More than 19 million employed Americans plan to leave their jobs in the next year. With the average cost to recruit and train one employee estimated at 2.5 times an employee’s salary, the feud between employer and employee job satisfaction could potentially cost U.S. employers $2.1 trillion. Many employers today face the challenge of attracting and retaining top talent with the right skills to move their business forward.
But what motivates employees and keeps them engaged in their jobs? In Cornerstone OnDemand’s recent 2013 U.S. Employee Report, employees have spoken: one of the most significant ways employers can win the feud is through job performance feedback, and ultimately creating a win-win situation for all. Cornerstone OnDemand and research firm Kelton went straight to the source to capture the employee’s perspectives and attitudes regarding performance feedback, training and development, career management, and more.
Employers can use these insights to evolve their people management strategies in the year ahead to narrow skills gaps, increase employee engagement and retain top talent.