A big issue companies are facing in the changing work landscape is employee retention. While some turnover is inevitable, there are steps you can take to help employees stay engaged and happy at work. Today we’ll be sharing some best practices for retaining your top talent, but first let’s look at some data.
One in five workers (twenty-one percent of full time employees) plan to leave their jobs in 2014, according to astudy done by CareerBuilder. This is the largest amount in the post-recession era, and up from 17 percent in 2013!
Replacing an employee, for whatever the reason, can be costly to companies. In this article from 2010, the American Management Association (AMA) indicated that the average cost is 100 to 125 percent of the employee’s annual salary. Say your employee earned an annual salary of $81,000, the setback would be between $81,000 to $101,250. In 2012, Cornerstone OnDemand with Harris Interactive estimated companies would spend $2 trillion on employee churn.
The numbers surrounding retention are alarming and should be good enough reason to want it higher on the priority list. Keeping employees engaged at work is an imperative in our rapidly changing workplace.