What gets measured gets managed. With the estimated costs of employee turnover ranging from 33% up to 200% of the departing employee’s salary, it is imperative for organizations to understand exactly what goes into the overall cost of employee turnover. There are multiple layers in beginning to calculate the exact costs of turnover which is… Continue reading Breaking Down the Direct Costs of Employee Turnover
Tag: employee turnover
Voluntary Turnover Returns as COVID Recedes
The latest voluntary quit (turnover) rate shows nearly twice the amount of employees quit their jobs in July 2020 than those who quit in April 2020. Even during a global pandemic, a historic recession (hopefully on a short one), high unemployment, and general fear and restlessness, U.S. workers still control the job market. Yes, that… Continue reading Voluntary Turnover Returns as COVID Recedes
It is Time to Rebuild HR, Not Defund It
There is considerable talk these days that HR does not deliver the value of its capability. Additional arguments include moving HR functions into Legal, Finance, and both internal and external Marketing/Communications. Should HR functions be reassigned or defunded? Can HR deliver the value it is designed to provide? The real question is whether HR has… Continue reading It is Time to Rebuild HR, Not Defund It
Why People Quit During the Pandemic
We recently hosted a webinar titled “Voice of the Employee Trends During the Pandemic.” The below quotes are based on Work Institute interviews with employees who quit their jobs based on how their organization managed the coronavirus pandemic. Employees continuously demonstrate three primary categories of reasons why people intend to quit or quit during this… Continue reading Why People Quit During the Pandemic
Valentine’s Day and Relationship Feedback
Valentine’s Day is here and just like any other year; it is time to check in with my significant other for our year-in-review survey. Every year on Valentine’s Day we set aside time to provide feedback to each other on our relationship. It’s a tradition we practice once a year to tell each other what’s… Continue reading Valentine’s Day and Relationship Feedback
5 Musts for Conducting Exit Interviews
Under normal marketplace conditions, it’s important for organizations to conduct exit interviews with former employees as a step to reduce turnover, increase retention and protect profits. In an employee-in-control marketplace, where approximately 3 in 4 reasons for turnover could have been prevented by the organization, it becomes critical for organizations to conduct exit interviews in… Continue reading 5 Musts for Conducting Exit Interviews
Engagement Studies Should Help Reduce Turnover and Increase Retention. Have Yours?
Twenty years ago, I was invited to deliver the keynote address at a recruitment and retention conference in Las Vegas. I spoke with the event organizers to fully understand their objectives and then crafted the deliverables for my presentation entitled “The Differing Preferences, Expectations, and Intents of an Emerging Workforce.” As it came time for… Continue reading Engagement Studies Should Help Reduce Turnover and Increase Retention. Have Yours?
Focus on Internal Data, Not Industry Benchmarks to Improve Employee Retention
Focus on Internal Data, Not Industry Benchmarks to Improve Employee Retention As the US job market continues to stay fully employed, organizations find it much more difficult to retain their employees because there are plenty of other jobs available elsewhere. A fully employed job market means that everyone who wants to work has a job.… Continue reading Focus on Internal Data, Not Industry Benchmarks to Improve Employee Retention
Understanding the Reasons for Employee Departure
Understanding the Reasons for Employee Departure We recently wrote about the multiple layers of costs associated with employee turnover. From the basic direct costs of separation, replacement, and training costs to the more complex and less exact costs of transition and opportunity costs, calculating the exact cost of an employee’s departure can be overwhelming. Not only… Continue reading Understanding the Reasons for Employee Departure