According to the Talent Trends 2014 Survey conducted by Linkedin, only 15% of your employees are not open to looking at new employment opportunities. Think about that for a moment – more than 4 out of 5 of your employees are willing to leave your company at any given time. This is an eye-opening result with a harsh reality for employers and should warrant consideration.
According to the Exit Survey, another survey conducted by LinkedIn, there are three top reasons why an employee would consider leaving you;
- Better compensation / benefits.
- Better work / life balance.
- Greater opportunities for advancement.
It can cost anywhere from 1 to 3 time an employee’s annual salary to replace an employee, so if you look at it that way, you can’t afford not to retain an employee.
With the number one reason being compensation and benefits, it is a good idea to compare your compensation to similar job in your area. This is known as Salary Bench-marking. It’s also a very good idea to analyze your benefits to make sure you are offering a competitive benefit package.
If you need some help comparing your organization’s benefit package, please contact me.