This is a question worth asking, as research shows that engaged employees are 59% less likely to leave their current job for a new one1, and as many people know, employee turnover is an expensive challenge for organizations. Losing team members may negatively affect morale among remaining employees, and it often results in additional work for them, from handling former employees’ responsibilities to training replacements. Employee turnover may also affect customers if there is a negative impact to relationships or to the quality of products or service due to the loss of experienced team members.
In addition to the effects that losing team members may have on customers and remaining employees, it is costly to hire and train new employees. According to Work Institute’s 2017 Retention Report, the cost of hiring and training a new employee can be up to 33% of the person’s annual salary2, while LinkedIn reports that it could cost up to two times the person’s annual salary1. In most cases, it would be more cost effective to keep current employees engaged, satisfied, and motivated to remain as employees than it would be to hire new ones.
Knowing that engagement could be a potential predictor of employee retention or turnover, assessing engagement provides an opportunity to determine not only the extent in which employees are engaged at work, but to also identify specific action areas that could help to increase employee engagement and minimize turnover. While some people may have an idea of overall employee sentiment at their organization, the best way to find out for sure is to ask employees for their input.
Illinois BIS provides employee survey services that can help with that, including designing a questionnaire targeted for an organization’s specific goals, collecting survey responses, reporting and analyzing the results, and identifying key findings and creating an action plan.
Using a third party such as Illinois BIS to conduct a survey provides respondents with a confidential outlet that encourages honest feedback without fear of repercussion. Without honest answers, can areas of opportunity or potential concern truly be identified?
Illinois BIS has a powerful, affordable online survey platform that provides key insights to improve your company’s performance, profitability and workplace culture. View a video demo here and contact BIS today to discover how we can help you!