Wow! This article’s headline is truly mind blowing. "One-third of UK employees expect to leave their job in the next two years." That seems like a major talent challenge...or nightmare. This is going to prevent innovation and consistency, and will cost companies a lot of resources.
According to an article on ERE, the impact of turnover depends on the career level of the employee.
- For entry-level employees, it costs between 30-50 percent of their annual salary to replace them.
- For mid-level employees, it costs upwards of 150 percent of their annual salary to replace them.
- For high-level or highly specialized employees, you’re looking at 400 percent of their annual salary.
With that in mind, you can be certain that companies are looking for strategies to:
- Improve their abilities to find and connect with top talent, which includes creating intriguing cultures that differentiate themselves from competitors.
- Improve the recruitment experience to make it more enjoyable and candidate friendly.
- Expand their talent pool and geographical reach for top talent.
- Enhance the employee on-boarding experience, including their relocation program.
- Improve employee engagement and retention.
British employers need to get a better grip on pay and how it is delivered if they are to attract and retain top talent, according to research from Willis Towers Watson’s Global Workforce Study. The study shows that a third (32 per cent) of UK employees say they are likely to leave their current employer in the next two years, and rank their salary as the number one motivation to consider leaving.