Lost productivity including absenteeism, illness, and other problems that result when employees are unhappy at work is costing the American economy $350 billion dollars a year, according to the Gallup Organization.

As work culture evolves and companies do more to keep their employees happy, employees in turn expect more from leadership and will not hesitate to leave if certain expectations are not being met. So save yourself the high cost of turnover and try to spot out any warning signs of an unhappy employee and nip them in the bud.

 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.

It is generally understood in business management that lower employee turnover rates yield more profit. There are situations, however, when a business may have an intentional high employee turnover rate.  

Low turnover rates fall in the category of good business practices. It is a reassurance that the employees hired value the company they are working for. And if KPIs are being met, the company knows they have a valuable employee and do not need to spend money on replacing and training a replacement.

High Employee Turnover:  Quality Employee Onboarding Reduces Quick Exits

Employee onboarding is one of the most important factors helping new recruits get adjusted to the way of working in an organization. It is also one of the first things an organization can do to ensure improvement in high employee turnover.

It’s 2017, which means if you don’t have an employee retention plan you may be headed down a long and challenging road of high turnover and unfulfilled employees. By 2020 it is expected that 60% of the workforce will consist of Millennials. Due to the Millennials’ values and beliefs, traditional workplace environments will have a hard time retaining, and even recruiting young talent. Millennials naturally want to feel valued and connected to a company that has a clear vision to make a positive impact. Millennials are often considered as a lazy generation to the ones before it. However, what sets Millennials apart, from any other generation, is that they are the age of collaboration. Millennials love to collaborate with one another on meaningful work. Work that gives them the freedom to choose the best direction for the company they work for. People want to feel that they are apart of a team, not just a regular employee.

Challenges with a Pet Policy at Work

There’s a saying that says you can’t please everyone. This goes for pretty much any individual, especially employers. As an employer, one of the biggest challenges you can face is making your employees feel as if they bring value in a workplace environment. After all, what’s the key to improving employee retention? Making employees love where they work. By 2020, approximately 60% of the workforce will consist of Millennials. As an employer, this can either be a good thing or bad thing. For those that stick with traditional workplace values, turnover rates may become a problem. But, what about those companies that decide to evolve as the workplace evolves? Well, they’re in for a treat. Companies that truly understand the values that Millennial’s possess will notice that retaining employees will become easier than ever.

Obstructions in Reducing Turnover

You’ve heard the positives and the negatives of turnover rates. You’ve probably even been curious on how it can affect your business. Most of the time businesses don’t speak about the true costs of employee turnover. In fact, the cost is largely hidden. The expenses don’t show in your loss and profit statements, and they are virtually hidden when it comes to company budgets. So how is this mysterious entity actually causing you harm?

The Cost Of Employee Turnover Rates

Technology’s influence in managerial, financial, and operational practices becomes more evident day by day. The impact of losing top Information Technology (IT) talent can easily translate into an added cost ranging from 50% to 150% of that person’s annual salary. Human resources have the uphill task of reducing their employee turnover rates for in-demand professionals covering programming, analysis, tech-support, technicians, admins, and project management roles.