High-performing employees are the backbone of any successful organization, and investing in them is one of the most important things you can do to ensure the long-term success of your business. These employees not only bring a wealth of knowledge and expertise to the table, but they are also committed to the success of the organization and can help to drive growth and innovation.
In contrast, replacing an employee can be a costly process for organizations. According to a study by the Society for Human Resource Management, the average cost per hire is $4,129, and it can take an average of 42 days to fill a position. Replacing an employee costs your bottom line 2.5 times per full-time employee’s salary. This cost includes expenses such as job advertising, recruitment fees, interviewing and assessment costs, onboarding, training expenses, and lost productivity during the time it takes to fill the position. In addition, there may be additional costs associated with lost knowledge and expertise, decreased team morale, and the need to redistribute work among remaining employees. These costs can quickly add up and have a negative impact on an organization's bottom line. High retention can increase your profits by 4 times.
As such, it is essential for organizations to focus on employee retention and create a work environment that encourages employees to stay for the long term.
In this ebook, we will explore why employees are quitting and how Objectives and Key Results (OKRs) combined with Intigent’s PACE™ methodology can help address this issue. We will also discuss topics such as lack of engagement and purpose as the root cause and how Ideation Sprints with the full participation of team members can improve engagement, build trust and rekindle accountability.
Finally, we will emphasize the approaches that will create a safe space for employees to share their ideas.