It is estimated that 33 -43% of new hires in the US voluntarily leave their jobs within the first six months. This statistic varies by industry and can even be more than 43%. Since it takes almost 8 months for new hires to be fully productive, this problem becomes costly for employers to solve.
Some of the reasons people leave are outlined below:
Understanding and managing employee turnover is essential. Voluntary employee turnover is estimated to cost US employers $1 Trillion annually. The cost of replacing an employee is ½ to 2 times the employee's annual salary. So, for example, a $30,000 employee replacement cost can range from $15,000 to $60,000.
These replacement costs don't include indirect costs such as lost productivity, overtime, and the negative impact on morale. There are proactive steps that an employer can take to reduce employee turnover. In a recent survey, 92% of Human Resource executives believed that the quality of the employee experience is the most critical component to retaining employees.
The role of MSK programs in retention, employee experience, and injury prevention. When you look at turnover rates in industries with physically demanding or repetitive jobs, they are above the US industry norms. Historically, employers have looked at MSK programs as a way to prevent injuries and keep employees safe. But increasingly, employers are looking at MSK programs as a way to attract and retain employees.
The following programs assist in stopping the revolving door of new hires:
While an MSK program doesn't address all the concerns that drive employee turnover, it is part of the foundation of an improved employee experience. The program helps new hires understand their job requirements, feel supported, and feel less overwhelmed. It is an essential building block of the company's culture and safety culture that will help employees thrive.
A new employee, Darrell, told his manager that he appreciated that the company cared enough about him to offer the program and said no other company had ever done that. ~ Food Distribution Customer
Practical tips focused on workplace injury prevention.