Costs Absenteeism- How much does employee absenteeism cost? According to 'Absenteeism: The Bottom-Line Killer', by Circadian, unscheduled absenteeism costs roughly $3,600 per year for each hourly worker. Additionally, it also costs roughly $2,650 each year for salaried employees.  Daily Pay

Costs Turnover - Replacing entry level employees who have resigned cost between 50% their annual salary. A mid-level employee turnover costs up to 150% and above of their annual salary to replace. A high-level or highly specialized employee could cost approximately 400% of their annual salary to replace.  Simply Benefits Final costs depend on what formula is used and whether companies include direct (Recruiting agencies, Interview, Ads..) and indirect costs (Overtime, quality issues, loss of productivity..)

•  Gallup's analysis shows that the manager alone accounts for 70% of the variance in team engagement
• The latest  LifeWorks research found 20%, or one in five, Canadian workers reported a decline in trust towards their employers compared to before the pandemic. 
• The Managers Role “Managers are essential in attracting candidates, driving performance, keeping engagement and retention levels high, and supporting their team’s development. Ineffective management leads to a lack of trust …resulting in high turnover and lower morale.“
• Onboarding: Over 1/3 of newly hired employees quit within their first year (The Work Institute) . Most organizations focus on compliance issues versus understanding what the employee needs. 98% of new hires have one or more key relationship needs unmet in their first year.
• In the summer of 2021, Gallup reported that 48% of U.S. employees were actively job searching or watching for job opportunities. Dubbed the "Great Resignation," this era of unusually high quit rates left many leaders scrambling to fill crucial roles and rethink their employer brand. And yet Gallup has found that it's disengaged workers who are at the highest risk of leaving. It takes more than a 20% pay raise to lure most employees away from a manager who engages them, and next to nothing to poach most disengaged workers. High-quality managers who inspire and support their teams are an effective moat of protection for retaining their most talented workers.  Gallup

In a recent HR.com survey to better understand employee turnover they found

• Retention is among the TOP THREE priorities for HR departments and senior executives, but HR is slightly more likely to prioritize it! 77% say employee retention is at least among the top 3 priorities in the HR DEPARTMENT and 61% say the same about SENIOR EXECUTIVES in their organization YET 81% rate their retention strategies and programs at either 1-Underdeveloped or 2-Beginning or 3- Intermediate (Since the main focus on Comp and Benefits) vs advanced) - Just 5% say their organization’s retention approach is “top-notch” and just 30% say it is “advanced”
•  56.5 percent of survey respondents stated “The employees desire for a better work experience” as a non compensation related factor is a top trend having the greatest impact on employee retention. Beyond compensation, what is more important to note is that the next four top reasons for employee turnover are DIRECTLY RELATED to what the employee experiences in their work career.
• There are several internal issues that are most likely to drive employee turnover: Management-related issues and the nature of employees’ jobs: those who cite these or similar issues are most likely to specify the following problems:
  -> lack of advancement opportunities
  -> lack of appreciation/recognition
  -> lack of skilled managers
  -> lack of flexible work arrangement
•  On what top management related issues have been implemented to improve retention- Only 11.1% selected well trained people managers. We found this last point surprising since it is so critical to retention and a strong work experience.
• When compared with organizations that do not retain employees very successfully, those that do are: ● nearly 3x more likely to say they make managers accountable for the retention of subordinates

Manage2Retain partnered with HR.com to learn more about employee retention and turnover. See the "State of Retention" Survey Results and Reports Below to Learn More:

Infographic Summary

Full Survey Report

Key Observations

•  “Leaders need to listen actively to on-site workers -- seeking to understand their needs, including what's changed and what's stayed the same. Then, take action to support each individual.”
• “When managers are taught coaching skills, which include collaborative goal setting, ongoing feedback and accountability, they can use them to develop high levels of trust with their employees.”
•  “The best leaders are thinking differently to provide flexibility wherever possible to improve every employee's experience.”
• “…When employees strongly agree that "I feel connected to my organization's culture," they are: 3.7 times as likely to be engaged at work, 5.2 times as likely to strongly agree they would recommend their workplace as a great place to work and 55% less likely to be actively looking for another job…”
• “…93% of employees say they are more likely to stay with an empathetic company…”

Employee retention relies on a combination of factors beyond compensation, including flexible work arrangements, benefits, professional development opportunities, advancement opportunities, company culture, and more.
To help you round out your employee retention program, Manage2Retain have put together a list of the top causes of employee turnover and a detailed plan for how to address them.

•  Lack of Career Development/Advancement- 41%
•  Inadequate Compensation- 36%
•  Uncaring/Uninspiring Leaders-34%
•  Lack of Meaningful Work- 31%
•  Unsustainable Work Expectations- 29%
•  Unreliable/Unsupportive Colleagues- 26%
•  Lack of Workplace Flexibility- 26%
• Lack of Support for Health/Wellbeing- 26%

1.  Create professional growth and development opportunities
   94% of employees surveyed by LinkedIn for its annual Workplace Learning Report said they would stay at a company longer if it invested in their professional development.
2.  Make sure managers are not compelling great employees to leave. You've likely heard the expression, "People leave managers, not companies." Management affects how engaged employees are, and therefore, how likely they are to stay at your company.
   The single biggest decision you make in your job -- bigger than all of the rest -- is who you name manager. When you name the wrong person manager, nothing fixes that bad decision. Not compensation, not benefits -- nothing. ⁠— Jim Clifton, Gallup CEO. Train managers on how to improve their people/soft skills and help them build stronger working relationships.
   Managers must build strong relationships with their employees AND help employees build relationships and their internal network with other colleagues and managers who could help support their career (Important relationships include: personally supportive, purpose driven, diverse perspectives, problem solving)
3. Make sure your employees are appreciated and recognized.
   A sobering 66% of employees say they would quit their job if they felt unappreciated. According to one Gallup poll, 65% of people feel unappreciated at their job. Meanwhile, another study discovered that the office comes in last on the list of places where people express gratitude. Side by side, those statistics indicate there's a lot of work to do.
4.  Create flexible working arrangements for employees. In some professions, there's an expectation that employees will be available 24/7. These demands to be physically present at set hours can lead to a drain of talent and resources over time.
   Example: Remote working also reduces one of the biggest pain point of coming into the office: commuting. 23% of workers have quit their job because of a bad commute.
5.  Be a Human First Culture. Give employees a voice in their work and their company. Being able to submit ideas and opinions for improvements in operations and business is equally as important as being able to help shape the workplace culture and environment. Employee opinions and needs matter.