HOW EMPLOYERS CAUSED THE GREAT RESIGNATION
Work Institute’s 2022 National Employee Retention Report Points to Surprising Findings
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FRANKLIN, TN / ACCESSWIRE / June 9, 2022 / Employers could have avoided $700 billion in turnover costs and potentially avoided the Great Resignation according to new research from Work Institute.
Work Institute has just released its 2022 Retention Report, the most comprehensive report available on employee retention. Using a scientifically valid methodology and data from over 97,000 exit interviews, this report uncovers the root causes of turnover to reveal the real reasons employees leave their jobs for other opportunities.
The Report states in the wake of the global pandemic employees took note of the exceptional care and concern that employers showed for their well-being. As the economy rebounded and the pandemic began to recede in 2021, employers began to revert to their pre-pandemic behaviors and employees took notice and began to resign at a record pace.
“Our data indicates that in the immediate wake of the pandemic employees’ perceptions of their employers improved considerably, but then in early 2021 those perceptions began to decline” said Danny Nelms, CEO of Work Institute.
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While many reported most employees left their jobs for better-paying positions, this report shows that Career, Job, Health & Family, and Work-Life Balance issues all outpaced Pay as the root cause of employee departure reasons.
“Our data tells us the employer/employee relationship is much more complex than simply what an employer chooses to pay an employee.” stated Nelms. “Employees certainly care a lot about how much money they make because it is an expression of the value an employer places on them. However, employees expect more than just higher pay in today’s highly competitive market.”
The report identifies other key takeaways, such as what attracted employees to their new jobs. One in five employees stated that Pay was an attractor to their new role. However, Career reasons are cited more often as the primary attracter to a new job.
This is the sixth year the company has released its annual Retention Report that provides insights on the employee marketplace and provides analytical data related to employee retention to help employers build and maintain their retention strategies. This report breaks down the state of the U.S. workforce, trends on employee submitted reasons for leaving their previous job, the impact of the core drivers of employee retention, and other insights on employee retention.
The full report can be found at workinstitute.com/retention-report/
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For more information or to schedule an interview with Danny Nelms, please contact:
William Mahan, Director of Marketing, (615) 777-6400, [email protected].
About Work Institute
Established in 2000, Work Institute is a leader in employee engagement, retention, leadership development, and human resource consulting that helps companies attract, hire and retain talent, improve performance, diminish risk, and manage human capital cost. For more information, visit www.workinstitute.com.
SOURCE: Work Institute
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