What they are seeing is a multi-faceted picture of what motivates retention—or not. Factors like pay, or even workers’ relationships with their bosses, can be trumped by how connected employees feel to their teams. And, “at Credit Suisse, managers’ performance and team size turn out to be surprisingly powerful influences, with a spike in attrition among employees working on large teams with low-rated managers.”
While no single piece of data predicts retention with certainty, many of the numbers appear to highlight the power of employee engagement. When workers are bonded to their teammates and when those teams have effective leaders, the impulse is to see things through. The rewards go beyond the monetary: It is hard to put a price tag on the sense of self-worth, excitement, and accomplishment that engagement generates.
On the other hand, it is easy to put a price tag on unwanted attrition. The median cost of turnover for most jobs, says the Center for American Progress, is about 21% of an employee’s annual salary. William Wolf, Credit Suisse’s global head of talent acquisition and development, says a one-point reduction in attrition saves the bank $75 to $100 million annually.
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