Industries and Trends
In 2023, this was the total number of industries ranked for the highest turnover rates.
What is nine.
Providing employees flexibility in this area can motivate them to remain with a company.
What is a flexible dress code or flexible work schedule.
For employers, this is the primary goal of implementing an emotional salary.
What is build employee loyalty and improve retention.
This fraction of employees typically leave their job within six months of starting
What is 1/3 (33%).
Managers need to help employees focus on career progression rather than this.
What is promotion.
In 2023, this industry reported the highest turnover rates.
What is the leisure and hospitality.
This retention strategy emphasizes aligning a company's culture with this aspect of an employee.
What is culture and values.
For employees, emotional salary provides this benefit, balancing work demands with personal time.
What is allow for balance between personal and work life.
Employee retention largely depends on this factor.
What is the employee satisfaction.
What is one of the five theories that determine employee satisfaction and are relevant to employee retention?
What is…
1. Equity Theory
2. Job Characteristics Theory
3. Expectancy Theory
4. Social Exchange Theory
5. Maslow Theory
Ranked 9th in 2023, this industry had one of the highest turnover rates.
What is government.
This retention strategy aims to enhance employee performance and build confidence.
What is personal and professional development.
Companies traditionally focused on this type of compensation, contrasting with the concept of emotional salary.
What is economic salary.
According to many employees who leave, investing in this could significantly improve retention.
What is learning and employee development.
Employee retention is dependent on employee satisfaction and employee satisfaction depends on one of these 4 factors.
What are…
1. Sustainable and positive work environment
2. Sustainable and effective communication
3. Sustainable growth opportunities
4. Sustainable and effective recruitment and selection practices (2)
Name an industry that was not listed among those with the highest turnover rates in 2023.
What is any industry other than leisure and hospitality, professional and business services, construction, trade/transportation/utilities, education and health services, manufacturing, information, financial services, and government?
This strategy promotes employees’ potential for advancement, allowing them to gain new skills and reach higher levels within the company.
What is promotion and growth.
This shift in employee expectations drove companies to adopt emotional salary practices.
What is because people want a different type of reward from economic salary (such as family time or personal time).
This is the most common reason employees choose to leave their job.
What is because they aren’t challenged at work.
This method can be used by management to evaluate how employees are feeling in order to know how to help them stay.
What is monthly surveys.
A workplace survey report found that this percent of surveyed employees responded that if a company invested in helping them learn, they would stay longer.
What is 94%.
Emotional salary encourages this type of mobility within a company's hierarchy and organizational structure.
What is horizontal.
Calculating employee turnover requires dividing the number of employees who left by this figure.
What is the average number of employees in the company.
This is a specific quality that managers have that can attract employees and make them want to stay because it allows the employee to know what they are doing right or wrong and allows for a better connection.
What is transparency.