June 19, 2024

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SHRM Offers Inexpensive Ways to Improve Employee Turnover

The SHRM Research Institute released the Better Workplaces on a Budget study, comprising two complementary reports. The first report details major drivers of employee turnover and shares insights to address and improve employee turnover. 

According to the HR professionals surveyed for the report, 39% indicated the biggest reason for employees leaving is inadequate compensation. Nearly 75% of respondents said a lack of adequate compensation was in the top three reasons for employees leaving. Other major drivers for employees leaving their workplaces included a lack of career development and advancement, workplace flexibility, unsustainable work expectations and uncaring and uninspiring leaders. 

The second report provides strategies to employers to address the main drivers of employee turnover and shares best practices, many of which cost little or no money, to improve employee turnover. 

“As each organization is unique, the first step is for HR professionals to identify the key reasons why their employees are leaving,” says Mark Smith, director of HR thought leadership at the SHRM Research Institute. “They can then benchmark those reasons and their available budget against the nationwide data and identify strategic solutions to create better workplaces.” 

Click here for other workplace trends from SHRM.