Weekly Workforce Insights: Offering a New Hire Incentive Increases New Employee Retention by 9%

Although incentive-hopping is a problem that companies face, WorkStep’s research found that hiring incentives can improve frontline worker retention rates on average by 9%. But this can also be costly if a company isn’t not implementing the incentives correctly or measuring success regularly.

The average new hire bonus for frontline workers is $900, so that can add up quickly! If incentives are paid out to an employee over the span of a quarter or longer though, it encourages people to stay longer. The longer a new hire stays with a company, the more likely they are to retain for the long-run.

WorkStep’s employee retention software can help you implement effective retention strategies to increase new employee retention rates and improve your overall workforce retention.