The Challenge: Retaining Employees
The Solution: COMMUNi
We are in the midst of a historic rise in employee turnover. Want to know why this matters and how employers can engage and retain their employees effectively? Read on!
Any time an employee leaves a vacant role, there is the time, money, and effort associated with recruiting, hiring, and training a replacement.
According to Gallup, replacing an employee generally costs between one-half to two times their annual salary. Based on Gallup’s finding that 52% of voluntary turnover is avoidable and the average voluntary turnover in the U.S., there is a potential savings of over half a trillion dollars every year.
The good news
Companies with recognition-rich cultures have 31% less voluntary turnover than companies who don’t. To get even more granular, employees who don’t feel recognized are twice as likely to quit within a year.
HOLISTIC APPROACH TO EMPLOYEE RETENTION
The COMMUNi solution addresses employee retention from multiple angles to achieve maximum results:
Top to bottom recognition
Peer to peer recognition
Community and relationship building
Incentivizing positive behaviors