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Use employee reward programs to resist rising turnover trends

Employees who feel respected and satisfied at work are less likely to leave their jobs.

People who feel respected and satisfied at work are less likely to leave their jobs. Unfortunately, that doesn't include the majority of U.S. workers, according to a recent survey by CareerBuilder. The report found that 21 percent of workers plan to find a new place to work in 2014, which is a 17 percent increase from the 2013 turnover rate.

Losing and replacing employees can be an expensive process. Case studies have shown that turnover can cost companies up to one fifth of an employee's annual salary, the Center for American Progress reported. The loss is felt in productivity reduction, recruitment and training. 

To avoid this problem, businesses should focus on conditions that make people want to stay. CareerBuilder survey respondents indicated that coworker relationships, healthy work/life balance, and good benefits are top factors keeping them at their current jobs. Coworker relationships can be fostered by team-building events and employee recognition programs that incorporate peer input. To ensure that employees have a good work/life balance, supervisors should set a good example, said SurveyMonkey CEO Dave Goldberg. When managers prioritize family and personal time, employees feel more comfortable doing the same. Finally, fair financial compensation is important to workers, and this can be supplemented by an attractive employee incentive program.

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