Today, the National Retail Federation* estimates that Americans will spend $18.6 billion on gifts for Valentine’s Day. As The Beatles made famous in the song “Can’t Buy me Love” most people are not interested in worldly possessions when it comes to love. However, when it comes to the workplace, employees are a little less sentimental. US workers can be so detached that they will choose to leave an organization for what amounts to a cost of living raise.
A recent study by Dale Carnegie Training and MSW Research found that only 29% of employees are engaged at work. An engaged employee is one that is completely committed to the vision and direction of the organization where they work. They are more productive, willing to go the extra mile, and most importantly less likely to leave. In fact, the study found that 46-69% of employees that are not engaged would leave their current job for just a 5% raise. This compared to only 26% of engaged employees that would live their job for the same raise.
These numbers are astounding considering that the AARP** estimates that replacing an experienced worker at any age can cost 50% or more of the individual’s salary in turnover related expenses. In total, United States businesses lose $11 billion annually as a result of employee turnover according to the Bureau of National Affairs.
All of these numbers and statistics add up to the fact that if organizations are effectively engaging their employees they are much less likely to incur the high monetary costs related to employee turnover.
Dale Carnegie Training’s Employee Engagement White Paper*** discusses in detail not only the current state of employee engagement in the US workforce, but specific drivers that can help your organization achieve higher levels of employee engagement.