Understanding Why Employees Stay or Leave

Employee retention is a top concern as we enter a postpandemic world. As the pandemic progresses, high numbers of workers have left their jobs for better compensation, benefits and work environment factors, such as work-life balance and remote or hybrid arrangements. This reality has impacted employers, who struggle to attract and retain the talent they need.

If employers are experiencing high turnover, chances are they’re experiencing high losses as well. Research suggests that it can cost as high as 50% or more of an employee’s annual salary to replace a current employee. The costs of reviewing applications, processing candidates, conducting interviews, training and purchasing equipment for new hires aren’t only monetary; they also cost time and productivity and can negatively impact company culture.

Most employers have retention strategies, but it’s worth taking a step back to understand why employees stay—or leave. Ultimately, a deeper understanding of this can inform effective retention strategies. As employers develop and evolve their return-to-work plans, critical retention factors must be thoughtfully included to navigate the current talent shortage.

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HR EDGE - Quarterly Newsletter - Q4