6 HR Stats You Need to Know - April Edition

If you know me, you know that I have a strange background for an HR person. I graduated with a degree in Mathematical Economics from Wake Forest University, and never thought in a million years I would end up in HR. That story is for another day, but I truly do love numbers.

Numbers cannot lie and do not have an opinion. That is why when I speak, I use as many numbers, statistics, and studies as I possibly can find to back up any point I make. HR can be viewed as "soft" or "touchy feely", but when opinions are backed up by numbers, some of that touchy feely HR might make or save you a lot of money.

That is why I wanted to start this on the HR for Small Business Newsletter. Every month, I am going to talk about the HR statistics that I am focusing on and I think you need to as well.

Here are my 6 HR Stats You Need to Know for April:

1. A workplace survey report found that 94% of surveyed employees responded that if a company invested in helping them learn, they would stay longer. Woah!

2. One-third of new employees quit after about six (6) months. This is a significant number and one that needs to be addressed with some urgency if employers want to fix this problem in their company.

3. Employee turnover – By the start of 2024, 53% of surveyed employees say they’re likely to leave their current company. As such, organizations need to prepare for this upcoming surge of employee turnover.

4. Talent shortages – 77% of surveyed employers struggled to fill their open positions this year. This is partly because there are 1.5 million fewer Americans working today than in 2020. Over 25% of these individuals say they’ve left the workforce to focus on caring for their children and other family members. This significant labor shortage will likely continue throughout the next year.

5. Skills gap – While attracting job applicants can be a challenge, finding ones with the right set of skills is even more difficult. On average, 44% of new hires’ skill sets need to be updated to fulfill their positions, highlighting the stark need for thorough training and upskilling.

6. Employees are 10x more likely to make a move around their first anniversary than their fifth anniversary.

Those are the stats I am looking at for this month. If you need any help with recruiting or HR with your small business, we would love to help in whatever way we can!

Here are some links to learn more about Innovative Outsourcing, our podcast HR Ins and Outs for Small Business Podcast, and tHRiving: HR for Small Business

If you need help recruiting for a position:

If you need help with your HR:

If you don't even know where to start with you HR: