Attrition/Retention – Happier and more engaged employees are more likely to stay with the company. The cost of replacing a single salaried employee can often range from one to two times annual salary when we consider the embedded costs of lost productivity, loss of institutional knowledge, rehiring, and retraining costs. Some useful figures come from a research report by online tech community Built In. Their data suggests turnover costs include $1,500 for hourly employees, 100 to 150% of an employee’s salary for technical positions, and up to 213% of an employee’s salary for C-suite positions.
Here is useful research from McKinsey & Co. (reference). It looks at the disconnect between what employees value and what employers think they value. Essential components of happiness and wellbeing at work (valued by manager, valued by organization, sense of belonging) matter more than what employers tend to focus on (compensation, health, looking for better jobs).
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