{"id":56445,"date":"2022-06-28T08:14:03","date_gmt":"2022-06-28T15:14:03","guid":{"rendered":"https:\/\/www.creativecircle.com\/?p=56445"},"modified":"2022-06-28T08:14:03","modified_gmt":"2022-06-28T15:14:03","slug":"employee-retention-trends-and-tips","status":"publish","type":"post","link":"https:\/\/www.creativecircle.com\/blog\/employee-retention-trends-and-tips\/","title":{"rendered":"Employee Retention: Trends and Tips"},"content":{"rendered":"

COVID-19 kickstarted The Great Resignation \u2014 according to the U.S. Department of Labor<\/a>, a record 4.5 million workers quit their jobs in March 2022, edging just above the previous high-water mark set in November 2021. Why are so many people leaving their jobs, and what can companies do to retain talent?<\/p>\n

The Current State of Employee Retention<\/strong><\/h4>\n

Prior to COVID, the median worker had been with their current employer for a little over four years, according to a U.S. Bureau of Labor Statistics report. Since COVID? Millennials (those born between \u201977 and \u201995) make up 66 percent of the U.S. workforce, and 91% of them say they expect to change jobs every three years<\/a>. The average tenure for workers between the ages of 25 and 34 is 2.8 years.<\/p>\n

The current overall turnover rate is 57.3 percent \u2014 25 percent voluntary, 29 percent involuntary, 3 percent high performers. This means one in four employees left their jobs voluntarily during the second year of the pandemic.<\/p>\n

The Cost of Training and the Impact of Employee Turnover<\/strong><\/h4>\n

According to Training Magazine\u2019s 2021 Training Industry Report<\/a>, the average U.S. company spent $1,071 per employee on training costs in 2021, with varying amounts of time required to learn new software, protocols, and timekeeping procedures. Companies are now spending more and more on employee training, on subjects including consulting, off-the-shelf and custom content, products, services, technologies facilities, travel, and equipment.<\/p>\n

Turnover is generally detrimental to a company. Knowledge, training and development all leave when employees leave. Projects may have to remain unfinished on hold until a new employee is hired and trained. Too much turnover is also terrible for morale \u2014 when more than a few employees leave a company in the same span of time, it can diminish the enthusiasm of coworkers, who may in turn be inspired to undertake their own job searches.<\/p>\n

Why Employees Depart<\/strong><\/h4>\n

Creative Circle recently put the question<\/a> to our 486,000 LinkedIn followers, and here\u2019s what they told us:<\/p>\n