18th November, 2021.
As The Great Resignation becomes a very real threat for many UK businesses there has never been a greater need to find effective ways to retain our employees.
While employee engagement is a carefully considered strategy for some UK organisations it is typically only the large organisations that put great emphasis on these areas. Rightfully so, with tens of thousands of employees, they have the greatest risk.
A report from Oxford Economics revealed that it costs £30,614 to replace a single employee. This figure considers the lost output while an individual gets up to speed, predicting that it takes 28 weeks to reach optimum productivity.
Prior to ‘The Great Resignation’, the UK average employee turnover rate was approximately 15%. Apply this to an organisation with 10,000 employees and combine the costs to replace those employees and the figures are eye watering:
10,000 employees -15% = 1,500
1,500 x £30,614 = £45,921,000
These figures immediately justify an employee engagement strategy for large organisations. But, when some reports suggest The Great Resignation could see staff turnover increase by 40% the problem becomes enormous no matter how many people you employ.
Our research into the State of Play of UK Employee Engagement showed that UK organisations are not currently making the necessary shift. The infographic below draws out some of the key employee engagement statistics from our report.
But it’s not all doom and gloom, there are some enlightening case studies out there of organisations that have utilised employee engagement to bring security to their business. The infographic below also includes statistics from those organisations that are already realising the benefits of an engaged workforce.
So, while change is required by many, an engaged workforce is attainable. Now is the time to invest in our employees. After all, an engaged workforce could be a force to be reckoned with in our current climate.
To discover more about the state of UK employee engagement download our free report.
Alternatively, if you are looking for employee engagement software to support your employee engagement strategy book a demo of VRAMP today.
With a desire to grow personally and a wish to improve working lives through employee engagement, I am thrilled to be part of building an internal comms system that connects everyone.