Employee retention is one of the keys to an organization’s success, and it should be one of a company’s top goals. Losing employees can impact work performance, leading to decreased productivity. That’s why companies should find ways to create better workplaces to attract, engage, and retain top talent.
Here are 10 employee retention statistics that HR managers and directors should keep in mind as they aim to reduce employee turnover.
1. High Employee Engagement Improves Retention by 87%
According to the Corporate Leadership Council, employees who are more engaged at work are 20% more likely to perform better and 87% less likely to quit their current positions.
2. 72% of Workers Who Are Dissatisfied With Their Flexibility at Work Are Open to New Job Opportunities
Future Forum’s report for winter 2021-22 found that 72% of knowledge workers who are dissatisfied with the flexibility their current job offers would like to look for new job opportunities in the next year.
3. 26% of Employees Are More Likely to Quit Their Jobs If They Feel Disrespected
According to TINYpulse research, employees who report a low level of respect between colleagues are 26% more likely to quit their jobs. Workers who treat one another with dignity are more likely to feel content and retain their positions.
4. 54% of Employees Who Recently Quit Said They Felt Undervalued
McKinsey’s research found that most employees who recently quit their jobs didn’t feel valued at their workplaces. Employee recognition is among the best tools for minimizing turnover.
5. Employee Burnout Sabotages Workforce Retention Efforts
According to Deloitte’s Workplace Burnout Survey, about 77% of employees have experienced burnout at their current job. Because employees are a company’s greatest asset, their well-being should be one of the top priorities. Organizations should bring about changes that encourage a work-life balance, especially with burnout accounting for up to 50% of turnover.
6. 87% of HR Leaders Are Aware of the Importance of Employee Retention, but They Don’t Treat It as Such
According to Kronos research, up to 87% of HR managers and directors consider employee retention to be a high priority for the next five years, but 20% said there were too many competing priorities to focus on.
7. Companies Supporting Remote Work Have 25% Lower Employee Turnover
According to recent research by Owl Labs, supporting remote work solutions positively impacts employee retention. Allowing employees to work remotely can dramatically improve retention and even attract top talent.
8. 27% of Employees Who Think Their Company Has a Higher Purpose Than Profits Are More Likely to Stay
Employees find that working toward a specific vision is more satisfying and motivating. Research shows that employees who think their company has a higher purpose than generating revenue are 27% more likely to retain their current job in the years to come.
9. Professional Growth Is a Priority for Most Employees
According to LinkedIn’s 2018 Workforce Learning Report, 94% of employees are open to staying at a company as long as it invests in their careers. When companies invest in their employees’ careers, it creates a positive corporate culture.
10. Workplace Diversity and Inclusion Efforts Have a Significant Impact on Employee Retention
Research by Glassdoor shows that 76% of job seekers consider diversity and inclusion when looking at job opportunities. Offering equal opportunities and treating all employees fairly can go a long way toward reducing employee turnover.
Conclusion
There are several steps high-level executives and HR professionals can take to create a better employee experience and company culture in order to improve employee retention. Understanding what drives employees’ behavior and coming up with solutions can significantly help companies retain their workforce, and the companies that do so will be rewarded in the years to come.
