The last few years have brought HR & management teams a crisis of turnover among their teams. 2021 saw the United States turnover rate rocket to 57.3%, which is a crippling number for small businesses who can’t afford the cost of replacing an employee – which, per industry analyst Josh Bersin, can be 1.5x-2x their salary. Employee retention is pivotal.
The Great Resignation, as some have called it, is one of the biggest factors separating companies that came out of the pandemic stronger than ever from companies that continue to struggle with turnover, employee shortages, and high recruitment costs. While high turnover can be influenced by any number of factors, there are proven strategies HR can implement to transform their organization into a talent destination and start the journey towards The Great Retention.
The first step, therefore, is determining the root cause of turnover within your team. Take deliberate steps to determine where to begin with pulse surveys, one-on-one’s, conducting exit interviews, asking employees about their experiences during one-on-one meetings, and conducting a meaningful audit of your workplace’s culture.
Before moving forward with an official employee retention plan, however, check out our Employee Retention Strategies PDF! HelloTeam spoke with plenty of Human Resources experts through our Culture Corner Podcast and customer testimonies/interviews. From personal stories to innovative ideas, we heard an incredible amount of wisdom from some of the leading minds in the HR space. In particular, we heard a lot of advice on curbing turnover – enough to compile a list.
Click here to take a look at our Employee Retention PDF, “10 HR Strategies for the Retention Crisis in 2022”! The importance of Employee Retention PDFs cannot be understated; beat The Great Resignation today. Learn even more about Employee Retention strategies here.