A significant factor influencing employee retention is the opportunity for professional development. According to ClearCompany, if a company invests in its employees' careers, 94% of those employees said they would stay at the company longer. Additionally, 86% of employees mentioned they would switch jobs for one that offers more growth opportunities.
Gallup's research has consistently shown that employee engagement is crucial for retaining talent. Their studies reveal that younger workers, in particular, show a marked decrease in engagement when they feel their development needs are not being met. They found that engagement levels vary by demographic group, with younger employees and women experiencing more significant declines in engagement when they feel uncared for or when their development is not encouraged.
The State of the Global Workplace Report by Gallup indicates that while employee engagement has seen some improvement, a significant portion of the workforce remains disengaged, with many employees quietly quitting or actively looking for new opportunities. This disengagement is costly, not just in terms of turnover but also in lost productivity and decreased organizational performance.
Quantum Workplace highlights trends for 2023, emphasizing the importance of investing in employee engagement even in turbulent times. They note that economic uncertainty and pressures to cut costs can lead organizations to reduce investment in employee experience and engagement, which can be detrimental. Engagement is linked not only to retention but also to productivity and customer satisfaction, showcasing the importance of continuous investment in employees.
The Society for Human Resource Management (SHRM) also underscores the significance of employee engagement as a driver of business success. They report that highly engaged employees are more productive, committed, and less likely to leave their organizations. SHRM points out that engagement can significantly affect employee retention, productivity, and loyalty, which are key to customer satisfaction and overall stakeholder value.
There is a critical link between investing in your team's potential and retaining top talent. Contact Wallace Associates for more information on workshops or coaching so that you can continue to retain your greatest investment. Your people.