4 Fast Facts About Employee Turnover
Rising Costs in 2022
Let’s Talk Turnover
It’s arguably one of the biggest problems facing employers today. You’ve likely heard of the Great Resignation: when more than 40 million workers quit their jobs in 2021. But even as employees return to the labor force this year, the high rate of churn remains costly.
Keep reading for 4 facts about employee turnover that every employer and hiring manager should know.
The Total Cost of Turnover for U.S. Employers is $700 Billion
When you factor in hiring, recruiting, onboarding, and training costs—as well as the price of lost productivity—the expense is shocking. Unfortunately, as companies continue to suffer from poor retention strategies, the data shows that the cost of turnover is only rising.
87% of Employers Think Employee Turnover is an Urgent Problem
A key concern with turnover is its impact on brand reputation. While satisfied long-term workers help attract new hires and talent, employees at risk of quitting can weaken a company’s standing in the hiring pool. In addition, turnover may worsen the customer experience and sense of loyalty, which ultimately affects company revenue.
Effective Onboarding Can Improve Retention by 82%
How companies train new hires is crucial. The data indicates that supportive onboarding increases employee engagement, lowering the churn rate. If a company advertises their expertise and core values during training, new workers are more likely to see the long-term benefits and stick around.
40% of Turnover Occurs Within The First Year at a New Job
Don’t let your good work fade. During their first 12 months at a company, employees still require the strong support systems established during effective onboarding. Rather than isolating new workers, continue to encourage social interactions with mentors and upper management to foster an inclusive environment.
At CoDo, we’re in the business of solving problems. If employee turnover is affecting your company, let’s find a better way together. Harnessing the power of behavioral science, our training software platform helps the modern workforce perform. With CoDo, turn onboarding into a customized, engaging journey—helping you hook new hires.