How expensive is employee turnover?
Does tackling employee turnover feel like an impossible task? If so, you’re not alone. More than 47 million U.S. employees voluntarily quit their jobs in 2021, causing employers across the country to scramble to replace talent.
The good news is that research has shown that over 75% of the reasons employees quit are preventable. While it isn’t always easy, the organizations have the ability to directly influence many of the factors that cause employees to resign.
How to lower the cost of employee turnover:
Work Institute’s Retention Remediation Program starts with one of our workforce experts partnering with you to target and identify the specific divisions/locations/roles that have the highest turnover costs. Next, identify what the specific preventable reasons for leaving are part(s) of the organization that’s been selected. From there, we help you figure out the best route for success by:
- Implementing the Voice of the Employee approach to uncover specific perceptions of our 4 key drivers of engagement & retention.
- Data reviews with key stakeholders to develop action plans with actionable data.
- Post study follow up with accountability meetings to ensure plan execution.
- Post-engagement Pulse studies to measure effectiveness of the interventions
- Continued monitoring of the employee turnover.