The Bureau of Labor Statistics stated that the average employee has been at his or her current position just 4.6 years, as workers are seeking new opportunities outside of their companies and are willing to leave good jobs for a better fit.
A significant number of businesses are facing turnover issues. The Bureau of Labor Statistics stated that the average employee has been at his or her current position just 4.6 years, as workers are seeking new opportunities outside of their companies and are willing to leave good jobs for a better fit.
High levels of employee turnover can be costly for organizations. Zane Benefits reported that firms see a loss of productivity and engagement as other employees are required to take on additional work to compensate for team members who left their positions. In addition to the cost of conducting a search for a replacement, businesses accrue onboarding and training costs. The source noted that a company invests approximately 10 to 20 percent of an employee's salary on training within the first three years of his or her career. If organizations fail to address turnover, then workers will reach their ideal productivity level just in time to leave for another opportunity elsewhere.
"These statistics shed light on the very real problem of employee retention that companies are encountering," Philly Hops CEO Betty Robinson said in a press release. "Highly trained and experienced individuals are voluntarily leaving, increasing the cost of doing business for companies that must expend resources locating and training suitable replacements."
Helping workers find fulfillment
There are a number of reasons that staff members will switch jobs, including compensation, frustration with management and lack of advancement. However, a recent study by the iOpener Institute for People and Performance found that younger workers are motivated to stay at their current jobs based on their level of fulfillment. Members of the Millennial generation are more likely to stay and recommend their companies to friends if they have pride in the organization and share a belief in its economic or social purpose.
Employee reward programs can be valuable tools when it comes to retaining top performers. Regularly recognizing the contributions of workers and teams can lead to higher levels of morale within offices. The more employees see that their hard work is appreciated – either by their supervisors or their peers – the more pride they take in their assignments.
Additional compensation is not always a factor in why employees leave their current roles. Many are simply looking for additional flexibility or opportunities to grow professionally. Reward recognition programs can be used to help staff members achieve a better work-life balance. Rewards can include the ability to work from home, extra vacation time or even participation in a special mentorship/talent development program. These solutions provide motivation while offering the chance for workers to find the fulfillment they seek.