Employee turnover cost-estimates are as varied as wildflowers in a field.
And just the other day Employee Benefit News reported employers pay out 33% of a worker’s annual salary to hire a replacement if that worker leaves. In dollar figures, the replacement cost is around $15,000 for someone earning $45,000 a year (and that doesn’t take indirect costs into account).
Look at your recruitment and on-boarding practices. Is your organization recruiting selectively? Effectively? More than half of all voluntary quits happen within a year of starting; an astounding 40% of new hires leave within six months. In 2013 despite an unemployment rate of 7.8% two million American’s quit every month that year. In 2016 total turnover across all U.S. industries hit 17.8%, according to CompuData Surveys.
Create a caring culture to cultivate engagement. Pay attention to workloads, deadlines, and other job stressors. Encourage and support camaraderie. Introduce flexible and remote working options. Be receptive to innovation and ideas.
Check in. Introduce frequent one-on-one meetings between managers and staff. Promote these sessions as a time to acknowledge each individual’s valued contribution, to establish strong rapport and to develop the skills to fulfill career aspirations. Conduct periodic Stay Interviews. Ask what employees enjoy. What might they change?
Pay attention to the innate human desire to:
Provide clear career paths. Promote from within. Offer interdepartmental cross-training when promotional opportunities are limited to support and engage the natural inclination to learn and grow. Trust. Empower. Retain.
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