- Various estimates suggest that losing a middle manager costs an organization up to 100% of his salary.
- The loss of a senior executive is even more costly. I have seen estimates of double the annual salary and more.
- Employee retention is critically important for a second societal reason, too. Over the next few years while Baby Boomers (age 40 to 58) retire, the upcoming Generation X population numbers 44 million people (ages 25-34), compared to 76 million Baby Boomers available for work.
- Over 50 % of people recruited in to an organization will leave within 2 years.
- One in four of new hires will leave within 6 months.
- Nearly 70% of organizations report that staff turnover has a negative financial impact due to the cost of recruiting, hiring, and training a replacement employee and the overtime work of current employees that’s required until the organization can fill the vacant position.
- Nearly 70 % of organizations report having difficulties in replacing staff.
- Approximately 50% of organizations experience regular problems with employee retention.
- 40% of workers are planning to look for a new job within the next six months
- 69% say they’re already passively looking
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Employee Recognition Findings Surface: 2014 Trends
- Quantum Workplace released its 2014 Employee Recognition Trends Report, revealing recognition findings among the nearly 5,000 organizations and 400,000 employees that participated in Best Places to Work last year.
- Overwhelmingly, a pay increase ranked as the most important form of recognition for the third year in a row across all Best Places to Work participants.
- Engaged employees were more likely to prefer learning and training opportunities as a form of recognition, while disengaged employees preferred compensation and time off.
- Employees in higher levels of organizations were more likely to say they received the right amount of recognition than those in lower levels.
- Women more often reported receiving too little recognition on nine of the 11 different types, compared to men.
- Employees in sales were 23 percent more likely to receive the right amount of recognition, compared to other departments.
- As an employee’s position in the organization rose, praise from senior leadership became more important.
- Millennials preferred promotions more than any other age group.
- Gen X employees reported receiving compensation-based recognition too infrequently, compared to millennials and baby boomers.
- An employee’s likeliness to receive the right amount of recognition increased as education level increased.
- Employees without a high school diploma were four times more likely to say they received too much recognition, compared to employees with a high school diploma or more education.
- White employees were more likely to receive the right amount of recognition, compared to all other race and ethnic groups.