With increasing employee empowerment, industry leaders must address the causes of attrition in order to keep their employees. Employee loyalty is difficult to gain, but it is ultimately the key to business success.
Finding out why a great employee quits (or what you can do to keep one) might be a bit of a mystery if you haven’t had time to think thoroughly about your company culture or if you’re just starting to build up the firm. Don’t miss out on simple opportunities to develop great morale within your teams! There are shocking employee retention figures out there, but if you take time to learn the experience of your employees, you can avoid losing valued team members and the costs that come with that.
As you may know, it is very expensive to replace personnel. A study by Employee Benefits news discovered the average cost of losing an employee is 33% of their annual income. If that employee was paid PHP 60,000, the cost of losing them would be almost PHP 20,000; the higher that employee gets paid, the greater the losses as well. These attrition costs eventually go to spending substantial time and money in advertising, recruitment agencies, screening, interviewing, and hiring to find the best personnel. It’s not just the individual employee that you lose, it’s additional time, money, and effort to replace them and onboard new employees.
When recruitment costs, training costs, and lost productivity are factored in, a high turnover rate can be detrimental to a company’s bottom line. Given this, why not ensure your employees’ pleasure in order to keep their services, cash, and time? A study by the Sprouts Solution’s study reported that in 2021, the Philippines’ voluntary attrition rate grew 73%
For the best results, develop a strategy to combat staff turnover and boost employee retention and morale. People are the most important revenue producers for every company in terms of innovation, sales, customer interactions, and a number of other vital factors. To ensure their productivity, invest in programs that can develop their personal goals and strengthen their bonds to their coworkers so they feel like they’re growing with your company.
An effective but simple way for employers to encourage employee engagement is through promoting group exercises classes, specifically within teams, to improve dynamics and encourage coworkers to bond outside of work. The latter aspect is shown to be highly relevant with studies showing that 70% of employees see having friends at work is a crucial element to a happy work life. Other activities you can implement can include webinars to promote personal growth, mental health services, and personalized exercise programs- all of which can be found in corporate wellness programs. Turn your employee’s workplace stress into workplace wellness.
Building a well rounded wellness program can greatly improve your company culture and decrease the rising rates of attrition. These employee benefits make your workers feel cared for. A survey conducted on young professionals on LinkedIn found that 47% of respondents valued companies that fostered a positive culture and 51% said they were proudest to work at a place that promoted flexibility and work-life balance.
For more information about corporate wellness in the Philippines, contact us at firstname.lastname@example.org. We provide all aforementioned services mentioned in this post and more.
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