Employee Turnover is Expensive but Retention Without Engagement is Even Worse

In this episode of the Business Resources One podcast, Mike Voories discusses the critical issue of employee turnover and the often-overlooked problem of retention without engagement. He highlights the significant costs associated with employee turnover, including lost productivity, hiring and training expenses, and the negative impact on team morale and company culture. Voories emphasizes that retaining disengaged employees can be even more detrimental to a business than high turnover, leading to low productivity, toxic culture, and poor customer experiences. He outlines four key strategies for retaining and engaging employees: providing purpose, investing in growth and development, fostering a culture of recognition, and offering autonomy and flexibility. The episode concludes with a reminder that both retention and engagement are essential for a thriving workplace. Takeaways: - Employee turnover can cost 50 to 200% of an employee's salary. - Retention without engagement can lead to a disengaged workforce. - Disengaged employees can drain company energy and slow innovation. - High turnover affects service quality and customer confidence. - A toxic culture can arise from disengaged employees. - Employees need to see their work's impact on the company. - Investing in employee growth leads to higher engagement. - Recognition and connection foster a positive workplace culture. - Providing autonomy increases employee ownership and engagement. - Both retention and engagement are crucial for business success. https://BusinessResourcesOne.com