Here are two eye-opening statistics for HR and benefits to ponder:
- 51% of employers reported higher turnover in 2013 than 2012, and
- employee turnover can cost up to 150% of an employee’s salary (i.e., it can cost $75,000 to replace a departing staffer who made $50,000).
These figures come from Michael C. Fina, a global incentives and rewards company, that recently compiled data on employment trends to illustrate just how important employee engagement and recognition can be in preventing employee turnover.
In fact, the rewards company’s research found that at employers with a culture of recognition (aka, a company where employees receive regular recognition for their efforts and achievements) employees are seven times more likely to stay with their employers and eleven times more likely to be committed to their work than workers at companies that don’t have a culture of recognition.
Michael C. Fina pulled its research together to create an easy-to-read infographic on employee engagement.
The graphic offers some telling stats on the benefits of engaging workers, descriptions of the various levels of engaged employees, and a listing of the top practices that create engaged employees.
Via: Michael C. Fina