We went through data of 700,000 employees across 250+ organizations.
Here’s what came up,
The list of reasons goes on until it doesn’t add up to 100% and includes all kinds of factors ranging from mental well-being to discrimination.
But here’s the real question.
Could these exits have been avoided? Could these employees have been retained?
Yes, they could have. Here’s how.
An effective employee retention plan is like a superhero that saves the day (and your employees). So, what makes a retention plan truly super?
You need to have a powerful tool to listen to your employees' feedback and concerns. Let them feel heard, so they don't feel ignored or unimportant.
Your managers should be well-trained and ready to receive feedback. They should be the Robin to your Batman, supporting and guiding your employees through any challenges they may face.
You need to have a management team that recognizes the importance of a good retention plan and is open to making necessary changes to improve it.
You must be able and willing to provide the resources required to take action on your employees' feedback. It's like giving your superhero the gadgets they need to save the day.
Lastly, your managers need to have a bias for action, taking real-time steps to address issues and make changes.
Having an employee retention plan can do wonders for your company. Here are just a few of the benefits you can expect.
When you have a solid retention strategy in place, you can focus on improving your existing employees' productivity rather than constantly searching for new hires and training them.
The average cost to hire an employee is $4700. So let's not forget about the money you'll save through retention!
Retaining your current employees and offering them opportunities for growth and development is much more cost-effective than always searching for new candidates. With a strong staff retention strategy, you can significantly reduce your turnover costs.
You'll see improved morale among your team. When employees feel valued and supported, they're happier and more satisfied with their jobs. And happy employees are more likely to stick around and work hard to help your organization achieve its goals.
When companies have a reputation for taking care of their employees, it can help attract top talent looking for a positive work environment and opportunities for growth.
We're not gonna sugarcoat it - retaining employees isn't always a walk in the park, especially considering the huge employee churn ratio that many organizations face. There are some real challenges you might face along the way. But don't worry, we've got your back! Here are a few of the biggest hurdles you might encounter.
Let's face it, there are a ton of other companies out there trying to snag your top talent. You'll need to come up with some seriously enticing perks and benefits to keep your employees from jumping ship.
Employees are no longer willing to stick around at jobs they hate just because it pays the bills. They want work that aligns with their long-term goals and makes them feel fulfilled.
So, if you're hoping to keep your employees on board, you better be ready to step up your game! No more poor communication with your team, no more stingy salaries, and no more rigid work schedules. And for the love of all that is good and holy, stop giving your millennials and Gen Z-ers those mind-numbing, repetitive tasks!
In short, it's time to give your employees a reason to stay. And that reason has to be more than just a paycheck.
If you want to keep your employees from jumping ship, you've got to give them room to grow. That's right - no one wants to stay stuck in a dead-end job with no hope for advancement.
So, if you want to keep your employees happy and motivated, start thinking about how you can offer them exciting growth opportunities. Trust us - your bottom line will thank you for it!
We have sub-classified them into three categories below:
Here are the retention strategies for employees working at the entry level:
Most employees entering the workforce today belong to the millennial and Gen Z population. They consider work-life balance, work-from-home options, and flexible office timings a basic requirement for joining a company and staying with them longer.
Entry-level employees need to be motivated regularly through engagement initiatives and team-building activities, like team lunches, post-work outings, or peer appreciation messages.
New-age talent entering the workforce likes receiving opportunities to be on stage or in the limelight. Public speaking, taking center stage in a meeting, or representing your company in an outdoor seminar can help retain them.
Your company's top performers are trickier but also critical to retain. These employee retention techniques come in handy in making them stay with your company.
Top performers are always looking for opportunities to grow and develop their careers. Offering them what they need makes them stay. Training programs organized internally or giving them discount coupons for online courses on other platforms serves as a great incentive.
Most employees working in your organization can get lured by better pay packages. That’s why you need to stay at the top of the game by knowing your top performers’ worth and serving them adequate increments when needed.
Your top performers deserve more than just a pat on the back. They need to know that their hard work is seen, appreciated, and celebrated! From shoutouts on social media to decorated desks, make sure you're giving your star players the recognition they deserve. Happy employees = a happy business. It's that simple.
Growth opportunities can also appear within your company for the top performers. Allowing them to move internally gives them a chance to do something they like or that challenges them to grow. This is a great way to retain them for the long term.
Employees who stick with you for a long time show that they like working with you. But it is equally important to invest in employee retention strategies for this lot, so they don’t start looking out.
Being tenure-wise seniors in the company, they enjoy close proximity to their department heads and top management. Having an open-door policy shows that you welcome them and like hearing what they say.
Your long-term employees are the real MVPs of your company. They've been with you through thick and thin, and they've got the records to prove it. So when it comes to performance management, don't let occasional slip-ups overshadow their years of hard work and dedication
Ever wish you could read your employees' minds…especially those who’ve been a long time with you? Yeah, us too. But since we haven't quite mastered telepathy yet, we've got the next best thing: Amber, the conversational chatbot.
With Amber on your side, you can finally hear from every single employee in your organization. That's right, no more relying on just a handful of feedback to gauge how your team is feeling. Amber is an AI-powered wonder bot that can chat with employees and gather valuable insights into their thoughts and feelings about work.
It is important to clearly communicate your employees’ roles, expectations, and how their work contributes to and impacts daily business functioning. This clarity sets the expectations right from day one and prepares them for everyday situations.
It is challenging to create a growth-conducive work environment but it is one of the essential requirements for employee retention. Up to 10% of employees quit when work begins to affect their physical and mental well-being.
Conflicts are inevitable, but timely resolution is key. Empower employees to voice their concerns and work towards the best solution.
Fostering leaders is complex but needed for retaining the best performers who deserve to be promoted to leadership positions.
Your employees spend more time with their colleagues than with family. In fact, having friends at the workplace often becomes a reason for your employees to reject a job offer elsewhere. That’s why building a strong bond with them is important.
Many companies employ lucrative employee retention strategies that work wonders for their companies. Let’s look at one glaring example.
Data proves that timely and proactive interventions can retain top talent. For 700K employees, Amber data showed an 11-point increase in engagement when grievances were resolved. And 70% of at-risk employees who received real-time feedback didn't end up in People To Meet.
By implementing effective employee retention strategies, you can reduce turnover costs, increase productivity, and boost employee morale. Remember, a happy and engaged workforce is the backbone of any successful organization. So, take the time to invest in your employees and create a workplace culture that fosters loyalty and commitment.