Did you know that around one-third of employees quit within the first six months of a new job, and 35% begin making plans to leave if they do not get a pay raise within 12 months? Check out our new infographic on "The State of Employee Retention" for the latest Statistics and Trends.
Infographics by GO-Globe Web design Qatar
Employee Retention - Statistics
- 41% of employees listed job security as a top retention driver
- Employees who are "engaged and thriving" are 59% less likely to look for a job with a different organization in the next 12 months
- Strong management transparency leads to 30% better employee retention
- Nearly four out of five (78%) of business leaders rank employee retention as important or urgent
- 32% of employers say they expect employees to job-hop
- 47% of businesses surveyed said there were few or no qualified candidates for the jobs they were trying to fill
- Two-thirds of workers say they accepted a job offer only to realize later that the company was a bad fit
- 63% of employers say they feel they have to pay workers more because the market is getting more competitive for talent
- 48% of hiring decision-makers note salary and compensation is the most influential factor for a candidate decision on where to work
- 50% of employees say that are planning to stay at their current company for two years or less
- 50% of employees who say they love their current jobs would still leave for a new opportunity if given the chance
- 50% of referred employees stayed in their positions five years on average
- 47% of employers report that they have had to replace more than 20% of their workforce during the past 12 months
- 73% of organizations revamp their onboarding to improve their employee retention
- One-third (33 percent) of employees knew whether they would stay with their company long-term after their first week.
- All industries experienced an average employee turnover rate of 17.8%.
- The banking and finance sector had a turnover rate of 18.1%.
- Healthcare organizations saw a turnover rate of 19.9%.
- The hospitality industry exhibited the highest turnover rate at 28.6%.
- Insurance companies experienced a relatively low turnover rate of 12.2%.
- Manufacturing and distribution had a turnover rate of 16.0%.
- Not-for-profit organizations had a turnover rate of 15.7%.
- The services industry had a turnover rate of 16.8%.
- Utilities companies had the lowest turnover rate at 8.8%.
Conclusion:
Nurturing a long-lasting bond with your employees is a complex endeavor that demands a profound comprehension of the factors contributing to their loyalty. In a world where the job market is in a perpetual state of flux, businesses must not only keep pace with emerging trends but also employ strategies that resonate deeply with their workforce. By prioritizing employee contentment, engagement, and holistic well-being, companies can cultivate an environment that magnetizes top talent and fosters enduring allegiance. As the employment landscape evolves, those enterprises that place their people at the heart of their operations should have employee retention.
FAQs
What is the projected employee retention rate for 2024?
The anticipated retention rate for 2024 hovers around 85%, though this figure can oscillate depending on the specific industry and geographical region.
How does the proliferation of remote work influence employee retention?
Remote work often bolsters employee retention by offering a coveted level of flexibility. However, to truly reap its benefits, it is imperative to also maintain high levels of engagement and preserve the essence of company culture.
What are the paramount strategies for ensuring employee retention?
Enhancing engagement, offering competitive compensation, providing avenues for career advancement, and sincerity in acknowledging employees' contributions are essential to securing their loyalty.
In what ways do economic downturns affect employee retention?
During economic recessions, employees may tend to remain with their current employers due to the heightened value of job stability. Conversely, as economic conditions improve, job-seeking behavior may increase.
What is the significance of employee engagement in the context of retention?
Employee engagement plays a pivotal role in retention; when employees are deeply engaged, they are more likely to experience fulfillment, perform at their best, and remain with the company for an extended period.
