The staff turnover rate globally is 20%. It costs up to 300% of an employee’s annual salary to replace these roles through recruitment/hiring costs and lost productivity.
70% of employees are unhappy or disengaged at work and 80% of people dissatisfied with their direct manager are disengaged. This usually manifests when the employee is looking for career development, asking for a pay rise or promotion. Many issues come to light as part of the annual performance review process but 58% of executives believe that their current performance management approach drives neither employee engagement nor high performance.
Astonishingly, both turnover and unhappy staff cost business USD 550 billion worldwide. This is about USD 20,000 per professional worker lost.
Peoplewave’s ERM platform solves these problems by reducing early turnover for new hires and taking employee performance and turning it into actionable data. Find out how much you can save your company by implementing Peoplewave ERM solutions; check out our employee turnover calculator below.