Millions of Americans continue to go without jobs, but high unemployment rates and a suffering economy hasn’t stopped some of those who are employed from jumping ship. Employees continue to hand in their resignations, but why?
According to the infographic Biggest Reasons Why Employees Leave Your Company by Bolt Insurance, 32 percent of workers polled in a Gallup survey said career advancement/promotion opportunities were the main reasons they leave a company. Pay/benefits was the second biggest reason for leaving (22 percent) while lack of a fit to the job came in 3rd place with 20 percent. The smallest reasons for employee resignations were scheduling conflicts and job security at 8 percent and 2 percent, respectively.
The infographic detailed the biggest stress inducers, according to the American Psychological Association. Almost half (43 percent) of respondents said a heavy workload and lack of growth and advancement opportunities are the biggest stress inducers. Unrealistic job expectations also cause a significant amount of stress at 40 percent and 39 percent of those polled reported long hours as a major stress inducer.
Employee recognition was also highlighted on the infographic with just below half (43 percent) of participants saying they receive adequate non-monetary rewards and recognition for their contributions at work. One in two employees don’t feel valued on their job and 3 in 10 plan to seek employment elsewhere.
So, just how much does turnover affect companies? The infographic also covers that:
- $5,500 is the average turnover cost for an employee earning $8/hour
- Turnovers cost companies around 30-50 percent of an entry-level worker’s salary, 140 percent of a mid-level worker’s salary and up to 400 percent of a senior-level position’s salary
- Employee turnover has direct and indirect costs. Direct costs can be recruitment, training a new employee and temporary replacement workers. Indirect costs range from lost productivity to the time a manager will have to take to interview candidates.