![]() Kronos and Future Workplace carried out research into what they perceive to be ‘the employee burnout crisis’ and found that burnout was seriously undermining workforce retention. This study from Bersin & Associates indicated a clear link with recognition-rich cultures achieving a 31% lower voluntary turnover rate. That number is even higher for younger workers, with nearly 8 in 10 millennials in the same study saying they’d be looking for new opportunities should they not feel appreciated by their colleagues or leaders.Ĭompanies that have taken a strategic approach to employee recognition have seen improvements in this area. ![]() This study from Office Team looked to uncover the power of appreciation and found that 66% of the employees would quit if they didn’t feel appreciated. One of the primary reasons why employees quit is because they feel underappreciated and undervalued. Beyond these factors though, research into employee turnover has unearthed a host of additional subtle and emotional factors that play a key role in employees deciding to seek pastures new. Whilst better pay packets and loftier job titles did account for many resignation letters, so did seeking benefits such as the opportunity to work remotely. Obviously, that data was captured in a coronavirus-free world and the situation for everyone has changed. We also know if the best and brightest are constantly jumping ship, the damage to and negativity surrounding a company, can go way beyond the eye-watering $40,000.Īccording to a 2018 study by Mercer, a whopping third of all employees plan on quitting their job in the next 12 months. ![]() Some estimates place the price of fully replacing an employee towards $40,000, including advertising, recruitment fees, the time it takes to train a new staff member to full working capacity – and the lost productivity in between. High employee churn is a costly issue for any business.
0 Comments
Leave a Reply. |