Turnover: A Contagion

​For organizations, losing even one good employee is expensive, not to mention the widespread ramifications.
 
𝘼𝙣𝙙, 𝙤𝙗𝙫𝙞𝙤𝙪𝙨𝙡𝙮, 𝙩𝙝𝙚 𝙢𝙤𝙧𝙚 𝙘𝙧𝙞𝙩𝙞𝙘𝙖𝙡 𝙩𝙝𝙚 𝙥𝙤𝙨𝙞𝙩𝙞𝙤𝙣, 𝙩𝙝𝙚 𝙝𝙞𝙜𝙝𝙚𝙧 𝙩𝙝𝙚 𝙘𝙤𝙨𝙩 𝙖𝙣𝙙 𝙞𝙢𝙥𝙖𝙘𝙩.
 
🚩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
 
Additionally, there is an increased risk of turnover.
 
Because when someone leaves, it impacts everyone around them.
 
𝘼𝙣𝙙, 𝙤𝙛𝙩𝙚𝙣, 𝙚𝙫𝙚𝙣 𝙞𝙣 𝙝𝙚𝙖𝙡𝙩𝙝𝙮 𝙤𝙧𝙜𝙖𝙣𝙞𝙯𝙖𝙩𝙞𝙤𝙣𝙨, 𝙬𝙝𝙚𝙣 𝙥𝙚𝙤𝙥𝙡𝙚 𝙨𝙩𝙖𝙧𝙩 𝙦𝙪𝙞𝙩𝙩𝙞𝙣𝙜, 𝙘𝙤-𝙬𝙤𝙧𝙠𝙚𝙧𝙨 𝙨𝙩𝙖𝙧𝙩 𝙖𝙨𝙠𝙞𝙣𝙜 𝙩𝙝𝙚𝙢𝙨𝙚𝙡𝙫𝙚𝙨 𝙬𝙝𝙮 𝙩𝙝𝙚𝙮 𝙨𝙩𝙖𝙮, 𝙚𝙫𝙚𝙣 𝙬𝙝𝙚𝙣 𝙩𝙝𝙚𝙮 𝙝𝙖𝙙 𝙣𝙤 𝙞𝙣𝙩𝙚𝙣𝙩𝙞𝙤𝙣 𝙤𝙛 𝙡𝙚𝙖𝙫𝙞𝙣𝙜.
 
A fact reported by Adecco, in its recent Global Workforce of The Future 2022 report, which surveyed 34,200 employees across 25 countries:
 
🚩 Seeing co-workers quit, triggered 70% of colleagues to 𝙘𝙤𝙣𝙨𝙞𝙙𝙚𝙧 quitting themselves,
🚩 50% 𝙖𝙘𝙩𝙚𝙙 and decided to leave in the next 12 months.
 
Therefore, organizations need to be aware that even just a few people quitting, could trigger others to leave.
 
Even in organizations with engaged employees and a great culture.
 
So, how do you keep employees from leaving, especially if the culture isn’t what it could be?
 
𝙏𝙝𝙚 𝙖𝙣𝙨𝙬𝙚𝙧 𝙞𝙨 𝙩𝙤 𝙚𝙣𝙜𝙖𝙜𝙚 𝙮𝙤𝙪𝙧 𝙚𝙢𝙥𝙡𝙤𝙮𝙚𝙚𝙨 𝙖𝙣𝙙 𝙘𝙧𝙚𝙖𝙩𝙚 𝙖 𝙜𝙧𝙚𝙖𝙩 𝙘𝙪𝙡𝙩𝙪𝙧𝙚 𝙩𝙝𝙖𝙩 𝙣𝙤-𝙤𝙣𝙚 𝙬𝙖𝙣𝙩𝙨 𝙩𝙤 𝙡𝙚𝙖𝙫𝙚.
 
By committing to a new way of doing business, and implementing a set of fundamental practices shown to engage employees:
 
💠 Feedback, transparent communication, and development opportunities.
💠 The right person in every single seat.
💠 Caring leaders and meaningful work.
 
A culture exists in every organization, whether it is planned or not.
 
Must better that leaders be purposeful about it, and take the necessary steps to engage employees and cultivate a great culture.
 
Otherwise, organizations are at risk of losing people, even those who might not initially have planned on quitting.