The reasons why great people leave can be a mystery if you did not have time to think deeply about the culture of your company or you are just starting to build a business. Here are some amazing facts about retaining employees and how to avoid losing valuable team members.
1. The average employee yield is 33% of their annual salary
Replacing employees is a big investment. The company must spend considerable time and money finding the best talent through advertising, recruitment agencies, screening, interviewing and hiring.
A recent study shows that the average cost of losing an employee is a staggering 33% of their annual salary. You have not just lost your talent or time - you have lost valuable funding for your company. Considering fees for recruiting, training, and losing productivity, a high turnover rate can have serious financial consequences for the business. Why not save your employees, money and time, ensuring their happiness?
2. Poor boss productivity increases the probability of dismissal of employees 4 times
According to the employee retention report, 40% of employees who have a low rating for the work of their manager have attended interviews with another company over the past three months, compared with 10% for those who have a high rating for their manager. Managers who do not comply with high standards can adversely affect their subordinates and lead to high staff turnover.
3. Employees who do not feel necessary are almost 2 times more likely to be in search of a new job.
According to the data, 21.5% of employees who do not feel they need to submit resumes several times more often, compared with 12.4% who consider themselves recognized in the team. People who are valued for their quality work are five times more likely to remain in the company.
Make employees feel appreciated. Employees in new positions often try to prove their worth to management. However, if their efforts are met with negative criticism or they are generally unrecognized, these employees tend to become miserable and un motivated.
4. Give employees the opportunity to voice their opinions
Feedback should not go in one direction. Open communication is the key to understanding the needs and improvements of both managers and employees.
Encourage employees to express their thoughts. An open line of communication will demonstrate to employees that their opinion is important. Regular and honest communication reveals to employees that they are appreciated, and also allows you as a leader to understand when you may need to make adjustments to improve employee retention.
5. Clear adaptation processes make employees happy
Employees are more likely to remain if their manager clearly explains their roles and responsibilities to them. Do not let employees think about what they need to do day after day, and do not ask if they meet your expectations.
6. If people feel undervalued, the job search begins.
Employees who do not feel valuable at work are 34% more likely to leave their companies over the next year. As you would expect, most employees want to feel that their contribution matters.
When employees spend a lot of time and talents on business, and the management does not check their work and does not encourage their contribution, it is not surprising that they are looking for work elsewhere.
7.Career growth retains talent
Employees who feel that they are progressing in their careers are 20% more likely to work in their companies after a year. Lack of progress or development of skills can be morally difficult for the employee.
8. Poor culture generates high staff turnover and low employee retention
Organizations that are not working on developing a corporate culture can expect increased staff turnover. Employees who poorly evaluate their culture are 24% more likely to leave their organizations during the year.
9. A sense of purpose has a significant impact on employee retention
Workers who believe their company has a higher goal than just profit are 27% more likely to stay in their companies. Working with a team to achieve a specific mission and vision is an experience that employees consider important.
10. Lack of respect
Employees who report a low level of respect for colleagues are more likely to quit their jobs by 26%, and 61% of employees say that trust between themselves and senior management is very important for a sense of job satisfaction. A toxic culture repels the best talents, despite other benefits and advantages that the employer can offer.
11. The balance between work and personal life is more important than you think.
Employees who value the balance between work and personal life are 10% more likely to stay in their company.
Access to remote work and reasonable working hours are just some of the factors that employees look for when deciding whether to stay with the company or leave. Encourage employees to set goals for their work, personal life and the pursuit of a healthy balance between work and personal life.
12. Professional growth is a top priority
93% of employees will remain in the company longer if they invest in their careers. The vast majority of employees (87%) believe that professional growth and development opportunities are the main priorities.
13. Authorized employees are happy employees
When people have an idea of where their career paths are going, and management supports their efforts and makes recommendations to make this a reality, they show loyalty.
Talk with employees and implement transformation processes if you want to keep the best staff.