Lost Employees are Costing You
The Work Institute issued its findings into a one-of-a-kind report into employee retention last year, and the results are probably not that surprising to HR professionals across America. They estimate that almost one in four employees are leaving their jobs.
What may surprise HR folks is just how much this is costing businesses. The Work Institute projects that American businesses will pay $680 billion in associated turnover costs by 2020.
Their report, which compiled 234,000 exit interviews, highlights work-life balance, career development opportunities, and management issues as the main reasons people voluntarily resign.
The good news is that all three of these issues can be addressed with employee engagement programs.
It's not just turnover, it's lost sales and profits.
According to Gallup, highly engaged workplaces see 20% higher sales, 21% increase in overall profitability, 10% better customer ratings, and up to 67% lower turnover.
Combine this with the dollars companies are losing in turnover and the case for developing employee engagement programs becomes quite clear.
Employee Engagement as a Solution
It can be challenging to start a new engagement program, but it is likely you will not need to convince your employees to find value in them once they are up and running. Some of them already crave them!
Essilor USA , a leading lens technology company, remarked in a recent webinar that when they surveyed their 8,500 employees, they heard consistent requests to be more a part of Essilor’s mission, which is “improving lives by improving sight”.
This realization led Essilor to set up an engagement program utilizing corporate volunteering. The result is that Essilor and their employees have so far contributed 800 volunteer hours connected to the heart of the company’s mission statement.
Essilor claims this has led to positive impacts on their recruiting, retention, and overall brand impact.
So what's stopping you?
Learn how to keep your employees engaged and loving where they work by establishing an employee engagement plan.