Over 40% of costly employee turnover may be easily preventable. Ensure your organization’s leaders are having proactive conversations with employees to mitigate turnover cost and improve employee morale.
Self-reported employee turnover risk is at its highest point since 2015 as half of U.S. employees are watching for or actively seeking a new job. Long-term organizational commitment, meanwhile, is at a nine-year low.
However, employers can take steps to significantly reduce turnover risk. According to a recent Gallup poll, 42% of employees who left their organization voluntarily said their manager or organization could have done something to prevent them from leaving their job.
According to respondents, discussion topics that could have prevented a surprise exit included:
- Compensation and benefits (30%)
- More positive interpersonal interactions with manager (21%)
- Organizational issues (13%)
- Career advancement (11%)
The data indicates that employers are leaving valuable intervention opportunities on the table.
Employers can – and should – engage in (well-planned) compensation/career trajectory discussions with employees. Career development plans, when carefully implemented, can provide a brighter future for employees to work toward. Strengthening the manager-employee relationship by promoting positive interactions and reducing micromanagement can also help prevent turnover.
Managers must be proactive in mitigating turnover risk and boosting team engagement before it’s too late.
Need more information?
To learn more about mitigating turnover risk and boosting team engagement, contact our Human Resources Consulting team.
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