Research of employee retention rates has revealed staggering numbers in the last few years. In May of 2019, Forbes shared the following, based on numbers from Achievers, that only 35% of employees were looking for new jobs, a drastic decrease from 74% a year prior.
Further complicating this is a business world turned upside down from the impact of COVID, businesses working remote, and extensive economic challenges.
So to return to the question of what these retention rates could be costing you, here are numbers before the world was up-turned.
Gallup Poll numbers reveal that disengaged employees have 37% higher absenteeism, 18% lower productivity and 15% lower profitability. When that translates into dollars, it’s estimated at 34% of the disengaged employee’s annual salary. That’s a whopping $3,400 for every $10,000 that employee earns.
And there are more challenges in the workplace than there have ever been. There are multiple generations, with very different work styles, working alongside each other. There are businesses who need to pivot quickly in order to stay ‘in the game’, much less competitive. Businesses are moving online and becoming part of different inter-related economies.
The ultimate question then is how do you increase your employee retention, all while you are doing business amidst a global pandemic with teetering national and global economies? And the daunting part is if you don’t improve employee retention, where will your company be in one year, five years or ten years down the road?
The solution lies in a new way of engaging your employees…
For all these reasons, a new business landscape requires new approaches. As the M.O.V.E. the Mission<sup>TM</sup> Mentor, employee retention is one of the fundamental pieces of my program.