How to Reduce Turnover in Your Organization

Learn how to build a magnetic culture and prevent unwanted employee turnover.

Organization Size

Mid-Market

Businesses

350,000 +

Location

United States

Retention Risk

25% of employees

The Great Resignation's Impact on U.S. Businesses

The workforce has witnessed significant change since the start of the pandemic—which has no doubt impacted their engagement and performance. From navigating work-life balance through remote work, to high levels of stress and burnout, turnover is straining businesses and their ability to grow and succeed.

Our latest research explores drivers of engagement, areas of growth, and advice for building a magnetic culture that attracts, engages, and retains your best people.

Explore the resources >

Voluntary Turnover by Year

Voluntary turnover in the U.S. has already reached (and in some cases exceeded) levels for the entire year in the early 2010s. We predict that voluntary turnover rates will reach nearly 35% by the end of 2021.

Industry-Inserts_bar-graph-general

Source: Bureau of Labor Statistics

Drivers of Engagement

77% of employees are considered highly engaged, which can be attributed to:

Senior leadership's value of employees
Individual employee opinions matter to the organization
Trust in senior leadership to drive business success

Yet, 25% of employees are considered a retention risk due to perceptions of:

Unclear communication around organizational changes
Unfair compensation or pay
Little opportunity for career growth and development

Employees' Intent to Stay

Highly engaged employees are less likely to become a retention risk when organizations prioritize their needs. They are:

1.8x more likely to say they will be working at their current company in a year
4.4x less likely to be actively applying and searching for other jobs

general-intent-to-stay

Source: Quantum Workplace, Best Places to Work Contest Data

Areas for Growth

These items were the least favorable among employees.

74%

"When the organization makes changes I understand why."

74%

"I am paid fairly."

74%

"I see professional growth opportunities in this organization."

4 Ways to Retain Your Employees

The best way to prevent unwanted turnover is to focus on making incremental improvements in pursuit of a better workplace. Attract, engage, and retain your employees in a new world of work with these tips:

1. Prioritize critical leader communication.

Middle market companies experience a great deal of change as they grow and succeed—so it's understandable that employees might feel more uncertain about their place in the organization’s future. To help foster engagement, leverage various tactics to communicate to employees about their role in the growth of the company and its future. At department and managerial levels, organizations should put programs in place that encourage professional development plans and goal setting.

Learn how to boost your employee development strategy >
Learn how to improve leadership communication >

2. Focus on employee recognition and engagement.

When employees are mentally and emotionally connected to their work, team, and organization, they are less likely to leave. To help foster engagement, ensure that employees feel their needs, concerns, and perspectives are considered when decisions are made. This is especially important when the decisions directly affect employees. Solicit feedback from various levels of the organization to help inform leaders, communicate how those suggestions influence decisions, and explain how and why the final decisions are made.

Learn how to increase employee engagement >

3. Build employee career paths.

Career growth and development are key to employee retention. Offer a variety of training and mentoring opportunities to ensure your employees are staying motivated and on top of their game. Discuss career paths regularly to help your employees understand what skills, certifications, or stretch projects might be necessary to progress professionally.

Learn how to boost your employee development strategy >

4. Use the right tools.

Getting a clear picture of turnover in your organization can be difficult. Prevent unwanted turnover and retain your employees with Engagement, Performance, and Intelligence tools from Quantum Workplace.

Learn how the right tools can help you reduce employee turnover >

RESEARCH REPORT
2021 Employee Turnover Trends

“The Great Resignation.” “The Turnover Tsunami.” “The Big Quit.”
These names are sweeping the world and describe the fears and realities that many employers are facing. Employees are looking for alternatives to their current work-life balance, and our research supports that this might be happening.

Our research shows that retention strategies are becoming more important and competition for talent is heating up.

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