Enhance talent retention by gaining deeper insights into the underlying indicators behind their turnover intentions, such as their desire for internal or external mobility and their search for other job opportunities.
Why is it important to survey employees on retention?
The average turnover rate in Europe stands at 11.7% (source: Eurostat).
Replacing an employee incurs costs equivalent to around 6 to 9 months’ salary (source: SHRM).
Staff turnover comes with various costs, including financial losses, the departure of valuable talent and knowledge, a decline in the quality and stability of customer services, disruptions to team dynamics, an increase in counterproductive behavior, reduced appeal for the organization, and challenges in recruiting new talent. When should retention be measured?
Once a year to monitor changes in the retention rate (recommended)
After a period of major organisational changes (new strategy, reorganisation, etc.) to measure the impact on employee retention.
What are the benefits?
For the employer
Retaining key employees, preventing their departure
Maintaining in-house expertise and know-how
Helping to ensure work continuity
Enhancing team performance
Reducing the cost of recruiting and training new staff
Improving the perception of the employer brand
Improving the quality and stability of services offered to customers
Improving feelings of self-worth, recognition and job security among employees