Turnover

Escape the Benchmark Data Trap and Calculate Turnover’s Real Cost

calculating the cost of turnover
Relying too heavily on survey vendor data can lead to misleading conclusions on your employee engagement numbers and benchmark comparisons. Instead, focus on tracking performance against your own historical metrics. It’s also essential to highlight the financial impact of turnover in clear terms—dollars, not just percentages—driving leadership toward real, actionable solutions.
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How Employee Turnover Is Like Losing a Marriage

How Employee Turnover Is Like Losing a Marriage
“The things that destroy love and marriage often disguise themselves as unimportant. They’re not bombs and gunshots. They’re pinpricks. They’re paper cuts.” The common thinking about why employees quit is usually pay, benefits, career paths, and other broad one-size-fits-all expressions. The reality though is that many employees are quitting their jobs today because of the hundreds of paper cuts by their direct supervisors.
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Gallagher Reports #1 Workforce Priority is Still Turnover

Gallagher Reports #1 Workforce Priority is Still Turnover
The highly-respected Gallagher 2023 Workforce Trends Report survey of 4,000+ organizations says that employee retention remains priority #1. Not only did 66% of HR executives say so, but more than half of operations executives did as well. So businesses who must get product out the door now see turnover as their main obstacle, just as nurse turnover drives patient-care shortcomings and ever-increasing agency costs.
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From SHRM23 Las Vegas: Is It Pay?

From SHRM23Las Vegas: Is It Pay?
When employees seek support regarding any of their daily employee needs, their supervisor is their go-to source. First-line supervisors drive no less than 50% of turnover and 70% of engagement. Research and data support that if the boss is seen as trustworthy, the number of reasons to leave diminish significantly, including leaving for pay.
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The Best Data Chart to Cut Your Turnover

best turnover data chart
The key to cutting turnover is leader accountability and the key to holding individual leaders accountable is to have robust retention data. When individual managers are responsible to input retention data and the reports are used for accountability, it communicates that retention accountability is real and they should forecast carefully, build stay plans to increase retention, and most importantly achieve their retention goals.
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