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In 2016, the average organization experienced 19% turnover with an average cost per hire of $4,129 according to SHRM. Another study shows that 47% of small businesses struggle to find good candidates.
In 2011, companies spent over $ 45 Billion on recruitment, and yet 46% of new hires still left after their first year.
Employee retention is a common issue these days and according to the data, it isn’t getting any better. Job satisfaction encompasses more factors than good pay as far as today’s employees are concerned.
The six professional motivators are:
These motivators are not in any particular order, but you might want to try ranking them for yourself and see what comes first for your business. Across the country acknowledgement and fun are becoming increasingly important to today’s workers.
Looking at your company’s retention plan regularly and addressing each of these motivators is critical. Need help getting started? We are here to help.
~ DD Haines