A terrific new infographic just came out from Cornerstone OnDemand, based on their 2013 U.S. Employee Report.
The main thrust of the report adds to what seems to be the New Year’s resolution of the vast majority of employees – finding a new job. As the research/infographic points out, 19 million Americans plan to leave their jobs in 2013, costing more than $2 trillion to the U.S. corporate bottom line.
I can hear the deriders saying, “Sure, 19 million people plan to leave their jobs, but how many actually can or will?”
Just daydreaming about leaving for a new job?
It’s a valid point, but don’t forget – people thinking about leaving their job in your company are not fully engaged in or focused on the task at hand.
They’re daydreaming about leaving. They’re spending work time trolling the job boards. They’re already one foot out the door. In fact, many of them have already quit and just forgot to tell you.
The costs of employee turnover are staggering, but there is much you can do about it. Look at this section of the Cornerstone On/Demand infographic:
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What can you do to get them to stay?
- Be sure managers know how to manage well. Bad managers inflict obvious harm on the organization. So do mediocre managers. Check out this article in the Gallup Business Journal to see why you should Lose Your Just-Good-Enough Managers.
- Be sure employees know they are appreciated and recognized for their achievements. This research lines up well with the latest Globoforce Workforce Mood Tracker, which showed 48 percent of employees cite lack of recognition as a top reason for leaving. Knowing what we do every day matters, and having work that has greater meaning and significance is critical to employee engagement and retention. So tell your employees that both they and their efforts matter — and why. It’s not difficult, especially with a strategic, social recognition program.
- Be sure employees have room and the means to grow and develop. Once again, the research lines up with the Mood Tracker, in which another 48 percent of employees said lack of opportunity was a top reason for leaving. None of us want to stagnate in our careers. That quickly becomes boring. Give employees a vision for how their career can develop in your organization so they’re not tempted to jump ship to accomplish that goal.
Very high employee turnover costs are quite real. (Globoforce now offers a very easy-to-use turnover cost calculator. Hit me in comments or contact me through the email link below if you’re interested in using it.) But you don’t have to factor in those continued high costs as an expectation in 2013. You can do something now to reduce turnover – and the thoughts, daydreams and job-site trolling.
What are your expectations for turnover in 2013? Are you planning to look for a new job?
You can find more from Derek Irvine on his Recognize This! blog.