The Cost of Turnover
As work becomes more complex and reliant on a network of people, it’s critical for employers to grow a workforce that’s talented and engaged. This means the stakes have not only been raised for employees; employers will also feel a shift when trying to find and retain great talent. Since 2013, job turnover rates have increased year over year in the U.S., gaining nearly 23 percent in the past five years, according to the Compdata Surveys & Consulting 2018 Turnover Report. But turnover is only part of the talent problem; the other is finding workers with the appropriate skills.
A recent report from Korn Ferry showed that, by 2030, a global talent shortage could result in a loss of GDP the size of Germany and Japan’s economies combined. It’s not difficult to see how employers and employees may be talking past one another about these issues: Employers are feeling the very real pain of not having the right people for the job, while employees are asking for development opportunities, meaningful work, and leadership they can trust. Both sides working with each other to find a solutions can make a difference and protect a company's ROI. Open jobs and turnover cost money. In order for there to be success, the solution must include givings and wins for both sides. Like any relationship, it must start with compromise.