Involuntary – The other side of the coin is involuntary turnover.It’s estimated that approximately 60%-70% of all employee churn is voluntary. Other examples of voluntary turnover can include employee retirement, disengagement or a departure from the workforce. For example, some employees may opt to leave if they feel they’re no longer a good fit or if they find a better offer at another organization. Voluntary – Some employee churn is organic or voluntary, meaning that it occurs naturally and is actually fundamental for ongoing business development.There are two types of employee turnover: How do we prevent regrettable turnover?Īlso referred to as “employee churn, “regrettable turnover,” and “regrettable attrition,” employee turnover is the percentage of workers who leave a company during a given timeframe, typically monthly or annually.How worried should I be about employee turnover?.How will I retain talent as the world opens up?.And they’ll need to start thinking about these things right now: For HR leaders at every organization, this poses three serious questions they’ll need to consider. Now, it’s literally a matter of time before employees, equipped with a renewed confidence, demand the ideal workplace, coupled with optimal team working dynamics. There’s definitely good news on the horizon! This crazy period of fear and the unknown is slowly winding down. So where does that leave your organization? Employee retention in the grand scheme of things For employers, Bonus.ly reports a resounding 87% of HR leaders think employee retention will be a critical or high priority for the next five years. Employees who need or want greater flexibility with their job may now go out and find it. Workers who may have held out in undesirable roles during the uncertain pandemic may take this opportunity to explore employment opportunities elsewhere. But it’s much more than just employee engagement it’s the added factor of employee retention as the uncertainty ebbs away and employees return to that foreign feeling of “normalcy.” What comes next?Īs we cautiously emerge from the arduous confines of the pandemic, employee engagement remains a critical factor that demands attention. Checking in from a distance became the norm, minus the comfort and convenience of office proximity.Įmployee engagement quickly became a top priority for organizations spanning across industries, segments, and businesses, as attrition rates vary by industry and can range from 10-15% in industries like healthcare and finance to as high as 20-25% in industries like hospitality and retail. HR had to up the ante to efficiently operate, engage and even thrive in a digital remote world. Corporations and leaders realized the immense importance of connecting with their team. Instead, we had to learn – sink-or-swim-style – how to adapt in this new digital world of remote work. No longer could antiquated processes, tools and technology be acceptable within the digital transformation we were all experiencing. We spent countless hours digging deeper for viable solutions that would not only return the employee experience to a semblance of what it once was but actually improve it overall. With the profound and unforeseen challenges caused by COVID, the world of HR was forever altered. Stepping up to meet the requirements of a new digital world Workers from all walks of life gazed fearfully into the face of a future looming with massive uncertainty, confusion and new obstacles galore. This catastrophic global event flipped the world on its ear, hurling perpetual changes and challenges toward us with full velocity and little warning. They’re vulnerable, potentially fragile and most certainly sensitive to changes within the organization and especially the changes happening outside of work walls. So why should we think about employee turnover now? Hold on…we’ll get to that!Īlong with this honest acknowledgment is the reality that employees are human. As such, employees are the vital lifeblood of every business. Aside from the systems and processes that have been established, the bottom line is that it’s the workers behind the scenes that stimulate the push to move our businesses into the future and beyond. If there’s one thing last year taught HR leaders, professionals and practitioners alike, it’s that our employees are our most valuable asset. How increased employee turnover demands began
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