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Read This Rant – Your Current Retention Effort Is A Joke (And why this travesty must be stopped with a data-driven approach)

By | Dr John Sullivan |

Yes, you read it right, a zero chance of keeping all of your teammates through the end of the year. And this retention travesty continues at almost every company, despite these five startling facts that should contribute to your anger. 

  • The actual cost of turnover can reach 10 times the departing employee’s salary. The actual costs escalate dramatically when you cope beyond simple replacement costs (most estimates don’t). Also include team disruption, lost productivity, lost intellectual property, and customer/sales impacts (source). More details on the actual high cost of turnover can be found here.
  • CEOs list key employee retention as their #1 management issue. Yes,

79 % of them cite it as their top problem. Because their turnover is skyrocketing, replacements are impossible to find, and no one in HR has any new but proven solutions. 

And the saddest part of the entire debacle is that…

  •  95% of upcoming turnover is predictable (source). 
  • A whopping 78% of turnover is preventable (source) without significant spending. 
  • And unfortunately, the U.S. voluntary turnover rate is projected by Gartner to jump nearly 20% this year, and the average turnover rate will rise to 35% by 2023 (source).

So in my view, this situation perfectly meets the definition of “a preventable outrage!”

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