Employee turnover is expensive. Here are the top reasons employees leave and research-backed strategies to make them stay.
Wouldn’t it be nice if the word turnover only referred to a small pie?
The reality for HR leaders isn’t so sweet.
47% of HR professionals said employee retention was the top talent management challenge they faced, closely followed by recruitment at 36%.
It’s no surprise that these two are linked: It’s much less expensive to retain a productive employee than it is to recruit one.
But what can you do?
It’d be nice to increase everyone’s salary, but that isn’t happening anytime soon.
And those competitors with the money to lure away your best candidates aren’t making things any easier.
The average compensation increase for an employee who takes another job is 15%. And chances are slim those workers will get that kind of pay bump in their current role without a promotion.
Employee retention relies on a combination of factors, including flexible work arrangements, benefits, professional development opportunities, advancement opportunities, company culture, and more.
To help you round out your employee retention program, we’ve put together a list of the top causes of employee turnover and a detailed plan for how to address them.
8 Proven Employee Retention Strategies in 2023:
1. Create professional development opportunities
2. Make sure managers are not compelling great employees to leave
3. Create career advancement opportunities
4. Improve the onboarding process
5. Monitor turnover risks
6. Make sure your employees are appreciated and recognized
7. Make sure your employees don’t feel overworked and overwhelmed
8. Create flexible working arrangements
