5 Ways Turnover Is Hurting Your Organization (250 words)

A recent Gartner survey reveals that 91% of HR leaders are concerned about employee turnover in the immediate future (source). They’re right to be worried. Depending on your industry, between a quarter and a third of your employees are looking for a new job right now. CEOs and CFOs know that this level of turnover both limits growth and undercuts profits. In fact, turnover costs your company more than you realize.

1. Empty seats don’t deliver. When people leave, your team will see lower productivity, missed deadlines, and degraded customer service.
2. Recruiting costs money and time. Don’t overlook the investment and efforts of recruiters, hiring managers, and other team members.
3. “Greener Grass Syndrome” is contagious. Colleagues see their former peer thriving in a new role. They begin to think, “Maybe I should get my resume together. Am I happy here? What’s next for me?”
4. Remaining team members feel the burden of “picking up the slack.”
5. High turnover hurts your reputation among job seekers. When a candidate sees the same role posted repeatedly or too many open positions, they will be suspicious of your company’s culture.

A robust and multi-faceted employee retention strategy is critical. A company that focuses on keeping its employees—and keeping them engaged—will avoid the high costs of turnover in a tight labor market.

Reprinted with permission.