{"id":503168,"date":"2024-01-29T11:03:00","date_gmt":"2024-01-29T05:33:00","guid":{"rendered":"\/?p=503168"},"modified":"2026-02-18T16:52:08","modified_gmt":"2026-02-18T11:22:08","slug":"employee-retention-statistics","status":"publish","type":"post","link":"https:\/\/blog.springworks.in\/employee-retention-statistics\/","title":{"rendered":"31 Key Employee Retention Statistics For 2026 [Updated]"},"content":{"rendered":"\n<p id=\"h-when-it-comes-to-work-and-companies-people-come-and-go-right\">When it comes to work and companies, people come and go, right?&nbsp;<\/p>\n\n\n\n<p id=\"h-sure-that-s-true-but-it-s-also-an-issue\">Sure, that\u2019s true, but it\u2019s also an issue.<\/p>\n\n\n\n<p id=\"h-welcoming-new-employees-is-fun-but-losing-trusted-valuable-members-is-a-real-bummer-in-this-article-you-ll-find-21-eye-opening-employee-retention-statistics-you-need-to-act-on-right-now-and-some-action-points\">Welcoming new employees is fun, but losing trusted, valuable members is a real bummer. In this article, you\u2019ll find some eye-opening employee retention statistics you need to act on right now and some action points.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_77 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"#\" data-href=\"https:\/\/blog.springworks.in\/employee-retention-statistics\/#Employee_Retention_Statistics\" >Employee Retention Statistics<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"#\" data-href=\"https:\/\/blog.springworks.in\/employee-retention-statistics\/#1_31_of_employees_have_quit_their_job_within_the_first_6_months_of_starting_Source\" >1. 31% of employees have quit their job within the first 6 months of starting. (Source)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"#\" data-href=\"https:\/\/blog.springworks.in\/employee-retention-statistics\/#2_16_of_Gen_Z_and_Millennial_employees_have_quit_a_job_because_they_felt_the_technology_provided_by_their_employer_was_inadequate_Source\" >2. 16% of Gen Z and Millennial employees have quit a job because they felt the technology provided by their employer was inadequate. (Source)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"#\" data-href=\"https:\/\/blog.springworks.in\/employee-retention-statistics\/#3_80_of_employees_felt_more_engaged_when_their_work_was_consistent_with_the_core_values_and_mission_of_their_organization_Source\" >3. 80% of employees felt more engaged when their work was consistent with the core values and mission of their organization. (Source)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"#\" data-href=\"https:\/\/blog.springworks.in\/employee-retention-statistics\/#4_On_average_a_higher_retention_rate_can_maximize_a_companys_profits_up_to_four_times_Source\" >4. On average, a higher retention rate can maximize a company\u2019s profits up to four times. (Source)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"#\" data-href=\"https:\/\/blog.springworks.in\/employee-retention-statistics\/#5_Companies_with_optional_remote_work_have_a_25_lower_turnover_Source\" >5. Companies with optional remote work have a 25% lower turnover. (Source)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"#\" data-href=\"https:\/\/blog.springworks.in\/employee-retention-statistics\/#6_90_of_workers_said_they_are_more_likely_to_stay_at_a_company_that_takes_and_acts_on_feedback_Source\" >6. 90% of workers said they are more likely to stay at a company that takes and acts on feedback. (Source)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"#\" data-href=\"https:\/\/blog.springworks.in\/employee-retention-statistics\/#7_22_of_employees_stated_that_they_left_a_company_for_professional_development_Source\" >7. 22% of employees stated that they left a company for professional development. (Source)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"#\" data-href=\"https:\/\/blog.springworks.in\/employee-retention-statistics\/#8_Employee_turnover_costs_anywhere_from_16_to_213_of_annual_salary_depending_on_the_position_Source\" >8. Employee turnover costs anywhere from 16% to 213% of annual salary depending on the position. (Source)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"#\" data-href=\"https:\/\/blog.springworks.in\/employee-retention-statistics\/#9_46_of_HR_leaders_say_retention_is_their_greatest_concern_Source\" >9. 46% of HR leaders say retention is their greatest concern. (Source)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"#\" data-href=\"https:\/\/blog.springworks.in\/employee-retention-statistics\/#10_Companies_with_a_standardized_on-boarding_process_experience_50_greater_productivity_from_new_hires_Source\" >10. Companies with a standardized on-boarding process experience 50% greater productivity from new hires. (Source)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"#\" data-href=\"https:\/\/blog.springworks.in\/employee-retention-statistics\/#11_Employees_whose_managers_consistently_acknowledge_them_for_good_work_are_5x_more_likely_to_stay_at_the_company_Source\" >11. Employees whose managers consistently acknowledge them for good work are 5x more likely to stay at the company. (Source)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"#\" data-href=\"https:\/\/blog.springworks.in\/employee-retention-statistics\/#12_90_of_employees_are_more_productive_with_gamification_with_72_of_them_reporting_it_inspires_them_to_work_harder_and_95_enjoying_it_Source\" >12. 90% of employees are more productive with gamification, with 72% of them reporting it inspires them to work harder and 95% enjoying it. (Source)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"#\" data-href=\"https:\/\/blog.springworks.in\/employee-retention-statistics\/#13_HR_experts_report_that_employee_burnout_is_responsible_for_at_least_50_of_the_annual_turnover_Source\" >13. HR experts report that employee burnout is responsible for at least 50% of the annual turnover. (Source)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"#\" data-href=\"https:\/\/blog.springworks.in\/employee-retention-statistics\/#14_Employee_happiness_is_233_more_correlated_to_connections_with_co-workers_than_direct_managers_Source\" >14. Employee happiness is 23.3% more correlated to connections with co-workers than direct managers. (Source)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"#\" data-href=\"https:\/\/blog.springworks.in\/employee-retention-statistics\/#15_77_of_companies_focus_on_employee_experience_to_increase_retention_Source\" >15. 77% of companies focus on employee experience to increase retention. (Source)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"#\" data-href=\"https:\/\/blog.springworks.in\/employee-retention-statistics\/#16_It_takes_two_years_for_a_replacement_employee_to_reach_the_same_level_of_productivity_as_the_previous_worker_Source\" >16. It takes two years for a replacement employee to reach the same level of productivity as the previous worker. (Source)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"#\" data-href=\"https:\/\/blog.springworks.in\/employee-retention-statistics\/#17_35_of_workers_say_theyll_quit_if_they_dont_receive_a_pay_raise_Source\" >17. 35% of workers say they\u2019ll quit if they don\u2019t receive a pay raise. (Source)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"#\" data-href=\"https:\/\/blog.springworks.in\/employee-retention-statistics\/#18_67_of_job_seekers_seriously_consider_inclusion_and_diversity_when_choosing_their_next_workplace_Source\" >18. 67% of job seekers seriously consider inclusion and diversity when choosing their next workplace. (Source)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-20\" href=\"#\" data-href=\"https:\/\/blog.springworks.in\/employee-retention-statistics\/#19_32_of_job_seekers_have_left_a_job_within_3_months_due_to_the_company_culture_Source\" >19. 32% of job seekers have left a job within 3 months due to the company culture. (Source)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-21\" href=\"#\" data-href=\"https:\/\/blog.springworks.in\/employee-retention-statistics\/#20_Bad_hiring_decisions_are_responsible_for_up_to_80_of_employee_turnover_Source\" >20. Bad hiring decisions are responsible for up to 80% of employee turnover. (Source)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-22\" href=\"#\" data-href=\"https:\/\/blog.springworks.in\/employee-retention-statistics\/#21_Employee_recognition_programs_can_reduce_the_turnover_rate_by_up_to_31_Source\" >21. Employee recognition programs can reduce the turnover rate by up to 31%. (Source)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-23\" href=\"#\" data-href=\"https:\/\/blog.springworks.in\/employee-retention-statistics\/#22_Ninety-five_percent_of_employees_believe_they_can_help_leaders_understand_why_they_left_their_organization_Source\" >22. Ninety-five percent of employees believe they can help leaders understand why they left their organization. (Source)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-24\" href=\"#\" data-href=\"https:\/\/blog.springworks.in\/employee-retention-statistics\/#23_Only_35_percent_of_exiting_employees_said_they_experienced_transparent_communication_throughout_all_levels_of_the_organization\" >23. Only 35 percent of exiting employees said they experienced transparent communication throughout all levels of the organization.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-25\" href=\"#\" data-href=\"https:\/\/blog.springworks.in\/employee-retention-statistics\/#24_Three_out_of_four_employees_say_they_resigned_voluntarily_Source\" >24. Three out of four employees say they resigned voluntarily. (Source)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-26\" href=\"#\" data-href=\"https:\/\/blog.springworks.in\/employee-retention-statistics\/#25_More_than_half_63_of_employees_who_have_worked_for_their_current_employer_for_a_decade_say_they_are_open_to_a_new_opportunity_Source\" >25. More than half (63%) of employees who have worked for their current employer for a decade say they are open to a new opportunity. (Source)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-27\" href=\"#\" data-href=\"https:\/\/blog.springworks.in\/employee-retention-statistics\/#26_According_to_the_US_Bureau_of_Labor_Statistics_BLS_425_million_people_quit_their_jobs_in_January_2022_up_from_33_million_in_2021_Source\" >26. According to the U.S. Bureau of Labor Statistics (BLS), 4.25 million people quit their jobs in January 2022, up from 3,3 million in 2021. (Source)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-28\" href=\"#\" data-href=\"https:\/\/blog.springworks.in\/employee-retention-statistics\/#27_Employees_at_companies_with_high_internal_mobility_that_hirepromote_from_within_typically_stay_almost_2x_longer_Source\" >27. Employees at companies with high internal mobility (that hire\/promote from within) typically stay almost 2x longer. (Source)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-29\" href=\"#\" data-href=\"https:\/\/blog.springworks.in\/employee-retention-statistics\/#28_Around_78_of_the_reasons_employees_quit_could_have_been_prevented_by_the_employer_Source\" >28. Around 78% of the reasons employees quit could have been prevented by the employer. (Source)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-30\" href=\"#\" data-href=\"https:\/\/blog.springworks.in\/employee-retention-statistics\/#29_More_than_half_54_of_employees_globally_would_quit_their_jobs_if_not_provided_post-pandemic_flexibility_Source\" >29. More than half (54%) of employees globally would quit their jobs if not provided post-pandemic flexibility. (Source)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-31\" href=\"#\" data-href=\"https:\/\/blog.springworks.in\/employee-retention-statistics\/#30_The_cost_of_replacing_an_individual_employee_can_be_two_times_the_employees_annual_salary_Source\" >30. The cost of replacing an individual employee can be two times the employee&#8217;s annual salary. (Source)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-32\" href=\"#\" data-href=\"https:\/\/blog.springworks.in\/employee-retention-statistics\/#31_The_1_operational_priority_for_organizations_is_retaining_their_talent_this_is_even_above_revenue_Source\" >31. The&nbsp;#1 operational priority&nbsp;for organizations is&nbsp;retaining their talent&nbsp;(this is even above revenue). (Source)<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-33\" href=\"#\" data-href=\"https:\/\/blog.springworks.in\/employee-retention-statistics\/#Tools_for_Your_Employee_Retention_Strategy\" >Tools for Your Employee Retention Strategy<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-34\" href=\"#\" data-href=\"https:\/\/blog.springworks.in\/employee-retention-statistics\/#Employee_Feedback\" >Employee Feedback<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-35\" href=\"#\" data-href=\"https:\/\/blog.springworks.in\/employee-retention-statistics\/#Employee_Recognition\" >Employee Recognition<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-36\" href=\"#\" data-href=\"https:\/\/blog.springworks.in\/employee-retention-statistics\/#Employee_Exit_Interviews\" >Employee Exit Interviews<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-37\" href=\"#\" data-href=\"https:\/\/blog.springworks.in\/employee-retention-statistics\/#Employee_Retention_FAQs\" >Employee Retention FAQs<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-38\" href=\"#\" data-href=\"https:\/\/blog.springworks.in\/employee-retention-statistics\/#Did_you_find_this_information_helpful\" >Did you find this information helpful?<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\" id=\"h-employee-retention-statistics\"><span class=\"ez-toc-section\" id=\"Employee_Retention_Statistics\"><\/span><strong>Employee Retention Statistics<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Here are some key employee retention statistics that provide insights into the challenges and trends in retaining talent:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-1-31-of-employees-have-quit-their-job-within-the-first-6-months-of-starting-source\"><span class=\"ez-toc-section\" id=\"1_31_of_employees_have_quit_their_job_within_the_first_6_months_of_starting_Source\"><\/span><strong>1. 31% of employees have quit their job within the first 6 months of starting. (<\/strong><a href=\"https:\/\/www.bamboohr.com\/blog\/onboarding-infographic\/\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>Source<\/strong><\/a><strong>)<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>During the early days of a job, new employees carefully assess whether they\u2019ve made a great choice or a huge mistake. They\u2019re comparing the reality of the <a href=\"https:\/\/www.springworks.in\/blog\/internal-communication-tips\/\">company culture<\/a> and environment to how it was described during the hiring process\u2014starting with how they\u2019re on-boarded.<\/p>\n\n\n\n<p>It&#8217;s important to make your employees feel like a part of the company. Make your new hires feel that they belong there not only by introducing them to their co-workers but also to executive management like CXOs. Also, define their roles and responsibilities clearly.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-2-16-of-gen-z-and-millennial-employees-have-quit-a-job-because-they-felt-the-technology-provided-by-their-employer-was-inadequate-source\"><span class=\"ez-toc-section\" id=\"2_16_of_Gen_Z_and_Millennial_employees_have_quit_a_job_because_they_felt_the_technology_provided_by_their_employer_was_inadequate_Source\"><\/span><strong>2. 16% of Gen Z and Millennial employees have quit a job because they felt the technology provided by their employer was inadequate. (<\/strong><a href=\"https:\/\/zapier.com\/blog\/digital-natives-report\/\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>Source<\/strong><\/a><strong>)<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Millennials and Gen Z are extremely comfortable with technology. As a result, they have certain technological expectations when selecting &#8211; and staying &#8211; at a workplace. Younger employees are willing to walk away from a job with bad tech. Provide the latest technologies and the right tools to improve their work effectiveness.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-3-80-of-employees-felt-more-engaged-when-their-work-was-consistent-with-the-core-values-and-mission-of-their-organization-source\"><span class=\"ez-toc-section\" id=\"3_80_of_employees_felt_more_engaged_when_their_work_was_consistent_with_the_core_values_and_mission_of_their_organization_Source\"><\/span><strong>3. 80% of employees felt more engaged when their work was consistent with the core values and mission of their organization. (Source)<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Make sure you deliver your company\u2019s mission and vision to your employees in an understandable manner and conversational language. <a href=\"https:\/\/www.springworks.in\/blog\/how-to-create-company-values\/\">Your company values<\/a> and mission are the foundation, core, lifeblood, fuel, and heart of your company culture.&nbsp;<\/p>\n\n\n\n<p>Your employees shouldn\u2019t have to guess what the company culture is. Let them know what you stand for and <a href=\"https:\/\/www.springworks.in\/blog\/cascading-goals-and-objectives\/\">help them achieve their goals<\/a>.<\/p>\n\n\n\n<p><strong>Things to address:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Define company culture&nbsp;<\/li>\n\n\n\n<li>Discuss ideas with the team you are managing&nbsp;<\/li>\n\n\n\n<li>Gather feedback and iterate on how you build culture at your company, and with those you are managing<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-4-on-average-a-higher-retention-rate-can-maximize-a-company-s-profits-up-to-four-times-source\"><span class=\"ez-toc-section\" id=\"4_On_average_a_higher_retention_rate_can_maximize_a_companys_profits_up_to_four_times_Source\"><\/span><strong>4. On average, a higher retention rate can maximize a company\u2019s profits up to four times. (<\/strong><a href=\"https:\/\/legaljobs.io\/blog\/employee-retention-statistics\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Source<\/strong><\/a><strong>)<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Employee departures can also have a negative impact on the culture of teammates who are in the company. Whenever a coworker walks out the door, people notice. Some might even start wondering if they should start looking for a new job too.<\/p>\n\n\n\n<p>A high employee retention rate means maximizing profits. Employees who have been with a company longer can have better performance and knowledge of company processes.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-5-companies-with-optional-remote-work-have-a-25-lower-turnover-source\"><span class=\"ez-toc-section\" id=\"5_Companies_with_optional_remote_work_have_a_25_lower_turnover_Source\"><\/span><strong>5. Companies with optional remote work have a 25% lower turnover. (<\/strong><a href=\"https:\/\/resources.owllabs.com\/state-of-remote-work\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>Source<\/strong><\/a><strong>)<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Statistics and research show that employees want the option to work remotely and flexible work options. Among the reasons for leaving a job, employees often cite difficulties in <a href=\"https:\/\/blog.springworks.in\/work-life-balance\/\">maintaining work-life balance<\/a>.&nbsp;<\/p>\n\n\n\n<p>You can provide your team with one or two work-from-home days per week. It will make people happy and they will feel productive without any office distractions or meetings.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-6-90-of-workers-said-they-are-more-likely-to-stay-at-a-company-that-takes-and-acts-on-feedback-source\"><span class=\"ez-toc-section\" id=\"6_90_of_workers_said_they_are_more_likely_to_stay_at_a_company_that_takes_and_acts_on_feedback_Source\"><\/span><strong>6. 90% of workers said they are more likely to stay at a company that takes and acts on feedback. (<\/strong><a href=\"https:\/\/www.achievers.com\/wp-content\/uploads\/2020\/10\/012220_Achievers_ERR_124-1.pdf\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>Source<\/strong><\/a><strong>)<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Asking your employees\u2019 thoughts on work-related matters shows that you respect and value their input. A proactive approach to collecting feedback is a mutually beneficial practice. It increases employee engagement and <a href=\"https:\/\/www.springworks.in\/blog\/employee-performance-review-guide\/\">employee performance<\/a>. Plus, you could end up with some really great ideas that improve your business.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><a href=\"https:\/\/www.springworks.in\/engagewith\/pulse-survey\/?utm_source=SW-blog&amp;utm_medium=employee-retention-statistics&amp;utm_campaign=SW-blog-conversion&amp;utm_content=cta-image\"><img fetchpriority=\"high\" decoding=\"async\" width=\"600\" height=\"200\" src=\"https:\/\/blog.springworks.in\/wp-content\/uploads\/2022\/01\/Product-CTAs-4.png\" alt=\"Build culture of feedback\" class=\"wp-image-508732\" srcset=\"https:\/\/blog.springworks.in\/wp-content\/uploads\/2022\/01\/Product-CTAs-4.png 600w, https:\/\/blog.springworks.in\/wp-content\/uploads\/2022\/01\/Product-CTAs-4-300x100.png 300w, https:\/\/blog.springworks.in\/wp-content\/uploads\/2022\/01\/Product-CTAs-4-60x20.png 60w, https:\/\/blog.springworks.in\/wp-content\/uploads\/2022\/01\/Product-CTAs-4-480x160.png 480w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/><\/a><\/figure>\n<\/div>\n\n\n<h3 class=\"wp-block-heading\" id=\"h-7-22-of-employees-stated-that-they-left-a-company-for-professional-development-source\"><span class=\"ez-toc-section\" id=\"7_22_of_employees_stated_that_they_left_a_company_for_professional_development_Source\"><\/span><strong>7. 22% of employees stated that they left a company for professional development. (<\/strong><a href=\"https:\/\/emplify.com\/blog\/state-of-employee-turnover\/\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>Source<\/strong><\/a><strong>)<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Invest in employees\u2019 professional development by helping them with necessary resources. You could provide them with free access to a professional course that helps them be better at their jobs. Alternatively, you can also organize workshops and seminars to help them stay aware of the latest industry technologies and trends.&nbsp;<\/p>\n\n\n\n<p>You can also encourage passion projects. Give them the time and opportunity they need to pursue their passion projects.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-8-employee-turnover-costs-anywhere-from-16-to-213-of-annual-salary-depending-on-the-position-source\"><span class=\"ez-toc-section\" id=\"8_Employee_turnover_costs_anywhere_from_16_to_213_of_annual_salary_depending_on_the_position_Source\"><\/span><strong>8. Employee turnover costs anywhere from 16% to 213% of annual salary depending on the position. (<\/strong><a href=\"https:\/\/www.peoplekeep.com\/blog\/bid\/312123\/employee-retention-the-real-cost-of-losing-an-employee\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>Source<\/strong><\/a><strong>)<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Hiring a new employee takes time, resources, and money. New employees are often brought on board at a higher salary. When an employee leaves your company, they take with them their knowledge, skills, and experience. Even after a new replacement is hired, it takes time and training for that employee to be fully productive.<\/p>\n\n\n\n<p><a href=\"https:\/\/www.springworks.in\/blog\/one-on-one-meeting-questions\/\">Schedule regular 1:1 meetings<\/a> with your employees and team to understand their needs and concerns.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-9-46-of-hr-leaders-say-retention-is-their-greatest-concern-source\"><span class=\"ez-toc-section\" id=\"9_46_of_HR_leaders_say_retention_is_their_greatest_concern_Source\"><\/span><strong>9. 46% of HR leaders say retention is their greatest concern. (<\/strong><a href=\"https:\/\/www.officevibe.com\/blog\/8-facts-employee-retention-thatll-keep-night\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>Source<\/strong><\/a><strong>)<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" width=\"600\" height=\"300\" src=\"https:\/\/blog.springworks.in\/wp-content\/uploads\/2022\/01\/retention-stats1-1.png\" alt=\"retention stats\" class=\"wp-image-508762\" srcset=\"https:\/\/blog.springworks.in\/wp-content\/uploads\/2022\/01\/retention-stats1-1.png 600w, https:\/\/blog.springworks.in\/wp-content\/uploads\/2022\/01\/retention-stats1-1-300x150.png 300w, https:\/\/blog.springworks.in\/wp-content\/uploads\/2022\/01\/retention-stats1-1-60x30.png 60w, https:\/\/blog.springworks.in\/wp-content\/uploads\/2022\/01\/retention-stats1-1-480x240.png 480w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/><\/figure>\n<\/div>\n\n\n<p>HR leaders say that <a href=\"https:\/\/blog.springworks.in\/employee-retention-strategies\/\">employee retention is incredibly important<\/a> and they are constantly looking for ways to improve their retention rates.&nbsp;<\/p>\n\n\n\n<p><strong>Ask yourself these questions:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>What are some common threads that you see in those who leave the company?&nbsp;<\/li>\n\n\n\n<li>Are team member conflicts common?&nbsp;<\/li>\n\n\n\n<li>Can you take steps to make sure everyone\u2019s treated well?&nbsp;<\/li>\n<\/ul>\n\n\n\n<p>Also, studying retention data and tracking metrics can help you get the bigger picture in terms of why exactly you\u2019re having a retention issue.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-10-companies-with-a-standardized-on-boarding-process-experience-50-greater-productivity-from-new-hires-source\"><span class=\"ez-toc-section\" id=\"10_Companies_with_a_standardized_on-boarding_process_experience_50_greater_productivity_from_new_hires_Source\"><\/span><strong>10. Companies with a standardized on-boarding process experience 50% greater productivity from new hires. (<\/strong><a href=\"https:\/\/www.shrm.org\/resourcesandtools\/hr-topics\/talent-acquisition\/pages\/dont-underestimate-the-importance-of-effective-onboarding.aspx\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>Source<\/strong><\/a><strong>)<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>New employees want to become valued members of the team. That\u2019s where the on-boarding process comes in! <a href=\"https:\/\/www.springworks.in\/blog\/onboarding-process\/\">Great on-boarding programs help<\/a> employees familiarize with the company\u2019s culture and values. New hires want opportunities to get to know their peers and managers<\/p>\n\n\n\n<p>You can also introduce the buddy system which enables new hires to have a co-worker in the form of a mentor or buddy to guide them through their initial days in the workplace. The practice also applies to companies with employees working remotely.<\/p>\n\n\n\n<p><a href=\"https:\/\/springrecruit.com\/blog\/employee-onboarding-tips\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Check out some amazing employee onboarding tips and best practices<\/strong><\/a><\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-11-employees-whose-managers-consistently-acknowledge-them-for-good-work-are-5x-more-likely-to-stay-at-the-company-source\"><span class=\"ez-toc-section\" id=\"11_Employees_whose_managers_consistently_acknowledge_them_for_good_work_are_5x_more_likely_to_stay_at_the_company_Source\"><\/span><strong>11. Employees whose managers consistently acknowledge them for good work are 5x more likely to stay at the company. (<\/strong><a href=\"https:\/\/www.qualtrics.com\/blog\/employee-experience-stats\/\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>Source<\/strong><\/a><strong>)<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Not getting enough recognition is one of the primary reasons for employees to move on to greener pastures. It\u2019s an open acknowledgement and expressed appreciation for employees\u2019 contributions to an organization.<\/p>\n\n\n\n<p>When you recognize employees for their efforts, they feel appreciated and motivated to work harder the next time. When employees feel appreciated, they stay. They become loyal to the company.<\/p>\n\n\n\n<p><a href=\"https:\/\/www.springworks.in\/blog\/employee-rewards-and-recognition-ideas\/\"><strong>Check out some creative employee engagement activities.<\/strong><\/a><\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-12-90-of-employees-are-more-productive-with-gamification-with-72-of-them-reporting-it-inspires-them-to-work-harder-and-95-enjoying-it-source\"><span class=\"ez-toc-section\" id=\"12_90_of_employees_are_more_productive_with_gamification_with_72_of_them_reporting_it_inspires_them_to_work_harder_and_95_enjoying_it_Source\"><\/span><strong>12. 90% of employees are more productive with gamification, with 72% of them reporting it inspires them to work harder and 95% enjoying it. (<\/strong><a href=\"https:\/\/www.qualtrics.com\/blog\/employee-experience-stats\/\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>Source<\/strong><\/a><strong>)<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Make it fun. Games, trivia, joy\u2014sometimes these aren&#8217;t exactly what&#8217;d you associate with the workplace.&nbsp;<\/p>\n\n\n\n<p>But why not? Employees spend so much time at the workplace. Shouldn&#8217;t it also be important to let off some steam, laugh, and have fun with your coworkers? Consider <a href=\"https:\/\/www.springworks.in\/blog\/ultimate-guide-to-team-building-activities\/\">conducting team-building activities and games<\/a> to bring more human connection.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-13-hr-experts-report-that-employee-burnout-is-responsible-for-at-least-50-of-the-annual-turnover-source\"><span class=\"ez-toc-section\" id=\"13_HR_experts_report_that_employee_burnout_is_responsible_for_at_least_50_of_the_annual_turnover_Source\"><\/span><strong>13. HR experts report that employee burnout is responsible for at least 50% of the annual turnover. (<\/strong><a href=\"https:\/\/www.forbes.com\/sites\/rachelmontanez\/2019\/06\/05\/burnout-is-sabotaging-employee-retention-three-things-you-must-know-to-help\/?sh=726997ae5f0e\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>Source<\/strong><\/a><strong>)<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>There is no doubt employees are an organization\u2019s biggest asset. Therefore, as an employer, employee well-being should be your top priority.<\/p>\n\n\n\n<p>Where do your employees fall on a burnout spectrum?<\/p>\n\n\n\n<p>Are they experiencing reduced professional efficacy?&nbsp;<\/p>\n\n\n\n<p>Are they having feelings of energy depletion or exhaustion?&nbsp;<\/p>\n\n\n\n<p>Are they present, but not productive?&nbsp;<\/p>\n\n\n\n<p>An early sign of burnout is that an employees&#8217; attitudes and moods change.<\/p>\n\n\n\n<p>You can implement an <a href=\"https:\/\/www.springworks.in\/blog\/employee-wellness-program-ideas\/\">employee wellness program<\/a> to prevent burnout and stress. Doing an internal survey is a great way to determine what kind of things your employees want and would value.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-14-employee-happiness-is-23-3-more-correlated-to-connections-with-co-workers-than-direct-managers-source\"><span class=\"ez-toc-section\" id=\"14_Employee_happiness_is_233_more_correlated_to_connections_with_co-workers_than_direct_managers_Source\"><\/span><strong>14. Employee happiness is 23.3% more correlated to connections with co-workers than direct managers. (<\/strong><a href=\"https:\/\/www.geekwire.com\/2013\/study-7-vital-trends-disrupting-todays-workplace\/\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>Source<\/strong><\/a><strong>)<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Team members work together and spend most of their time with each other \u2013 they have more interpersonal contact than their manager. Colleagues have an incredible influence on company culture and peer retention. This shows that who you work with is becoming more important than who you work for.<\/p>\n\n\n\n<p>Also <a href=\"https:\/\/www.springworks.in\/blog\/peer-to-peer-recognition\/\">peer to peer recognition<\/a> is more effective and personalized than \u201c<a href=\"https:\/\/www.springworks.in\/engagewith\/employee-rewards-and-recognition\/\">Manager to Employee Recognition<\/a>.\u201d<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-15-77-of-companies-focus-on-employee-experience-to-increase-retention-source\"><span class=\"ez-toc-section\" id=\"15_77_of_companies_focus_on_employee_experience_to_increase_retention_Source\"><\/span><strong>15. 77% of companies focus on employee experience to increase retention. (<\/strong><a href=\"https:\/\/business.linkedin.com\/content\/dam\/me\/business\/en-us\/talent-solutions\/resources\/pdfs\/linkedin-2020-global-talent-trends-report.pdf\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>Source<\/strong><\/a><strong>)<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Today, more organizations are looking at everything they do through the lens of employee experience. <a href=\"https:\/\/www.springworks.in\/blog\/how-you-can-ensure-the-best-experience-for-your-employees\/\">Employee experience<\/a> is everything an employee observes, feels, and interacts with as a part of their company. Do things with and for your employees, not to them.<\/p>\n\n\n\n<p>Surveys help you analyze areas in your workplace which are doing well and where you need to improve. It shows employees that you care about their opinion and will work towards bringing the necessary changes.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-16-it-takes-two-years-for-a-replacement-employee-to-reach-the-same-level-of-productivity-as-the-previous-worker-source\"><span class=\"ez-toc-section\" id=\"16_It_takes_two_years_for_a_replacement_employee_to_reach_the_same_level_of_productivity_as_the_previous_worker_Source\"><\/span><strong>16. It takes two years for a replacement employee to reach the same level of productivity as the previous worker. (<\/strong><a href=\"https:\/\/goremotely.net\/blog\/employee-turnover-statistics\/\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>Source<\/strong><\/a><strong>)<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Companies may need to wait an average of two years before they see the same level of productivity as past employee! Unfortunately, certain employers will only learn the value of employee turnover the hard way.<\/p>\n\n\n\n<p>No matter how much experience someone has coming in to the new position, adjustment is going to take a great deal of time:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Time spent getting acclimated and understanding their first tasks<\/li>\n\n\n\n<li>Time spent asking questions and trying to figure out where things are<\/li>\n\n\n\n<li>Time spent feeling uncomfortable about whether they\u2019re doing their job right<\/li>\n\n\n\n<li>Time spent figuring out the products and services of the company<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-17-35-of-workers-say-they-ll-quit-if-they-don-t-receive-a-pay-raise-source\"><span class=\"ez-toc-section\" id=\"17_35_of_workers_say_theyll_quit_if_they_dont_receive_a_pay_raise_Source\"><\/span><strong>17. 35% of workers say they\u2019ll quit if they don\u2019t receive a pay raise. (Source)<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The pay is certainly not everything, but it seems to be pretty important. 35% of employees say they would leave their job if they don\u2019t receive a pay raise.&nbsp;<\/p>\n\n\n\n<p>It\u2019s up to you to decide what\u2019s more profitable: <strong>raising their pay or dealing with costs of low retention.<\/strong><\/p>\n\n\n\n<p>Sit down with each employee and ask questions like:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Where do you see yourself professionally in a year?<\/li>\n\n\n\n<li>What about five years?<\/li>\n\n\n\n<li>Are you happy with the work you\u2019re doing now?<\/li>\n\n\n\n<li>Is there a specific management position that you\u2019re interested in for the future?<\/li>\n<\/ul>\n\n\n\n<p>By answering these questions, your employee communicates their goals and you have a chance to align those goals with the next promotion.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-18-67-of-job-seekers-seriously-consider-inclusion-and-diversity-when-choosing-their-next-workplace-source\"><span class=\"ez-toc-section\" id=\"18_67_of_job_seekers_seriously_consider_inclusion_and_diversity_when_choosing_their_next_workplace_Source\"><\/span><strong>18. 67% of job seekers seriously consider inclusion and diversity when choosing their next workplace. (<\/strong><a href=\"https:\/\/www.tinypulse.com\/blog\/17-surprising-statistics-about-employee-retention\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>Source<\/strong><\/a><strong>)<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Workplace diversity and inclusion impact employee retention. People prefer a work environment where diversity is supported. Try <a href=\"https:\/\/www.springworks.in\/blog\/team-building-guide\/\">building a diverse team<\/a> where everyone feels like their voice is heard and respected.<\/p>\n\n\n\n<p>Run a pulse survey and track what employees think. Ask questions like these:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Do you feel that you can voice an opposing view or argument without fear?&nbsp;<\/li>\n\n\n\n<li>I am comfortable talking about my background and cultural experiences with my colleagues. (on a scale of 1 to 10)&nbsp;<\/li>\n\n\n\n<li>The organization publicly communicates information about its diversity goals. (on a scale of 1 to 10)&nbsp;<\/li>\n\n\n\n<li>Racial, ethnic, and gender-based jokes are not tolerated at this firm. (on a scale of 1 to 10)<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-19-32-of-job-seekers-have-left-a-job-within-3-months-due-to-the-company-culture-source\"><span class=\"ez-toc-section\" id=\"19_32_of_job_seekers_have_left_a_job_within_3_months_due_to_the_company_culture_Source\"><\/span><strong>19. 32% of job seekers have left a job within 3 months due to the company culture. (<\/strong><a href=\"https:\/\/leftronic.com\/blog\/employee-turnover-statistics\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Source<\/strong><\/a><strong>)<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>If you want to increase your employee retention rates, you should probably work on the company culture and work environment as well as provide a realistic job preview.<\/p>\n\n\n\n<p>Managers need proper training to know how to handle <a href=\"https:\/\/www.springworks.in\/blog\/improve-communication-skills-at-work\/\">employee communication<\/a>, the right practices to put into place, and listening strategies. Invest in training for your managers, and give them the resources and support they need to achieve this communication-friendly environment.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-20-bad-hiring-decisions-are-responsible-for-up-to-80-of-employee-turnover-source\"><span class=\"ez-toc-section\" id=\"20_Bad_hiring_decisions_are_responsible_for_up_to_80_of_employee_turnover_Source\"><\/span><strong>20. Bad hiring decisions are responsible for up to 80% of employee turnover. (<\/strong><a href=\"https:\/\/whattobecome.com\/blog\/employee-retention-statistics\/\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>Source<\/strong><\/a><strong>)<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>As an organization, you can not afford a bad hire(Luckily, <a href=\"https:\/\/netnut.io\/linkedin-scraper-api\/\">LinkedIn scraping tools<\/a> can provide key insights about candidates to make smarter hiring decisions.). The cost and productivity problems continue even after you dismiss the employee because you need to go through the process again and find a replacement.<\/p>\n\n\n\n<p><strong>The four steps to <a href=\"https:\/\/www.springworks.in\/blog\/hire-right-talent-for-a-startup\/\">hiring winning talent<\/a> are:&nbsp;<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Define what you\u2019re looking for&nbsp;<\/li>\n\n\n\n<li>Plan for effective interviews&nbsp;<\/li>\n\n\n\n<li>Conduct successful interviews&nbsp;<\/li>\n\n\n\n<li>Make personnel selections<\/li>\n<\/ul>\n\n\n\n<p>HR managers should make use of <a href=\"https:\/\/us.springverify.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">employee background check services<\/a> when they need to check candidates for a position.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-21-employee-recognition-programs-can-reduce-the-turnover-rate-by-up-to-31-source\"><span class=\"ez-toc-section\" id=\"21_Employee_recognition_programs_can_reduce_the_turnover_rate_by_up_to_31_Source\"><\/span><strong>21. Employee recognition programs can reduce the turnover rate by up to 31%. (<\/strong><a href=\"https:\/\/www.workstars.com\/recognition-and-engagement-blog\/2019\/09\/25\/the-impact-of-recognition-on-job-loyalty-and-employee-turnover\/\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>Source<\/strong><\/a><strong>)<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" width=\"600\" height=\"300\" src=\"https:\/\/blog.springworks.in\/wp-content\/uploads\/2022\/01\/retention-stats1.png\" alt=\"employee retention stats\" class=\"wp-image-508763\" srcset=\"https:\/\/blog.springworks.in\/wp-content\/uploads\/2022\/01\/retention-stats1.png 600w, https:\/\/blog.springworks.in\/wp-content\/uploads\/2022\/01\/retention-stats1-300x150.png 300w, https:\/\/blog.springworks.in\/wp-content\/uploads\/2022\/01\/retention-stats1-60x30.png 60w, https:\/\/blog.springworks.in\/wp-content\/uploads\/2022\/01\/retention-stats1-480x240.png 480w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/><\/figure>\n<\/div>\n\n\n<p>It\u2019s not easy to retain your employees, but employee recognition programs can help. EngageWith is an <a href=\"https:\/\/www.springworks.in\/engagewith\/employee-rewards-and-recognition\/?utm_source=SW-blog&amp;utm_medium=employee-retention-statistics&amp;utm_campaign=SW-blog-conversion\">employee recognition and rewards platform<\/a> that enriches your company culture. It virtually brings recognition and fun within your Slack and MS Teams workspace.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"22_Ninety-five_percent_of_employees_believe_they_can_help_leaders_understand_why_they_left_their_organization_Source\"><\/span><strong>22. Ninety-five percent of employees believe they can help leaders understand why they left their organization. (<a href=\"https:\/\/www.quantumworkplace.com\/future-of-work\/employee-turnover-trends\">Source<\/a>)<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>You can understand the reasons why employees are leaving by conducting exit interviews. These interviews provide an opportunity to obtain honest feedback and insights from the employee who is leaving your company.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"23_Only_35_percent_of_exiting_employees_said_they_experienced_transparent_communication_throughout_all_levels_of_the_organization\"><\/span><strong>23. Only 35 percent of exiting employees said they experienced transparent communication throughout all levels of the organization.<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Communicating things effectively to employees is important. When leaders and managers don\u2019t communicate things consistently, employees feel uninformed and misaligned. As a result, employees may fill in the gaps, lose a sense of connection, or become uninspired.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"24_Three_out_of_four_employees_say_they_resigned_voluntarily_Source\"><\/span><strong>24. Three out of four employees say they resigned voluntarily. (<a href=\"https:\/\/www.mckinsey.com\/business-functions\/people-and-organizational-performance\/our-insights\/great-attrition-or-great-attraction-the-choice-is-yours\" target=\"_blank\" rel=\"noreferrer noopener\">Source<\/a>)<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Recognition can help you to fight with great resignation. When an employee is recognized and appreciated for their contribution to the company, it motivates them on a personal level to continue contributing their talents to the firm.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"25_More_than_half_63_of_employees_who_have_worked_for_their_current_employer_for_a_decade_say_they_are_open_to_a_new_opportunity_Source\"><\/span><strong>25. More than half (63%) of employees who have worked for their current employer for a decade say they are open to a new opportunity. (<a href=\"https:\/\/financesonline.com\/employee-turnover-statistics\/\" target=\"_blank\" rel=\"noreferrer noopener\">Source<\/a>)<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>What can a company do to keep its loyal workers motivated and engaged?<\/p>\n\n\n\n<p>You can give special benefits to employees who have worked for you for more than five years.&nbsp;It&#8217;s always a good idea to foster an environment where the employees feel supported.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"26_According_to_the_US_Bureau_of_Labor_Statistics_BLS_425_million_people_quit_their_jobs_in_January_2022_up_from_33_million_in_2021_Source\"><\/span><strong>26. According to the U.S. Bureau of Labor Statistics (BLS), 4.25 million people quit their jobs in January 2022, up from 3,3 million in 2021. (<\/strong><a href=\"https:\/\/www.bls.gov\/news.release\/jolts.t04.htm\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Source<\/strong><\/a><strong>)<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"726\" height=\"477\" src=\"https:\/\/blog.springworks.in\/wp-content\/uploads\/2022\/07\/job-quit.png\" alt=\"job quit stats\" class=\"wp-image-510772\" srcset=\"https:\/\/blog.springworks.in\/wp-content\/uploads\/2022\/07\/job-quit.png 726w, https:\/\/blog.springworks.in\/wp-content\/uploads\/2022\/07\/job-quit-300x197.png 300w, https:\/\/blog.springworks.in\/wp-content\/uploads\/2022\/07\/job-quit-60x39.png 60w, https:\/\/blog.springworks.in\/wp-content\/uploads\/2022\/07\/job-quit-480x315.png 480w\" sizes=\"(max-width: 726px) 100vw, 726px\" \/><\/figure>\n<\/div>\n\n\n<p>The top 5 industries with the highest employee turnover rates include Construction, Manufacturing, Wholesale \u200b\u200bTrade, Retail Trade, and Transportation.<\/p>\n\n\n\n<p>The top 5 Industries with lower average employee turnover rates include Mining and Logging, Information, Finance and Insurance, Real Estate and Rental and Leasing.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"27_Employees_at_companies_with_high_internal_mobility_that_hirepromote_from_within_typically_stay_almost_2x_longer_Source\"><\/span><strong>27. Employees at companies with high internal mobility (that hire\/promote from within) typically stay almost 2x longer. (<\/strong><a href=\"https:\/\/learning.linkedin.com\/content\/dam\/me\/business\/en-us\/amp\/learning-solutions\/images\/wlr21\/pdf\/LinkedIn-Learning_Workplace-Learning-Report-2021-EN-1.pdf\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Source<\/strong><\/a><strong>)<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Internal mobility is when your current employees move from one job to another at the same organization. Internal mobility has an ROI that\u2019s easy to quantify: <strong><a href=\"https:\/\/www.springworks.in\/blog\/employee-engagement-guide\/\">higher employee engagement<\/a> and retention. <\/strong>If internal mobility isn\u2019t on your employee development program list, then it should be.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"28_Around_78_of_the_reasons_employees_quit_could_have_been_prevented_by_the_employer_Source\"><\/span><strong>28. Around 78% of the reasons employees quit could have been prevented by the employer. (<\/strong><a href=\"https:\/\/info.workinstitute.com\/hubfs\/2020%20Retention%20Report\/Work%20Institutes%202020%20Retention%20Report.pdf\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Source<\/strong><\/a><strong>)<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"748\" height=\"549\" src=\"https:\/\/blog.springworks.in\/wp-content\/uploads\/2022\/07\/work-institute.png\" alt=\"preventable categories\" class=\"wp-image-510773\" srcset=\"https:\/\/blog.springworks.in\/wp-content\/uploads\/2022\/07\/work-institute.png 748w, https:\/\/blog.springworks.in\/wp-content\/uploads\/2022\/07\/work-institute-300x220.png 300w, https:\/\/blog.springworks.in\/wp-content\/uploads\/2022\/07\/work-institute-60x44.png 60w, https:\/\/blog.springworks.in\/wp-content\/uploads\/2022\/07\/work-institute-480x352.png 480w\" sizes=\"(max-width: 748px) 100vw, 748px\" \/><\/figure>\n<\/div>\n\n\n<p>Work Institute identified seven categories that can be labelled as preventable:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Career development<\/li>\n\n\n\n<li>Work-life balance<\/li>\n\n\n\n<li>Manager behavior<\/li>\n\n\n\n<li>Job characteristics<\/li>\n\n\n\n<li><a href=\"https:\/\/www.springworks.in\/blog\/employee-wellness-program\/\">Employee well-being<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.springworks.in\/blog\/employee-benefits-ideas-for-remote-workers\/\">Employee benefits<\/a> and compensation<\/li>\n\n\n\n<li>Work environment and company culture<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"29_More_than_half_54_of_employees_globally_would_quit_their_jobs_if_not_provided_post-pandemic_flexibility_Source\"><\/span><strong>29. More than half (54%) of employees globally would quit their jobs if not provided post-pandemic flexibility. (<\/strong><a href=\"https:\/\/www.ey.com\/en_us\/news\/2021\/05\/more-than-half-of-employees-globally-would-quit-their-jobs-if-not-provided-post-pandemic-flexibility-ey-survey-finds\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Source<\/strong><\/a><strong>)<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>There are several reasons why employees want flexible working hours. They think it improved their work-life balance and mental health and helped them grow in their careers. However, as an employer, you must create <a href=\"https:\/\/www.springworks.in\/blog\/hr-policy-templates\/\">new workplace policies<\/a> that give employees more control over how they work and where they work from.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"30_The_cost_of_replacing_an_individual_employee_can_be_two_times_the_employees_annual_salary_Source\"><\/span><strong>30. The cost of replacing an individual employee can be two times the employee&#8217;s annual salary. (<\/strong><a href=\"https:\/\/www.gallup.com\/workplace\/247391\/fixable-problem-costs-businesses-trillion.aspx\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Source<\/strong><\/a><strong>)<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Losing your best employees can break down <a href=\"https:\/\/www.springworks.in\/blog\/boosting-employee-morale\/\">team morale<\/a>. Externally, it can mean lost customer relationships. What can you do? Train your managers and leaders to have frequent, meaningful conversations with team members to understand their challenges, frustrations, goals, and their future plans.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"31_The_1_operational_priority_for_organizations_is_retaining_their_talent_this_is_even_above_revenue_Source\"><\/span><strong>31. The&nbsp;#1 operational priority&nbsp;for organizations is&nbsp;retaining their talent&nbsp;(this is even above revenue). (<a href=\"https:\/\/www.ajg.com\/us\/2023-us-workforce-trends-report-series-organizational-wellbeing\/\">Source<\/a>)<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"863\" height=\"878\" src=\"https:\/\/blog.springworks.in\/wp-content\/uploads\/2024\/01\/Screenshot-2024-01-29-105541.png\" alt=\"\" class=\"wp-image-514816\" srcset=\"https:\/\/blog.springworks.in\/wp-content\/uploads\/2024\/01\/Screenshot-2024-01-29-105541.png 863w, https:\/\/blog.springworks.in\/wp-content\/uploads\/2024\/01\/Screenshot-2024-01-29-105541-295x300.png 295w, https:\/\/blog.springworks.in\/wp-content\/uploads\/2024\/01\/Screenshot-2024-01-29-105541-768x781.png 768w, https:\/\/blog.springworks.in\/wp-content\/uploads\/2024\/01\/Screenshot-2024-01-29-105541-60x61.png 60w, https:\/\/blog.springworks.in\/wp-content\/uploads\/2024\/01\/Screenshot-2024-01-29-105541-480x488.png 480w, https:\/\/blog.springworks.in\/wp-content\/uploads\/2024\/01\/Screenshot-2024-01-29-105541-50x50.png 50w\" sizes=\"(max-width: 863px) 100vw, 863px\" \/><\/figure>\n<\/div>\n\n\n<p>Employees who have been with the organization for an extended period are often more productive and efficient. High turnover can disrupt workflows and hinder overall productivity.<\/p>\n\n\n\n<p>Recruiting and training new employees can be expensive. Retaining existing talent reduces the need for frequent hiring and onboarding, saving the organization both time and money.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Tools_for_Your_Employee_Retention_Strategy\"><\/span><strong>Tools for Your Employee Retention Strategy<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>You may find it tough to adjust to your employees&#8217; needs and reduce the employee turnover rate&nbsp; &#8211; there are some tools that managers and leaders can leverage to meet these needs better and improve employee engagement.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Employee_Feedback\"><\/span><strong>Employee Feedback<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>How can you develop an employee feedback strategy at your organization? You can leverage employee engagement, pulse, and listening surveys. This is a valuable tool that gives insight into the employee&#8217;s needs. You can use employee engagement software to conduct employee pulse surveys.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Employee_Recognition\"><\/span><strong>Employee Recognition<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>You must create an organizational culture that prioritizes employee recognition. Peer-to-peer recognition and appreciation from managers and leaders help you make your employees feel valued and reduce turnover. Use an <a href=\"https:\/\/www.springworks.in\/engagewith\/\">employee recognition tool<\/a> that allows employees to share recognition company-wide.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><a href=\"https:\/\/www.springworks.in\/engagewith\/employee-rewards-and-recognition\/?utm_source=SW-blog&amp;utm_medium=employee-retention-statistics&amp;utm_campaign=SW-blog-conversion&amp;utm_content=cta-image\"><img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"200\" src=\"https:\/\/blog.springworks.in\/wp-content\/uploads\/2022\/01\/Product-CTAs-2.png\" alt=\"Recognize your employees\" class=\"wp-image-508674\" srcset=\"https:\/\/blog.springworks.in\/wp-content\/uploads\/2022\/01\/Product-CTAs-2.png 600w, https:\/\/blog.springworks.in\/wp-content\/uploads\/2022\/01\/Product-CTAs-2-300x100.png 300w, https:\/\/blog.springworks.in\/wp-content\/uploads\/2022\/01\/Product-CTAs-2-60x20.png 60w, https:\/\/blog.springworks.in\/wp-content\/uploads\/2022\/01\/Product-CTAs-2-480x160.png 480w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/><\/a><\/figure>\n<\/div>\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Employee_Exit_Interviews\"><\/span><strong>Employee Exit Interviews<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Whether your organization experiences high or low employee turnover, an exit interview can help you uncover insights into why employees are leaving so you can make informed decisions for culture improvement and tackling turnover.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Employee_Retention_FAQs\"><\/span><strong>Employee Retention FAQs<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<div class=\"schema-faq wp-block-yoast-faq-block\"><div class=\"schema-faq-section\" id=\"faq-question-1706506246937\"><strong class=\"schema-faq-question\">Why is employee retention important?<\/strong> <p class=\"schema-faq-answer\">Employee retention is crucial for several reasons. It helps maintain institutional knowledge, saves costs associated with recruitment and training, fosters a positive work environment, and contributes to overall organizational stability and success.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1706506265539\"><strong class=\"schema-faq-question\">What are common factors that contribute to employee turnover?<\/strong> <p class=\"schema-faq-answer\">Factors contributing to turnover can include inadequate compensation, lack of career growth opportunities, poor work-life balance, unsatisfactory work culture, ineffective leadership, and limited recognition or appreciation.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1706506284777\"><strong class=\"schema-faq-question\">How can organizations measure employee satisfaction?<\/strong> <p class=\"schema-faq-answer\">Employee satisfaction can be measured through surveys, feedback sessions, and regular performance reviews. It&#8217;s important to assess factors such as job satisfaction, work-life balance, career development, and communication within the organization.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1706506305061\"><strong class=\"schema-faq-question\">What is the role of benefits and perks in employee retention?<\/strong> <p class=\"schema-faq-answer\">Competitive benefits and perks, such as health insurance, retirement plans, flexible scheduling, and wellness programs, can significantly contribute to employee satisfaction and retention by enhancing the overall compensation package.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1706506331573\"><strong class=\"schema-faq-question\">What is the role of exit interviews in understanding employee turnover?<\/strong> <p class=\"schema-faq-answer\">Exit interviews can provide valuable insights into the reasons behind employee turnover. By understanding the factors that led to an employee&#8217;s departure, organizations can make informed decisions to improve retention strategies.<\/p> <\/div> <\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Did_you_find_this_information_helpful\"><\/span><strong>Did you find this information helpful?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>We hope you found these stats useful and that your employee retention efforts will benefit from this information.&nbsp;<\/p>\n\n\n\n<p><strong><em>Take these employee turnover statistics and tools into account before crafting the best strategy for your company. Do you have any other statistics? Please drop them in the comment section below.<\/em><\/strong><\/p>\n\n\n\n<p>Do you want to use the data? Please cite the source as Springworks and link to <a href=\"https:\/\/www.springworks.in\/blog\/employee-retention-statistics\/\">https:\/\/www.springworks.in\/blog\/employee-retention-statistics\/<\/a><\/p>\n\n\n\n<p style=\"font-size:18px\"><strong>What&#8217;s Next?<\/strong><\/p>\n\n\n\n<p style=\"font-size:17px\"><a href=\"https:\/\/www.springworks.in\/blog\/employee-recognition-statistics\/\"><strong>Check out some amazing employee recognition statistics<\/strong><\/a>.<\/p>\n\n\n\n<p><a href=\"https:\/\/www.springworks.in\/blog\/hiring-statistics\/\"><strong>Top 100 Hiring Statistics<\/strong><\/a><\/p>\n\n\n\n<p><a href=\"https:\/\/www.springworks.in\/blog\/employee-engagement-statistics\/\"><strong>45 Employee Engagement Statistics You Need to Know<\/strong><\/a><\/p>\n\n\n\n<p><a href=\"https:\/\/www.springworks.in\/blog\/workplace-violence-statistics\/\"><strong>45 Alarming Workplace Violence, Bullying &amp; Harassment Statistics<\/strong><\/a><\/p>\n\n\n\n<p><a href=\"https:\/\/www.springworks.in\/blog\/workplace-stress-statistics\/\"><strong>35 Workplace Stress Statistics You Need to Know<\/strong><\/a><\/p>\n\n\n\n<p class=\"has-small-font-size\"><em>Originally published on Feb 25, 2021 1:41 PM, updated Jan 29 2024<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In this article, you\u2019ll find 30 eye-opening employee retention statistics you need to act on right now, and some action points.<\/p>\n","protected":false},"author":6,"featured_media":503169,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[102636],"tags":[],"class_list":["post-503168","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-employee-retention","disable-dropcap","disable-2-columns"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.5 (Yoast SEO v27.5) - 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