Articles

This Fixable Problem Costs U.S. Businesses $1 Trillion Annually

A trillion dollars. That’s what U.S. businesses are losing every year due to voluntary turnover. And the most astounding part is that most of this damage is self-inflicted.

Here’s how it breaks down for an individual organization: The annual overall turnover rate in the U.S. in 2017 was 26.3%, based on the Bureau of Labor Statistics. The cost of replacing an individual employee can range from one-half to two times the employee’s annual salary — and that’s a conservative estimate. So, a 100-person organization that provides an average salary of $50,000 could have turnover and replacement costs of approximately $660,000 to $2.6 million per year.

It’s About More Than Money! Voluntary turnover costs money. But, as any leader or manager knows, turnover has many costs that never register directly on a spreadsheet. Losing your best people means losing your reliable winners, your constant innovators and your most effective problem solvers.

Internally, it breaks down team morale. Externally, it can mean lost customer relationships. Depending on the quality of the exit, it can threaten your brand or, at worst, lead to litigation. Read More

Demystifying Executive Coaching

In recent conversations with business professionals, a recurring inquiry emerged: What exactly is executive coaching? Let’s dispel some myths and define key terms. Read More

Mentoring in the workplace is a professional relationship where an experienced individual (the mentor) provides guidance, support, and advice to a less experienced individual (the mentee) to help them develop their skills, knowledge, and career path. Mentoring can take various forms, including formal programs established by organizations or informal relationships that develop naturally between individuals. Read More

What Is Job Satisfaction and Motivation? Maybe Not What We Think

Job satisfaction can be defined as the level of contentment or fulfillment that an individual experiences in their job or career. It reflects the extent to which employees enjoy their work, feel valued, and find their job rewarding. Motivation at work refers to the internal and external factors that drive individuals to engage in certain behaviors, tasks, or activities within their workplace. Motivation plays a crucial role in influencing employees’ levels of engagement, productivity, and job satisfaction. Read More