Managers dread the day when their best talent comes into their office and utters those two words — I quit.
Retention is an ongoing challenge for most organizations, and it is highlighted as a top concern because losing talent is incredibly costly.
Unfortunately, there is not a single answer to this major issue, but there is a main area organizations need to focus on: workplace culture.
Culture starts with the organization’s core values, and when employers put their staff first, employees are far more likely to stay.
Employees don’t want to be seen merely as an asset, which is why several companies are putting their people before profits.
For example, U.S. Bank took notice of ongoing issues related to critical employee incidents, some of which included robberies. These traumatic events are incredibly stressful for those involved, so they needed a solution.
The organization reached out to LifeWorks, an EAP that takes a holistic approach to employee assistance and well-being, to empower their employees to better manage these critical incidents and teach them how to take care of their physical and mental well-being.
In short, they centered their workplace culture on their own staff’s overall well-being. The organization says this solution saved them nearly $1 million in turnover and absenteeism costs alone.
Establishing a workplace culture that focuses on employees is a complex undertaking, but it’s essential to boosting retention. Not to mention, happier and healthier employees are also far more productive.
The infographic below — based on a report by LifeWorks and HR.com — looks at eight ways to help employees feel more supported.
Let’s take a look at some of the highlights:
- 71% of employers know their employees need help managing stress.
- 81% of employers who encourage collaboration say they allow employees to reach their full potential.
- Over 70% of employees without professional development options are open to new jobs.
- Of the 38% who don’t feel valued, 76% are looking for or open to new job opportunities.
Check out the full infographic below to better understand how to focus your workplace culture on supporting your employees and, in turn, boosting retention.
How are you reducing turnover and centering your workplace culture on supporting your employees? Share in the comments below.