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How to Get Ahead of Employee Turnover (Hint: Don’t Wait for Exit Interviews!)

Source | blog.linkageinc.com| By|Amy Shapiro 

 

The author goes on to recommend ways that companies can learn from these resigning employees, including reflecting on the nature of the resignation, collecting data to understand the cause of the resignation, and considering its broader organizational implications. This is supposed to allow for the organization to improve, and over time, potentially reduce the amount of voluntary turnover.

As I read this, I couldn’t help but think that this recommendation relies on a very reactive process.

Why are we waiting for employees to leave the organization before we start asking questions and collecting data?

The negative impact of losing a strong employee is clear: Turnover can cost employers 33% of an employee’s annual salary, including hiring costs like fees to recruiters, advertising, interview expenses, signing bonuses, relocation costs, etc.  And, when someone leaves an organization, it can be very disruptive for the teams they leave behind. Current employees take on that person’s work, spend time onboarding and training new employees–and there can be a loss of morale.

The cost is especially high for organizations that can’t attract, retain, or advance women leaders. At the organizational level, according to McKinsey’s study entitled “Delivering Through Diversity”, companies in the top-quartile for gender diversity on their executive teams were 21% more likely to have above-average profitability than companies in the fourth quartile.

And, the impact of not advancing women extends far beyond the organization. Research shows that the gender gap in leadership has huge implications for the overall global economy. In fact, if women were to participate more equally and fully in the workplace, it could drive $28 trillion in growth–the size of the U.S. and China economies put together.

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