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?

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Kennon Kincaid
Thought leadership category