What we want at work in 2019
Bottom Line:Yeah money and benefits are important. If they weren’t most people wouldn’t be showing up to work today. But time and again when it comes to overall satisfaction with work and your employer, it comes down to management. The highest hidden cost in business today is turnover. Every time an employee is turned over the cost to the business is an average of 20% of the gross annual compensation of that position. With average compensation around $50,000 – that means that the average cost for an employee to leave a company is about $10,000!
With that in mind turnover rates are at their highest levels in 18 years as the great jobs economy has presented no shortage of opportunities for those who’re less than satisfied with their employer. Given the cost of turnover there’s great incentive for businesses to focus on retention and what is it that’s most likely to improve it?
- Workplace development
According to LinkedIn’s just completed Workforce Learning Report, 94% of employees would be more likely to stay with their employer if they had regular opportunity to continue to learn and develop their skills. Makes perfect sense to me. It also shows that very few people are happy with being complacent – which is what every employer should want in an employee, but every bad boss might not want to take ownership of...
Moral of this story is that if you want to keep your best people and save on the cost and headaches of turnover – take an interest in what your employees want to take an interest in within your organization.