The turnover rate or “turnover wave” has reached epidemic proportions. According to the Bureau of Labor Statistics, the turnover rate in 2021 was 57.3 %. This is an alarming number and unsustainable for a healthy economy.
So, why is everybody unhappy? They want more money, of course. But there’s more. They want better benefits, more flexibility, and a better work-life balance. They are bored, stressed, undervalued, or simply burned out.
Forbes calls it a “turnover tsunami” and it was caused by the COVID pandemic; pandemic stress and uncertainty, working longer hours, and working from home all contributed to employees feeling unengaged, undervalued, and burned out.
The car business is a good example. Last year, the Employee Turnover rate was 46%, an all-time high. This business has always suffered from high turnovers, and despite the success, dealers had last year, the “turnover wave” just keeps rolling on.
High turnovers cost U.S. businesses millions. Training and retraining take time, money and drains valuable resources. Experts blame the hiring process. According to the Harvard Business Review, 80% of turnovers can be attributed to bad hiring decisions. New HR strategies are now being developed for recruiting and retaining employees.
Here are six ways to reduce turnovers and improve retention:
- Hire the right people.
- Offer competitive salaries and benefits.
- Reward and recognize employees.
- Build a better workplace culture and environment.
- Encourage more engagement for all employees.
- Offer flexibility.
If you are a marketer in any high turnover business, your work is cut out for you. The relationships you developed and maintained for so long may be gone tomorrow. You need to constantly update and nurture your connections. Plus, you should consider an up-to-date email list. A good, current mailing list will help you keep thriving in these uncertain times of high turnovers. Employee Turnover should be managed.
For more information about the value and benefits of an email list, contact Ian at the Email List Company, phone: 844.226.9818, or online at [email protected]