According to Forbes, employee turnover is the highest it’s been in 10 years – have you noticed your employees coming and going like a revolving door? If so, you’re not alone. TalentLyft has uncovered the 7 most interesting facts about employee turnover that you need to know to “help you prevent and tackle this serious and costly HR problem” in 2019.
#1: According to Gallup, 51% of employees are considering a new job.
#2: A report from the Center for American Progress found that turnover can cost organizations anywhere from 16% to 213% of the lost employee’s salary.
#3: A Future Workplace study has found that 87% of employers said that improving retention is a critical priority for their organization.
#4: Allied Workforce Mobility Survey discovered that companies lose 25% of all new employees within the first year.
#5: According to the Society For Human Resources Management (SHRM), 69% of employees are more likely to stay with a company for three years if they experienced great onboarding.
#6: MRINetwork has found that 72% of candidates are driven by career advancement opportunities which are the number one reason why people change jobs.
#7: Companies that offer remote work experience 25% lower employee turnover, according to OWL Labs.
Furthermore, Forbes reports that:
"Employee turnover costs US companies $160 billion a year according to Wrike, a work management and social collaboration software tool that scales across teams in any business. And since high performers deliver up to 400% more than their mediocre counterparts, the cost of wasted talent poses a serious threat to the bottom line."
Luckily, workforce management solutions can also be the answer to employee turnover problems as they help to promote a healthy work/life balance for employees, while providing employers with insights into the data that matters the most, like measuring how their employees are performing.
Visit VCSHCM.com to learn more about how time & labor management software can help improve your workforce today.
What actions will you take to increase employee retention in 2019? Let us know in the comments!