Voluntary employee turnover (aka job-hopping) is at a new high. It is estimated that 41% of the workforce will switch jobs this year. That’s a staggering increase when pre-pandemic the average voluntary turnover was about 15%.
The disruption of the pandemic took its toll on our workforce. Even though the world is now opening up, things will never be exactly the same as they were before the pandemic.
Over the past year and a half, employees reevaluated what role work means to them and in a recent survey, money wasn’t even mentioned as a top job wish.
How employee turnover affects you:
Since more employees are job-hopping, it has become more difficult for organizations to recruit and retain staff. Staff turnover has high direct and indirect costs. Examples of turnover costs include:
- Loss of knowledge and experience
- Time in recruiting a replacement
- Administrative costs in onboarding a replacement
- Loss of productivity with a vacant seat
- Team morale affected
- Training costs
How you can combat turnover:
You may be seeing firsthand the effects of job hopping in your organization. Coming back to the office, even in a hybrid scenario, is a big transition for your team.
Employees have reevaluated their personal and professional priorities. Since dealing with the workplace disruption caused by the pandemic, they discovered what means more to them is more than money. They want to feel valued, appreciated and have a sense of purpose and belonging.
You shouldn’t assume that your team knows how much you appreciate them. You may think you’re showing your gratitude for their contribution, but are you truly speaking their language?
In the book by Dr. Gary Chapman and Dr. Paul White, The Five Languages of Appreciation in the Workplace, we learn that employees receive appreciation in different manners. Leaders must know how to communicate appreciation and value to others by learning their language.
The five languages are:
- Words of affirmation
- Quality time
- Acts of service
- Gift giving
- Physical proximity
Your team wants to know they matter in your organization. They want to be recognized for their contribution and not feel like a number on a spreadsheet.
In order to reduce employee turnover, learn the five languages of appreciation. Over the next five blog entries, I’ll share in more detail each of the five languages of appreciation.
Understanding the five languages of workplace appreciation will increase team performance and help with employee retention. If you’re experiencing the effects of job-hopping or you would like to take some preventative action, schedule a complimentary consultation.
