Employee turnover is expensive, falling anywhere between 30%–200% of an employee’s salary. An independent analysis of data collected since 2011, including insights from millions of people from the moment they join an organization through to the time they leave, has indicated the real reasons people leave an organization are:
- Lack of belonging
A sense of belonging is crucial for people when they join a company. People who had an early sense that they didn’t belong were three times more likely to leave within the first six months.
- Lack of confidence in company leadership
Despite the common myth that people leave managers and not companies, although some people leave because of a manager, they are much more likely to leave because they don’t have confidence in the overall leadership of the company.
- Bad first impressions
A growing number of people make decisions about leaving companies early in their tenure, around 10% of people were leaving within six months of starting a new job—and many were making the decision to leave within their first six weeks.
Knowing what’s driving turnover empowers employers to make critical changes in their organization. Rather than making last-ditch efforts to retain employees who have already made the decision to leave, employers can focus on efforts and initiatives that will keep employees engaged and extend their tenure.
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