With January right around the corner, this is the time of year when employers need to be proactive with their employee retention strategies. Recent data from Glassdoor specifically calls out January 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 the new year. Data-driven organizations use workforce analytics to identify the employees who are most likely to resign and more importantly, why, so the right levers can be pulled to stem the 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 survey found 77 percent of CEOs are concerned that key skills shortages could impair their company’s growth. It’s also a very costly problem.
According to Bersin by Deloitte research, the average voluntary turnover rate is 13 percent. If, for example, an organization has 30,000 employees and an average voluntary turnover rate of 13 percent, the potential cost to the organization is a staggering $427.7 million in one year.
Continue Reading for Free
Register and gain access to:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
