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Providing People Solutions |
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Providing People Solutions |
With the tightest labor market in the past fifty (50) years, companies across the United States are shifting their focus to retaining talent within their workforce. According to a study by the Work Institute, based upon statistics from the U.S. Bureau of Labor Statistics, an estimated forty-one (41) million people voluntarily quit their jobs in 2018. That number is expected to continue to climb. By 2020, the Work Institute expects this figure to reach forty-seven (47) million.
This study also examined why people are leaving their position. The top five (5) motivational factors for an employee to leave a position or company are:
To place a dollar figure on employee replacement, each departure costs about one-third (1/3) of the employee’s annual earnings. Companies commonly ask themselves, what are the key ingredients to a successful employee retention program? The secret is creating and sustaining job satisfaction and employee engagement.
Job satisfaction and employee engagement are impacted by five (5) factors:
The importance of addressing these factors is obvious, but actually doing so involves an investment of time. The bottom line is that management must invest their time in employee engagement for the payoff of increased performance, productivity, employee morale, and quality of work.
For tips on how to retain employees or how to create a sustainable employee retention program, please contact HR Partners at 785-233-7860. In addition, we would be pleased to assist you with any other HR matters your business may need guidance with.
Source:
Agovino, Theresa. “To Have and to Hold.” SHRM, SHRM, 27 Feb. 2019, https://www.shrm.org
As part of our ongoing support of the Topeka Community, we would like to take this opportunity to shine a spotlight on Channel 27 News and their weekly Veteran Salute segment.
This week, Channel 27 highlighted John Dietrick's service in Vietnam. To read the full article or watch the full interview, click on the image below or click here.
We are thankful to John, and all our Veterans, for their service!
Michelle Meier
Administrator
Kansas Medical Clinic
"Kristina has built an exceptional company with some of the most proactive professionals I've seen in a long time.
We hired her with a human resources 911 issue and were in much better shape within two weeks! She is also great as a speaker and motivator for your staff."
