Keeping employees on your payroll takes more than just paying a competitive salary. It also requires an environment that allows them to do their best work and feel like they are valued as humans.
Ignoring the employee experience can be costly. According to a Gallup survey, the cost of replacing an individual employee can range from one-half to two times the employee’s annual salary. Given the current rate of voluntary employee turnover, Gallup estimates that U.S. employers spend about $1 trillion per year just to replace talent. While some churn is natural, 52% of voluntarily exiting employees say their organization could have done something to prevent them from leaving their jobs.
By taking a human-centered design approach, businesses can implement employee experience solutions that improve employee retention by reducing frustration, increasing job satisfaction and fostering a deeper sense of purpose. Here’s what you need to know.