![]() ![]() Whether your team is on-site or remote, you can create learning opportunities through skill-based team building activities and lunch and learns. Especially younger workers are looking to develop their skills and broaden their networks. “People who aren’t learning will leave,” says LinkedIn Learning’s 2023 Workplace Learning Report. Learning opportunities: developing new skills is a way of career advancement Lack of flexibility is one of the driving factors in employee turnover, with 28% of employees changing jobs because of it. According to Buffer’s State Of Remote Work 2023, 98% of remote workers would recommend remote work to others. Flexibility: employees like choosing when and where they work ![]() For beginners, we recommend Appreciation Shower.Ĥ. Since recognition and employee engagement go hand in hand, using dedicated platforms can help if you’re unsure how to recognize your teammates. Plus, employees who say they are never recognized at work are 39% more likely to look for other jobs in 2023. Recognition: employee appreciation must become a priorityħ9% of employees would prefer a job where they are recognized over a job where they are not valued but paid more. The two previous generations prioritize ethical leadership over well-being. workforce, people born between 19 want an organization that cares about employees' well-being. We must also keep in mind that Gen Z and millennials work differently than Gen X and baby boomers. Then, you can use employee engagement platforms to measure what your team needs. The first step would be to ask them why they’re stressed. If this is the case for you, it is time to take action. Glassdoor & Indeed’s report found that stress is the second factor leading to employee turnover. Stress and well-being: how we feel at work mattersĨ6% of employees say that how they feel at work affects how they feel at home. Although HR leaders find it difficult to offer competitive pay, they can still set themselves apart by providing benefits, such as health insurance, paid time off, retirement plans, and flexible working. This includes problems with pay equity and a lack of benefits. The number one reason why employees quit their jobs is the lack of competitive pay, according to reports from Payscale, Glassdoor & Indeed, and LinkedIn Learning. Compensation: there is a lack of competitive pay Here is what the latest workplace turnover statistics show: The first step in avoiding high employee turnover is to be aware of them. Josh Bersin, the founder of Deloitte, shared years ago that it could be as high as 1.5-2 times the employee’s salary.įrom low pay to the lack of support at work, there are main reasons why employees quit. According to the 2022 Retention Report by the Work Institute, the cost for the average US employee is approximately $15,000. Despite all the layoffs and quits, 95% of people feel confident about their career prospects in 2023.Įmployee turnover costs depend on various factors, such as the company’s size and employee seniority. The cost of employee turnover is estimated to be approximately 33% of employees’ base pay.ĩ. 93% of organizations are concerned about employee retention and, thus, turnover.Ĩ. 39% of HR leaders say that offering competitive salaries is their biggest recruitment challenge.ħ. Instead, companies will focus on employee retention.Ħ. In 2022 and onwards, hiring is no longer a top priority. ![]() When asked the main reasons why they are considering switching jobs, 28% of employees mentioned work flexibility.ĥ. Reports from Payscale, LinkedIn, and Glassdor & Indeed found that compensation was the main reason behind employee turnover.Ĥ. The voluntary turnover rate dropped from 36% to 25% in one year.ģ. The hire rate (4.0%) and the average employee turnover rate (3.8%) did not change much compared to last year.Ģ. In December 2022, the number of job openings in the US increased to over 11.0 million.
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