The Increasing Cost of Workplace Turnover…

We need to increase engagement to decrease turnover

As you may know, engaged workers are more productive. They contribute ideas, are more optimistic about the company and its future, and are seldom absent from work; and they tend to be among their organizations’ most valuable ambassadors, driving positive word-of-mouth and brand value.

In addition, an equally-as-important benefit of a highly-engaged workforce is their loyalty. Simply stated, engaged workers don’t quit.

We all know that unwanted turnover can be a problem… but are you aware of how expensive a problem it might be?

Well, a March 1st Wall Street Journal article shared some insightful data on the subject: “Last summer, more Americans quit their jobs than at any point since the federal government started tracking that metric in December 2000, and employee turnover remains near historic highs. Replacing workers is also getting more expensive. It cost employers $617 billion in 2018, compared with $331 billion in 2010, according to a report by Work Institute, a consulting company.”

To add more fuel-to-the-fire, a 2020 Gallup poll indicated that only 35% of the U.S. workforce is engaged in their work!

These are compelling reasons for business leaders to prioritize their workforce engagement efforts, and to develop a culture of engagement within their organizations. Otherwise, their competitive edge will be in serious jeopardy.