With January right around the corner, this is the time of yearwhen employers need to be proactive with their employee retention strategies. Recent data from Glassdoor specifically calls outJanuary as the month when more employees are likely to leave.
Now is the time to find out which of your best performers may be calling it quits in thenew year. Data-driven organizations use workforce analytics toidentify the employees who are most likely to resign and moreimportantly, why, so the right levers can be pulled to stemthe tide of employees rushing for the exits.
The cost of employee turnover
Employee turnover is the single most prevalent HR metric.PricewaterhouseCooper’s 2017 annual surveyfound 77 percent of CEOs are concerned that key skills shortagescould impair their company’s growth. It’s also a very costlyproblem.
According to Bersin by Deloitte research, the averagevoluntary turnover rate is 13 percent. If, for example, anorganization has 30,000 employees and an average voluntary turnoverrate of 13 percent, the potential cost to the organization is astaggering $427.7 million in one year.
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