Weekly workforce insights: 90-day retention rate by job board

You won’t find a large company that relies on just a single way to source frontline workforce talent at scale. Companies prefer to meet as much of their demand for candidates through employee referrals, walk-ins, or organic website applications. From there though, organizations have to supplement sourcing from various job boards and recruitment agencies.

In 2022 most companies were able to track these various candidate sources to measure how many hires they generate, and ideally what the cost per hire is from each. This reveals the effectiveness and capital efficiency of various channels in driving new hires.

Unfortunately, that’s where this analysis almost always stops. In today’s marketplace, where employee quit rates are at all-time highs, companies need to go a step further. They need to understand how successful each of the channels are at driving the right-fit hires to their organization.

At WorkStep, we segmented data across the industry to understand the average new hire retention rate by hourly work job board. The outcome was jarring.

Our data set showed that applicants sourced from Indeed on average retained 18% better in their first 90 days than applicants sourced from Snag. However, these results won’t replicate for every company. In fact, there are some organizations who see their best new hire retention rates from applicants who are sourced from Snag.

What is critical though is that every company equips themselves to track the downstream success of their various hiring channels. That way they can optimize for cost per retained hire, which is the talent acquisition metric that really matters.

Looking to improve your company’s retention rate and build a more engaged and loyal workforce? WorkStep’s employee retention software provides a comprehensive platform for reducing turnover rates, improving engagement, and building a more positive workplace culture.