Why are your people leaving? Here’s a look at the latest data on retention risks…
The 2019 Retention Report by Work Institute outlines the state of the workforce and unpacks key reasons why employees are quitting. Valerie Castellano, our Mid-Market Sales Director, has helped us find some of the best, most relevant pieces from the report to share with you!
With growing numbers of employees choosing to leave their jobs, employers must act and fast.
Turnover trends demonstrate an 8.3% increase over 2017 and an 88% increase since 2010. The prediction is that more than 1 in 3 workers will voluntarily quit their jobs each year by 2023.
So, as an employer, what can you do to stay competitive and keep your top talent?
Realize this: EMPLOYEES ARE IN CONTROL
Firstly, “Employees have choices and they are increasingly using their control to leave their organizations to work somewhere else. Organizations must accept this reality and start to listen to the preferences, expectations and intents of their workers. Without understanding and acting on what employees require and what they will and will not tolerate, organizations will be left to operate with too few and less talented workers.” (Pg 11)
Listen to your people: THE EMPLOYEE VOICE
Secondly, “Employee voice is the critical element in addressing retention. Too many organizations try to address retention with others’ best practices or compromised data, and fail to understand the real reasons employees leave. Responsible exit and stay studies, using appropriate methodology and timing, allow employees to reveal the root causes of turnover and turnover intent.” (Pg 27)
What are your employees telling you?
Provide opportunities for your people: CAREER DEVELOPMENT
And thirdly, career development is a major player in the retention game.
In 2018, 22 out of 100 employees left for Career Development
“Companies will not stay competitive if they lose their best people. […] Employees are yelling loudly that they intend to quit either because the tasks companies promised them never appeared, tasks they didn’t anticipate ended up on their plate, promotional opportunities were given to less productive employees with longer tenure or to new hires from outside, or employees didn’t have the confidence they were being prepared for the future.” (Pg 31)