Employee turnover carries substantial costs, especially for organizations that rely on a certain degree of talent and expertise.
Employee turnover carries substantial costs, especially for organizations that rely on a certain degree of talent and expertise. Increasing job satisfaction and inspiring workers to be more personally invested in the company's goals can help leaders keep their teams well-stocked with top performers. To this end, engagement strategies such as employee reward programs and sales incentive programs can be a major boon.
According to a recent CareerBuilder report, closing the skills gap is proving difficult – and costly – for companies across a number of industries. On average, a position that remains unfilled for three months or longer costs organizations about $14,000 and more than half of employers reported that they had open roles for which they couldn't find qualified candidates, the study found. Vacancies can also cause dissatisfaction among co-workers as they shoulder heavier burdens, leading to a domino effect of employee turnover.
Therefore, upon finding workers who have the necessary expertise and are a good fit for the company, it's crucial to put a little effort into making sure they'll stick around. All employees want to feel valued and appreciated. Entrepreneur reported that 65 percent of workers want more feedback, and many workers feel more motivated by praise than cash benefits. Employee reward and recognition programs can assist managers with these strategies.