10 Interesting Facts About Employee Retention

Monday, June 13, 2022

In the past, there was a question about how much power lied in the hands of employees, but in today's market, there is no question that they do have a lot of power. Leaders have to pay attention to their employees in order to retain their workforce, and employee loyalty and skill taxonomy is the key to running a successful business, but it can be difficult to earn.

It can be difficult to pin point why an excellent employee chose to leave a business, but here are 10 interesting facts and ideas that you can use to help improve your employee retention rate.

1. Employees are four times more likely to leave their place of employment due to poor or bad performances from their boss.

Managers should always be held to higher standards, because it has been proven that managers that are held to high standards tend to get better reviews from their employees. Employees that rate their manager's performance low, are more likely to go searching for another job, rather than fight for their current one.

It is important to make sure that your managers have the best training possible, prior to being let loose on employees. Managers that have actual manager training tend to do better with their employees, increasing the employee retention rate. One of the worst things an employer can do is promote managers prematurely.

2. Employees want to stay at a position where the business culture encourages upward feedback.

Feedback at a company should not only flow one way. Employees should feel free to also provide feedback on upper management. Those that don't feel this option are 16% more likely to seek employment somewhere else. In order for a company to run successfully and have a successful employee retention rate, the flow of feedback and information needs to run both ways. There should be an open line of communication that gives employees the idea they have a voice in the company.

3. Come up with quality ways to make employees feel valued, otherwise they will start job searching.

About 34% of employees that find they are undervalued in their current job will start searching for a new job within a year. They want to feel like they matter in the workplace. It is important to come up with some way to validate and commend the work that your employees do, on a regular basis, to help fix this issue. 

4. Every time an employee quits, it will cost the company an average of 33% of their salary annually.

It costs a company time and money to train every new employee. Therefore, it is better to have a higher employee retention rate to keep from having to spend extra money on training all new people on a regular basis.

5. Employees are happier in general when there are clear on-boarding processes in place.

It is important that employees know their responsibilities and roles. It has been proven that more employees tend to be happy with their jobs when they know their boundaries and what is expected from them at the start. It keeps them from having to constantly seek out and ask what they should be doing during the work day.

6. It is important that an employee's work life is balanced to add more value to their job.

It is important that employees feel that their work life is balanced, because it actually make them 10% more likely to stick around with the company, rather than going out to look for another job.

7. Professional growth of an employee should be a top priority.

For most millennials, which makes up a large majority of the workforce today, professional growth and opportunities in the company they work for is extremely important. They want to feel like they are invested in the company that they work for, and these two things are the best way to make them feel that way.

8. Career advancement is always a major a way to help retain talent.

It has been proven that companies that provide their employees with skill building and advancement opportunities. Employees want to feel like that they have a future in their company, and it is an excellent way to help retain talent from searching for work elsewhere.

9. Employees who feel disrespected tend to search employment in other companies.

Everyone wants to be respected, and it has been proven that if employees feel like that are being disrespected by their fellow colleagues, they are about 26% more likely to search for another job and quit their current job. Respect and trust from senior management is also extremely important for most people to feel satisfied at their job.

10. Companies that have a bad culture have a low employee retention rate and breeds for a higher employee turnover.

The day-to-day culture of a company is extremely important to many employees. According to some poles, a lot of employees do not enjoy the un-personal aspect of a corporate culture, which causes them to search for a different job. They don't enjoy feeling like a corporate drone, and they want to know that they are appreciated.

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