TalentKeepers 8th annual Employee Engagement and Turnover Survey Reports found that 81 percent of companies are looking to impact performance by prioritizing employee engagement, as the country slowly returns to pre-recession economic production. Now that the majority of cost-cutting measures are behind U.S. businesses, they are turning their focus on retaining talent and ensuring that it remains productive and engaged.
More than 60 percent of firms have hired better-skilled employees during the slow economy thanks to the widened labor pool, but many of these companies are concerned about these employees leaving once the economy becomes more prosperous. And trust and loyalty among employees for their employees have dropped over the past year leading to an increasing rate of voluntary turnover resulting in declining levels of customer service, productivity, and missed opportunities.
“Combined, the direct and indirect cost of losing a valued contributor averaged roughly $155,000, as reported by those companies that calculate turnover cost,” Christopher Mulligan, TalentKeepers’ CEO, said. “As more executives understand the real cost of disengaged employees and the drivers of voluntary turnover, support for engagement and retention initiatives will grow.”