Now You Can Engage Your Employees, Improve Your Culture and Decrease Turnover

The Great Resignation is still in full swing.
 
Meaning that one of the main concerns at many organizations is employee retention.
 
Because losing even one good employee is expensive, not to mention the negative effect that it has.
 
𝘼𝙣𝙙, 𝙤𝙗𝙫𝙞𝙤𝙪𝙨𝙡𝙮, 𝙩𝙝𝙚 𝙢𝙤𝙧𝙚 𝙘𝙧𝙞𝙩𝙞𝙘𝙖𝙡 𝙩𝙝𝙚 𝙥𝙤𝙨𝙞𝙩𝙞𝙤𝙣, 𝙩𝙝𝙚 𝙝𝙞𝙜𝙝𝙚𝙧 𝙩𝙝𝙚 𝙘𝙤𝙨𝙩 𝙖𝙣𝙙 𝙞𝙢𝙥𝙖𝙘𝙩 𝙞𝙨 𝙜𝙤𝙞𝙣𝙜 𝙩𝙤 𝙗𝙚.

• According to Deloitte, the cost of losing one employee can range from tens of thousands of dollars to 1.5-2X their annual salary.

 
So, even one person earning $100,000/year leaving, could cost an organization $150,000 to replace.
 
If just five people earning that same amount leave, the numbers quickly add up.
 
The costs take into account the direct replacement costs such as advertising or agency fees, and time spent interviewing, which are somewhat evident.
 
But there are a number of indirect costs, which shouldn’t be forgotten such as:
 
✅ Declines in productivity
✅ Increases in customer service issues
✅ Lowered knowledge base
✅ Morale and engagement problems
✅ Increased risk of turnover
 
Because when someone leaves, it impacts everyone around them.
 
On the one hand, turnover is a normal part of business, and it will always happen.
 
In fact, some turnover is good, since all companies can benefit from the new ideas and perspectives someone new can bring.
 
But too much is definitely a problem.
 
Plus, your recruitment efforts will suffer, with former employees posting about their experiences at your organization on sites like Glassdoor.
 
However, there are things that organizations can do, beyond great salaries, flexible schedules and other nice-to-have perks.
 
Not that those things are unimportant, and, obviously, being paid fairly is a baseline requirement.
 
𝘽𝙪𝙩 𝙧𝙖𝙩𝙝𝙚𝙧, 𝙗𝙮 𝙥𝙪𝙩𝙩𝙞𝙣𝙜 𝙞𝙣 𝙥𝙡𝙖𝙘𝙚 𝙩𝙝𝙚 𝙘𝙤𝙧𝙚, 𝙛𝙪𝙣𝙙𝙖𝙢𝙚𝙣𝙩𝙖𝙡 𝙥𝙧𝙖𝙘𝙩𝙞𝙘𝙚𝙨 𝙩𝙝𝙖𝙩 𝙙𝙧𝙞𝙫𝙚 𝙚𝙣𝙜𝙖𝙜𝙚𝙢𝙚𝙣𝙩, 𝙖𝙣𝙙 𝙗𝙪𝙞𝙡𝙙 𝙤𝙧 𝙞𝙢𝙥𝙧𝙤𝙫𝙚 𝙘𝙪𝙡𝙩𝙪𝙧𝙚.

• Such as recognition, ongoing feedback and career development opportunities.
  
  
• And leaders who genuinely care, who are willing to hold people accountable, and make difficult decisions if necessary.

 
Because it’s an employee’s market, and they are rightfully searching for purpose and meaning.
 
And an organization with a great culture.
 
And if their current employer is not providing that, employees will find a company that will.
 
One that has already realized that engaging employees and having a great culture is the core differentiator in today’s market.