Monster.com released a survey (July 2021) that showed 95% of respondents are thinking of finding a new job. Even if 1/4 of those actually DID change jobs, is that a talent loss and replacement rate you can afford?
Indeed.com found that 52% of survey respondents reported experiencing burnout, while the Monster.com poll found 32% cited burnout as a reason for wanting to throw in the towel at work.
Frustrations with the boss drive more than 1/2 of employees out the door. Another 1/3 stick around but dream of opportunities to get away from their manager. Either way, we're talking about a serious lack of engagement and the ripple effects that come with it.
89% of bosses believe employees quit because they want more money. Meanwhile, only 12% actually do leave for money. Or, workers leave for as little as $1/hour more than what you pay. That's not about money.
Over 22% of employees cite lack of career development as the reason for leaving. Everyone's better off when there's a clear path to follow and goals to reach.
If these numbers don't convince you of the value of developing your management staff, then read on...
Companies with engaged employees outperform those without by up to 202%.
Companies that offer comprehensive training programs have 218% higher income per employee than companies without formalized training.
A full 40% of employees who don't receive the necessary job training to become effective will leave their positions within the first year.
More than 3/4 of turnover is preventable.
Companies who invest in employee learning have less than 1/2 the turnover rate of those who don't.
More than 1/3 of Millennials see comprehensive training and development programs as a top benefit they want from a company. This is the largest generation in the US labor force today.