There is no other expense as significant to the employer in terms of costs and in lost productivity than employee turnover. At any given time, 73% of employees are looking for another job, which is a pretty staggering statistic when you consider that each employee lost can cost the employer up to one and a half times the salary of that person. Those dollars are quite significant. Even at the front line, where we see typically the most turnover, the cost to the employer for turnover is on average about 33%. At an executive level, it costs one and a half times the average salary.
The only way to combat that is to make sure you are intentional in developing a culture where employees feel supported, they have access to resources and relationships to help them grow, and that they’re fully engaged with their work. One of the key components to engagement is having someone, who they know cares about them, pouring into them from a development perspective. The execution of having a mentoring culture is critical because there is no better way to focus on keeping people engaged and to make sure that they feel supported in their development than by having some sort of a structure for ensuring that employees have access to those critical relationships.