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Why Employees Stay or Go

4/10/2015

4 Comments

 
Picture
With employment on the rise, turnover is once again a key concern for employers.  As a preventive measure, reports The Wall Street Journal, companies like Credit Suisse are analyzing data predicting who might have an eye on the door.

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.


We want to hear:  Why do you stay at your job…or what has made you want to leave a job in the past? Join the conversation and click "comments" on our Community of Practice Forum.

4 Comments
ann
4/20/2015 10:53:39 am

I really appreciate this article. Thank you for posting it. This is why hyper-competitive environments are so toxic. People need to be rewarded for embracing a better idea. Thanks again for this gem!

Reply
Susan
4/21/2015 07:08:06 am

Well said Ann. Couldn't agree more. Thanks for the insight.

Reply
alvi link
2/14/2023 11:10:31 pm

It is very helpful and very informative and I really learned a lot from it. I can also refer you to one of the Best I can also refer you to one of the best HR Analytics Employee Attrition Prediction.
<a href= “ https://innodatatics.ai/business_solutions/predicting_employee_atttrition ”> HR and Recruitment Chatbot </a>

Reply
Susan and Peter Glaser
2/16/2023 07:32:39 pm

Thank you Alvi for the HR Analytics Employee Attrition Prediction tool. We will share with our daughter who is also in the HR field. We’re delighted that you found our Communication Capsule blog helpful and informative…and that you learned from it. Means a great deal to us!

Reply

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  • Courses
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    • BreakThrough Conflict
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    • Self-paced video
    • Live Virtual
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    • Testimonials on Virtual Learning
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    • About the Glasers
    • Communication Capsule Blog
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  • Contact