and founder of Oleeo, said the research shows that employee turnover is a persistent issue for HR.
“The scale of the problem is clear. In an age where HR teams are fighting myriad challenges in a bid to find people who are right for both their roles and organisations, staff churn is a constant thorn in their side," he said.
The research also found that it takes a significant amount of time to get new hires up to the standard required for roles. Almost three-quarters (71%) of HR professionals said it takes a new starter three months or more to get fully up to speed, and 14% said it takes between nine months and a year.
Almost half (45%) believe new employees live up to expectations less than 20% of the time. Having staff underperforming for such a significant period of time inevitably affects colleagues and the company’s bottom line, the report said.
When asked about potential solutions to the recruitment and retention challenge, respondents said technology could help candidates feel more engaged, and identify those who may be likely to succeed and stay within a company.
Forty-one per cent think automated decision-making would speed up their time to hire, and one third (33%) felt it would make the decision process more consistent. Almost two-fifths (39%) felt that AI would reduce the risk of missing out on ‘hidden gems' of talent.
Hipps added that HR should invest in technology to enable it to better recruit quality staff.
“As the research shows, the UK’s recruitment revolving door is not only holding UK businesses back, but also costing them a fortune – far more than we initially imagined. With greater volumes and an increased need for diverse workforces, if people don’t embrace technology things are never going to get better," he said.
“Technology allows HR teams to have both quality and quantity when it comes to searching for top talent. With the right systems in place they can effectively and quickly pick their way through large amounts of applicants, finding just the right people that are going to be successful and stay.”
