Great Retention - Employee wellbeing

Want to Retain Your Top Talent?

The Global Resignation and Talent Retention
Companies have been feeling it in the past months. There has been a lot of movement within the workforce. Why is this happening and what can be done?

Gallup conducted a study in March 2022 looking at the current Great Resignation and shared some insightful data:

  • 55% of Americas workforce is actively job searching or seeking new opportunities
  • 4.5 MM Americans quit their job just in the month of March 2022 – setting a new record for “Quits”.

This is not only something happening in America. Indeed we can see these changes globally. Also in Germany we can see, that those actively seeking a new job are at an all time high.

What is behind this trend?

Employees’ expectations of work have fundamentally changed after the experiences of 2020 and 2021. Many have learned new ways of working and acquired a very different perception of how an employer should care about their overall wellbeing.

Why are people leaving their jobs?

Often companies assume, that the main reasons is an increase of pay. But indeed studies have shown that this is only the top of an iceberg. Main reasons are: 

  • No possibilities for learning and growth
  • No appreciation
  • Need for a break (Burnout)
  • Discrimination 
  • Non fulfilling work
Why focus on employee wellbeing?
  • 71% of employees are less likely to experience burnout
  • 69% of employees are less likely to be actively seeking for a different job
  • 36% of employees are more likely to be thriving in their overall lives
  • 45% of employees are more likely to report high levels of adaptability
  • 27% of employees are more likely to report “excellent” performance in their own job at work
What do the best organizations do to foster employee wellbeing?

1) Business decisions are guided by the companies culture and values
2) Flexible work environments are embraced
3) These companies communicate with and enable managers to lead through times of change
4) These companies make wellbeing programs equitable and inclusive
5) Keep employees engaged 

Something to think about:

Whenever an employee leaves a company, it costs the company something between USD 25.000 up to USD 100.000. But these are not only the only costs. Each individual person forms the culture, relationships, and moral of a company and these are the key drivers to performance and innovation. So what are the real costs when you lose an employee?

What you as an Executive can do:
Key Drivers of Employee Retention

How serious are you about the key drivers of employee retention?