Here are three stats that should frighten every HR executive:
• Only 15% of all workers are completely satisfied with their jobs 1
• 85% would leave the minute something better comes along 1
• About 1 out of every 4 individuals with a job is actively looking for a new one 2
All of that means your best employees are probably taking calls from recruiters and posting their resumes. With the economy on stronger ground and unemployment rates trending up, the odds are not very good that you will keep your best employees if they are also among the “unhappy.”
Why are employees eyeing greener pastures elsewhere? The normal lists of reasons apply of course; more money, better career advancement opportunities, improved work-life balance. They all play a role. But the biggest reason employees head for the exits will surprise you.
Here’s a hint. It’s not what they are getting from a new employer, but rather what they failed to get from their existing ones. In a recent infographic, 82% of all employees defined the lack of appreciation they get (or should I say don’t get) at work as “annoying.” 3
So how can you correct that? Easy, implement Maestro. It’s the fast fix for companies that have forgotten to say thank you. It’s the remedy for managers who fail to acknowledge employees. It’s the solution for businesses that want to manage employee appreciation in an efficient and streamlined manner.
The cost of employee turnover is not cheap. Some estimate it’s as high as 250% of one year’s salary. That number balloons when you factor in lost customer relationships and vacated institutional know-how. Conversely the cost of recognition can average 1-3% of an employee’s annual salary. Where are you going to put your money this year?
1 Linkedin Talent Trends 2014 - https://business.linkedin.com/content/dam/business/talent-solutions/global/en_US/c/pdfs/linkedin-talent-trends-2014-en-us.pdf
2 Survey: 1 in 4 Workers Searching For A New Job - http://voiceglance.com/survey-1-in-4-workers-searching-for-a-new-job/
3 Top 5 Reasons Employees Quit - http://www.inc.com/graham-winfrey/5-reasons-employees-leave-their-jobs.html