Odgers Berndtson: Reframe Employee Retention: Give Your Workforce a Reason to Stay
Odgers Berndtson dives deeper into the cost of employee turnover, explores how organizations can take a closer look at their own turnover, and suggest strategies for retaining employees.
In its 2022 Retention Report, the Work Institute claims, “losing an employee typically costs approximately 33% of their base pay. For the average US employee, the cost of turnover is approximately $15,000.” Imagine you’re losing senior leadership talent with a salary in the high six figures and that number jumps exponentially.
Additionally, the article outlines some essential questions to ask your leadership team:
- How does remote and/or hybrid work factor into your employee retention strategy?
- How are you measuring employee strengths?
- Have you defined what it means to be a “high performer” within your organization?
- If you’re hiring, have you defined what your “ideal candidate” looks like? Is there consensus amongst your hiring team?