The Institute of Student Employers latest report found that companies retain 72% of graduates and 75% of non-graduates after three years, and 57% of graduates and 69% of non-graduates after five years.
A quarter (25%) of companies reported it is more difficult to retain women and slightly less than a fifth (17%) reported that it is harder to retain people from a Black, Asian or Minority Ethnic (BAME) background.
Let's do the maths on this regardless of gender or ethnicity:
Hire 20 grads.
Costs £3,000 p/grad
Investment = £60,000
Lose 28% of your intake = £16,800 lost investment after 3 years. Rising to £25,8000 after 5 years.
Realise this is a general calculation and doesn't factor in economies of scale or sector differences but the fact remains that we're losing hard fought talent and it's a waste of hard fought budget!
If you're not sure why they're leaving your company specifically, a 10k investment in a detailed Diversity & Culture Audit will tell you exactly why and what to do to address it. Makes sense, surely?
Or, even better, our candidate experience diagnostic will show you EXACTLY where candidates are losing confidence in your organisation and how to fix it. And that requires only £3,600 investment.
If this is something you're experiencing, please do drop me a line, It would mean a lot to me to help you tackle this. We need to stop hemorrhaging BAME and Female talent.
There are also many more resources on this topic in our insight library. For example:
Companies are struggling to retain BAME and women trainees within their workforce, according to a new report for the Institute of Student Employers (ISE).