So the employee making $30,000 total annually, would cost you over $10,000 to replace. And that's just the financial impact. There is also a negative impact on overall morale and productivity.
Additionally, results from those who have utilized our W.A.V.E.S.™ (Workforce Attitude and Voicing Employee Satisfaction) Survey have revealed some shocking statistics regarding potential turnover:
> 33% say they would consider leaving their current company for a better offer;
> 20% say they are unhappy with how their bonus is determined;
> 22% say they could use more training; and
> well over 1/3 of employees say that senior management does NOT understand the obstacles faced by employees or the company!
To prevent turnover and its effects on the entire company, it is imperative for management to understand WHY employees quit. From our recent research, the top five reasons for staff to voluntarily leave their position are:
- Unhappy with compensation/benefits for work performed
- No recognition for a job performance/goals achieved
- Too little training/coaching and feedback
- Lack of communication (primarly with management)
- Loss of confidence in company leadership
If you don't know the answer to that, you should. Many companies we've interviewed about using our W.A.V.E.S.™ Survey have actually confessed that they are "scared to see the results". We encourage all organizations to find out now before it's too late, otherwise they may find that they'll be spending 10 times more in money and time to replace employees than they would have spent to avoid the turnover in the first place.
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