Tis’ the Season for Employee Turnover
Updated: Mar 2, 2022
The holiday season is quickly approaching, and for many employers, it means that their employees are quitting.
We saw employee turnover in 2021. Data shows that a minimum of 1 in 4 “people quit their job this year” (Liu, 2021). Up to 500,000 employees in the United States in various industries left their jobs voluntarily (Liu, 2021). That is to say that businesses are becoming very concerned or somewhat concerned regarding retaining their employees (Pickert & Patton, 2021).
Turnover over the holiday season
Did you know that January and February are the months where companies generally hire the most (Keiling, 2021)? This makes sense. With the start of the new year, companies have new hiring budgets that they can spend. Not only are businesses more likely to hire in the new year, but at the end of the year, it often means employees receive their bonuses. As a result, many employees wait at the end of the year to receive their year-end bonuses before quitting. At the start of every new year, we all have our own new year's resolutions. For some, it is to look for a better job (Dove, 2012).
Impact of employee turnover
Employee turnover is costly and harms your company. It takes money and a lengthy process to hire and train the right candidate. At times, companies with high employee turnover would spend 2x of that employee’s salary because of recruitment, hiring, and training costs to find someone new (Indeed). When high numbers of employees are quitting, it can lead to a shortage of current employees, which can cause burnout. When a company has high employee turnover, the morale of the team falters, which lowers productivity and performance (Christiansen, 2019). Companies may find it challenging to hire and recruit new employees because candidates have no interest in working for an organization with a high turnover.
How to reduce turnover all year round?
There are many actions that employers can take all year round to help reduce turnover in their organizations. The workplace wants feedback.
When employees feel heard, they "are 4.6 times more likely to feel empowered to perform their best work” (Beheshti, 2019).
When companies respond and take action to feedback, it helps increase retention. Upskilling shows your employees that they are an essential part of your company, which helps to increase retention (Indeed). It is essential that “companies should know that training their employees is essential to retaining them” (Manalo, 2019).
Research indicates “that companies with high-recognition cultures perform better and have less turnover than those that don’t” (Peart, 2019). It is essential to provide your employees with recognition all year round. At the end of the year, employers can also provide their employees with recognition through a card or email to acknowledge their hard work and to show your employees that you appreciate what they have accomplished and done this year.
According to a study, “82% of employees think it’s better to give someone praise than a gift” (Martic, 2019).
How we can help
Retainify is an employee engagement and development software that offers a unified solution that allows you to track employee sentiment and measure engagement in real-time. Proactively identify issues that are preventing them from being their best at work. Improve business outcomes by improving the employee experience, and enhancing company culture one feedback at a time. Turn Feedback into Action.
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