How People, Planet & Prosperity Impact Employee Turnover – Part 1

 

The Impact on Employee Turnover

Heads of State and Government and High Representatives met at the United Nations Headquarters in New York and launched a set of 17 ambitious goals to achieve over a 15-year period, including goals for people, our planet and prosperity. How will these impact employee turnover in the remaining 8 years?

 

The plan is titled “The 2030 Agenda” and aims to stimulate action in areas of critical importance for humanity and the planet. Here are 3 that we’re focusing on in this 2-part blog post:

 

People:

End poverty and hunger, in all their forms and dimensions. Ensure that all human beings can fulfil their potential in dignity and equality, in a healthy environment.

 

Planet: 

Protect the planet from degradation, including through sustainable consumption and production, sustainably managing its natural resources and taking urgent action on climate change, so that it can support the needs of the present and future generations.

 

Prosperity: 

Ensure that all human beings can enjoy prosperous and fulfilling lives and that economic, social and technological progress occurs in harmony with nature.

 

Reducing Employee Turnover

 

The “Great Resignation” is real. Over 4.5 million Americans quit their current jobs in March 2022. Turnover costs are crippling U.S. businesses. The average cost to hire a new employee currently averages $2792 to $4425 per employee – AFTER the ideal candidate is identified and hired. Once hired, that employee needs approximately 6-9 months to reach full productivity. It is now critical for employers to retain key employees.

 

According to Pew Research, the majority of workers leaving their current jobs cite 3 top reasons:

 

  • Low pay (63%)
  • No opportunity for advancement (63%)
  • Feeling disrespected at work (57%)

 

Added to this list are lack of benefits, wish for more flexibility and a poor work environment or corporate culture.

 

While it makes sense that a competitive wage should be the baseline for any position, companies can also outline career paths or opportunities for advancement. Communicating company values, training and peer-to-peer recognition are all components of effective employee incentive, reward and recognition programs that contribute to mutual respect and a positive corporate culture.

 

People

In keeping with The 2030 Agenda, ensuring that our people can fulfill their potential with dignity and equality is certainly something we can accomplish within the workplace. Building a culture of recognition includes aligning individual goals with company goals and values, communicates what’s important and recognizes excellence in practice.

Watch this space for Part 2, discussing how the Planet and Prosperity components of The 2030 Agenda may impact employee turnover.

To learn more about how adopting these People, Planet and Prosperity initiatives can help to retain your key employees contact one of our experienced professionals today!

Brian Galonek

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