60% of Companies Have Hired Employees During the COVID-19 Pandemic Despite Economic Downturn
While the global pandemic continues to unfold, companies are still hiring new employees: Nearly half of businesses (46%) have hired 10 or more new employees since the start of the pandemic, according to new data from a study of 505 HR professionals and 234 employees in the U.S. Businesses are finding innovative ways to onboard employees remotely through group sessions and virtual meetings
WASHINGTON, Aug. 20, 2020 /PRNewswire/ -- Sixty percent (60%) of companies have hired at least one employee since the beginning of the pandemic, according to new research from The Manifest, a business news and how-to website. The hiring trend persists for companies, despite COVID-19's negative effect on the job market, with the unemployment rate currently hovering around 10.2%.
Nearly half of companies (46%) have hired 10 or more employees since the pandemic's start – a surprising phenomenon in the new era of remote work and virtual onboarding.
One reason to hire new employees in groups is to keep training and onboarding efficient. "Onboarding in groups is much more efficient and less time-consuming," said Allan Borch, founder of DotcomDollar.
While group onboarding can feel impersonal, companies can use multiple communication channels to build connections, such as video calls with new hires.
Employees Likely to Stay With Current Company Due to Economic Uncertainty
More than sixty percent of HR professionals (61%) expect new hires to stay at their company for two or more years, according to The Manifest' study. This finding aligns with the Bureau of Labor Statistics' 2018 report that the average time wage or salary workers stay at their position was 4.2 years.
The economic uncertainty caused by the pandemic could raise the average number of years an employee spends at a company.
In fact, only 3% of HR professionals expect more than one-third of their workforce to quit within the next year.
Increased employee retention helps improve company morale and culture.
Work-Life Balance Affects Employee Retention
More than one-third of HR professionals surveyed (37%) say that employees are likely to leave their company within the next year due to work-life imbalance.
Within the constraints of the remote age, creating a work-life balance is both more difficult and more essential than ever before. The COVID-19 pandemic has resulted in increased availability for many employees. Businesses should look to strike a balance between effectively using remote workers and ensuring their mental and physical health.
As companies continue hiring during the remote work age, they can employ creative tactics to effectively onboard new employees.
The Manifest's survey included 500 HR professionals in the U.S. and 234 additional employees.
Read the full report here: https://themanifest.com/hr/hiring-trends-4-tips-onboard-new-employees-remotely.
For questions about the survey, comment on the findings, or an introduction to the industry experts included in the report, contact Abby Saldana at [email protected].
About The Manifest
The Manifest is a business news and how-to website that compiles and analyzes practical business wisdom for innovators, entrepreneurs, and small and mid-market businesses. Use The Manifest as an approachable tour guide through every stage of the buyer journey. With three main offerings – data-driven benchmarks, step-by-step guides, and agency shortlists – The Manifest strives to make your business goals a reality.
Contact
Abby Saldana
[email protected]
(202) 350-4344
SOURCE The Manifest
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