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Providing People Solutions |
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Providing People Solutions |
With the tightest labor market in the past fifty (50) years, companies across the United States are shifting their focus to retaining talent within their workforce. According to a study by the Work Institute, based upon statistics from the U.S. Bureau of Labor Statistics, an estimated forty-one (41) million people voluntarily quit their jobs in 2018. That number is expected to continue to climb. By 2020, the Work Institute expects this figure to reach forty-seven (47) million.
This study also examined why people are leaving their position. The top five (5) motivational factors for an employee to leave a position or company are:
To place a dollar figure on employee replacement, each departure costs about one-third (1/3) of the employee’s annual earnings. Companies commonly ask themselves, what are the key ingredients to a successful employee retention program? The secret is creating and sustaining job satisfaction and employee engagement.
Job satisfaction and employee engagement are impacted by five (5) factors:
The importance of addressing these factors is obvious, but actually doing so involves an investment of time. The bottom line is that management must invest their time in employee engagement for the payoff of increased performance, productivity, employee morale, and quality of work.
For tips on how to retain employees or how to create a sustainable employee retention program, please contact HR Partners at 785-233-7860. In addition, we would be pleased to assist you with any other HR matters your business may need guidance with.
Source:
Agovino, Theresa. “To Have and to Hold.” SHRM, SHRM, 27 Feb. 2019, https://www.shrm.org
We appreciate your business, and we wish you nothing but the best for Christmas and the New Year holidays.
2025 will be an epic year and we can’t wait to work with you to continue the magic.
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Gwen Denton
Human Resources Director
Grandstand Glassware & Apparel
"I have worked with HR Partners for over two (2) years in an advisory and legal capacity. The HR Partners Team has made themselves available with little notice when I’ve been in need of their expertise in an immediate situation.
They are available when I want to bounce an idea or will just listen when I need to work through a situation. They have assisted with phone screens, job descriptions, policies, unemployment, FMLA, HR audit, and so much more. They are very easy to work with and I have always felt they ‘really’ cared about assisting me and our organization. Their guidance has helped me grow personally in my knowledge which extends to being a better HR Professional for my employees and my company.
Thank you HR Partners!"
