{"id":17084,"date":"2023-07-11T09:16:32","date_gmt":"2023-07-11T16:16:32","guid":{"rendered":"https:\/\/www.knowledgecity.com\/blog\/?p=17084"},"modified":"2024-04-01T07:52:38","modified_gmt":"2024-04-01T14:52:38","slug":"tackling-employee-retention-in-2023-why-10-of-your-workforce-might-be-planning-their-exit","status":"publish","type":"post","link":"https:\/\/www.knowledgecity.com\/blog\/tackling-employee-retention-in-2023-why-10-of-your-workforce-might-be-planning-their-exit\/","title":{"rendered":"Tackling Employee Retention in 2023: Why 10% of Your Workforce Might Be Planning Their Exit"},"content":{"rendered":"

Employee retention is an ever-present issue in today’s business landscape. According to Employ, nearly <\/span>a third of employees quit<\/span><\/a> within the first 90 days of employment. This high turnover rate results in significant rehiring costs, amounting to one-third of an employee’s salary. On top of that, a BambooHR study uncovered that <\/span>10% of employees<\/span><\/a> think about quitting their job every day. As we can see from these statistics, employee retention in 2023 is a struggle.\u00a0<\/span><\/p>\n

HR management has a huge responsibility when it comes to employee retention, and any given company’s resilience and success depend on its efforts. This article will examine the BambooHR study in greater detail and explore why employees quit their jobs. We’ll also give you actionable tips to boost employee retention in 2023.<\/span><\/p>\n

\"Reasons
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\n1 in 10 Employees Think About Quitting Daily<\/b><\/h3>\n

Many employees think about quitting their job now and again, though not necessarily every single day. To look at things differently, BambooHR found that 75% of employees have considered leaving their job in the last year. This is a sizable proportion of workers, which speaks to the employee retention issue hanging over HR managers\u2019 heads.\u00a0<\/span><\/p>\n

The main point of these statistics is that employers must look at the employee experience and the factors driving employee turnover. If these issues aren’t discovered and addressed, we could see even more of the same: more employees quitting their jobs and affected companies collapsing from the failure to retain necessary talent.\u00a0<\/span><\/p>\n

Why Employees Are Struggling in 2023<\/b><\/h3>\n

We’ve highlighted that employers have a hard time retaining talent. Now, it’s time to shed some light on the employees and why they have difficulty remaining in their current positions. Let\u2019s look at the top reasons why employees quit their jobs in 2023.\u00a0<\/span><\/p>\n

The Salary Isn’t Competitive\u00a0<\/b><\/h3>\n

A survey conducted by Flexjobs in 2022 found that <\/span>59% of employees cited a low salary<\/a><\/span> as one of their top reasons for wanting to leave their current job. Though some might accept a job that pays lower than they hoped, others find that their salaries aren’t keeping pace with inflation (43% of <\/span>BambooHR study participants<\/span><\/a> considering quitting cited this issue).\u00a0<\/span><\/p>\n

When the money isn’t sufficient, employees seek out other companies that will pay more.\u00a0<\/span><\/p>\n

A Paycheck Is Just a Paycheck<\/b><\/h3>\n

For a long time, employees would flock to employers that offered higher salaries, and high-paying companies could take their pick from there. Money was enough to attract and retain top talent.\u00a0<\/span><\/p>\n

Times have changed; though employees still want and need fair compensation, they seek <\/span>more than just a paycheck<\/span><\/a>. Many of them want the following in addition to good compensation:\u00a0<\/span><\/p>\n