That means employees who are interested in leaving have many more options than just a few years ago.

The same Work Institute report said there has been a 141 percent increase in open jobs since 2009.

The Work Institute found that employers paid more than $600 billion in turnover costs in 2018.

Organizations are paying a high price for poor retention.Other statistics related to employee retention are revealing: Turnover rates vary within different industries and occupations, but one large survey by LinkedIn found an overall annual global turnover rate of 10.9 percent. People come and go in jobs for many reasons, so a certain amount of turnover is normal. This is the same as saying their annual employee turnover rate was 10 percent. For example, a firm with a 90 percent annual employee retention rate kept nine out of every ten employees during a year and lost the other one. What Is Employee Retention?Įmployee retention is the ability of an organization to keep its employees from leaving. As we’ll explain, it also provides solid business benefits than can strengthen your organization. But wise organizations understand that retaining employees deserves constant attention because it does more than solve turnover problems. Some firms neglect staff retention efforts until increased turnover forces them to confront the issue. When too many employees start finding jobs elsewhere, the organization they’re leaving quickly learns why strategies for employee retention are important. “Where did everyone go?” Even a few empty chairs can be a sign of an employee retention problem that hinders the company’s progress. Have you ever walked into a workplace and seen more empty chairs than employees? “Wow,” you might think.

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