How much is employee turnover costing your organization?
According to a 2008 SHRM study, the cost to replace and hire new staff may be as high as 60% of an employee's annual salary, whereas total costs of replacement, including training and loss of productivity, can range from 90% to 200% of an employee's annual salary. Improved retention requires an innovative assessment tool to make sense of the "why" behind employees' reasons for leaving. Recent research conducted by Avatar Solutions found that 58% of employees responded "strongly agree" or "agree" when asked the following question:
"I have thought of resigning in the last six months."
The following reasons were cited by employees for this trend:
What is causing employees to leave your organization? Avatar's Exit Survey is an effective and useful means of gathering this information. Our Exit Survey process offers the following fundamental advantages:
- Improved employee retention and reduced turnover. In fact, most of our clients have reported that our survey data assisted them in decreasing their turnover by 50 percent within 18 months, essentially saving millions of dollars in recruiting and training costs.
- Increased objectivity, as the exit interviews are conducted by a fair and non-partisan third party.
- Compare exiting employees' responses to overall employee engagement survey results to determine which dimensions of employee engagement impact turnover.
- Ability to benchmark against industry norms.
- Ongoing feedback, allowing organizations to determine and quantify where improvements have had a positive impact and identify areas still requiring improvement.
- A savings of time for HR departments.
Contact us to learn more about the benefits of administering an Exit Survey at your organization.