For over 100 years, the number one reason why employees quit has been a lack of advancement opportunities. Today, however, it’s more likely to be because of a poor culture fit or lack of trust in management. In order to retain employees longer and keep them engaged while they’re at work, we need to start looking at retention differently than we ever have before. Here are seven statistics about employee retention that you should know:
The average U.S. worker has 12-15 jobs in a lifetime
The average U.S. worker has , and the average American worker will have three to five jobs in their first five years at work.
The average American worker will have two to three jobs in their first ten years of work, meaning that most people are changing employers frequently throughout their careers. In fact, half of all job changes occur within six months of the initial hire date!
One of the most common reasons given by people who leave their jobs is that they aren’t happy at work or don’t like what they are doing. The average person is likely to be with an employer for less than two years, and this number is shrinking rapidly as technology changes how we communicate and do business.
About 25% of new hires quit within the first 90 days
Did you know that the average tenure of a new hire is now only about two years? This is because people are more likely to leave jobs if they are unhappy with them and don’t feel supported by their managers or peers. “Challenged” employees, on the other hand, stay longer and perform better.
The secret to employee retention (and higher productivity): getting people out of their comfort zone so they can grow as individuals and professionals.
This is because people are more likely to leave jobs if they are unhappy with them and don’t feel supported by their managers or peers. “Challenged” employees, on the other hand, stay longer and perform better. The secret to employee retention (and higher productivity): getting people out of their comfort zone so they can grow as individuals and professionals.
It costs an average of 6-9 months of an employee’s salary to replace them
It costs an average of to replace them.
This is a big deal for small businesses with 50 employees or less, which makes up 97% of all companies in America. The average cost to replace an employee ranges from $8,000-$15,000 depending on the position they hold and its responsibilities (cost is usually higher for hard-to-find skills).
In addition to these costs, when you lose an employee it can take weeks—even months—to find a replacement and train them on what was learned during their time with your company. This downtime translates into lost productivity and lost revenue while you are doing so: in fact, the U.S Chamber of Commerce estimates that replacing one worker costs between $3100-$3400 per month!
55% of employers agree that a lack of coaching and development opportunities is the leading cause of employee turnover
While it’s obvious that employees want to learn, grow, and be challenged, they also want to be rewarded for their hard work. They want to know that the company values them enough to invest in their development.
Employee retention is essential for any business because it reduces turnover costs and increases employee productivity. The best way to retain employees is by making sure they’re satisfied with their jobs and confident that they’ll get opportunities for growth at your company.
Organizational agility is one of HR’s biggest challenges
In an environment where employees have more options than ever before, it is critical that organizations are able to quickly respond to changing business needs. Employees want to work for companies that are agile and dynamic—they want the opportunity to make a meaningful difference in their jobs. Employees also want transparency: they want managers who will be honest with them about what’s going on in the organization and what opportunities exist for growth within it (or outside of it).
Companies that foster an environment of organizational agility will be better positioned to keep top talent from leaving. Employees are becoming more aware of their own options in the job market, and they’re choosing to leave companies that don’t offer them what they want.
Employee retention is not what it used to be, and it’s worth taking care of your people so they stick around.
Employee retention is one of the most important things you can do.
The costs of employee turnover are enormous, including recruiting fees, training costs, and lost productivity while new employees get up to speed. The cost to replace an employee ranges from 30% to 200% of his or her annual salary depending on industry and position. One study found that it takes about six months for an employee to become fully productive after joining a company—that alone could be costing your business $35k per year!
Digital coaching can help you retain talent
As a manager, you need to be able to help your employees grow and develop new skills. You want them to be the best version of themselves so that they can contribute more in their roles. Digital coaching is one way for managers to support the development of their employees.
organizations like CoachHub can provide a tech-enabled approach that can be used by managers at all levels of an organization. It involves planning and delivering coaching sessions with employees using digital tools like video chat or online surveys. This approach can make it easier for managers to provide better training, communication, feedback, and support than traditional methods like one-on-one meetings or group office hours would allow them (e.g., no scheduling conflicts).
Conclusion
As you can see, employee retention is a major issue for companies. If you have employees who are looking to leave, there are ways to retain them. One way is through digital coaching. This process makes it possible for people across the globe to work together with their managers or other team members at any time of day or night