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A whopping 1 in 4 employees were believed to have left their jobs in 2021. This level of employee turnover comes at a great cost to employers. We break down why employees are leaving, what it costs businesses, and some Great Resignation solutions you can implement.
Employee benefits are not a one-size-fits-all solution. Answering a question like, “Why are employees leaving?” also doesn’t produce a one-size-fits-all set of responses. It’s dependent on the industry, employer size, and so much more. However, pay and benefits are pretty common themes.
CareerPlug surveyed 500 participants who were considering leaving their jobs. Their top reasons why they were considering leaving their jobs were:
Cost of being short-staffed
Cost in productivity/profitability
Cost of replacing employees
One study found that it costs 33 percent of a person’s annual salary to replace them. That means it costs you:
The projected cost of employee turnover to U.S. businesses every year is $1 trillion!
Employers can make the Great Resignation a great opportunity to bring in even more talent and retain the talent they have when they:
Want to learn more about these solutions? Get your free guide.
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The information in this blog post is for educational purposes only. It is not legal or tax advice. For legal or tax advice, you should consult your own counsel.
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