Reduce Employee Turnover
The Top Three Reasons Employees Voluntarily Leave
The Society for Human Resource Management and Aon Consulting did a study that discovered the top three reasons employees voluntarily leave a company.
- To advance their career with greater opportunities for training and career development.
- A better compensation and benefits package.
- Poor management
The Cost of Employee Turnover
The Wall Street Journal reports the total cost of employee turnover ranges from a low of 50% (The Hay Group) to 150% (Hewitt Associates) of the employee’s annual compensation. Take a mid-level employee that earns $50,000. If you had to replace this employee, at the minimum it would cost your business $25,000. How many employees does your company lose per year? If your business loses two a year, that’s $50,000. Five, that’s $125,000. Ten; you can do the math!
Creating Opportunities for Training and Career Development
Let’s look at the first cause of employee turnover; employees want to advance their career with greater opportunities for training and career development. Providing a set of tools to develop the leadership and management skills of your employees will provide immediate and long-term benefits to your business. It should be a major step in your employee retention strategy. When you provide training to your supervisors and managers, they will be receiving training and career development that they want and need. Their sense of advancement and skills will lead to increased productivity for them and their team. They will have more fulfilling work and are less likely to leave your company. This provides an immediate benefit to your bottom line – improved productivity and reduced employee turnover!
Improving the Poor Managers at Your Company
Another cause of employee turnover is poor management. Have you had a poor manager? What happened to your work, initiative, and attitude? Exactly! Work quality diminishes, productivity decreases, and attitudes take a turn for the worse. Have you left a job because you had a poor manager? Your company’s employees should be focusing on the advancement of your company goals, not on their manager.
How Can We Help?
We offer a leadership development program for managers and supervisors focused on 10 core competencies they need to successfully lead their teams. They will learn proven, practical skills that will reduce turnover in your organization. Your organization will be providing a clear path for career advancement.
Reduce Employee Turnover by up to 32%
Make a dramatic reduction in your organization’s turnover rate by developing the leadership skills of your supervisors and managers. Take a quick look now to learn how:Preview the Training