The Millennial Turnover Problem in the Financial Services Industry

Get Hppy

The phrase “churn and burn” is commonly used to describe an industry’s high turnover rate. percent turnover rate , which is one of the highest among all industries. It’s no secret that the 2008 financial crisis has had a huge effect on the financial services industry.

The True Cost of Turnover for Human Service Organizations

DATIS

Unfortunately, this industry is notorious for high turnover rates, with organizations often reaching turnover as high as 40%. While all industries experience turnover and its internal impact on culture and employee morale, there are several factors that make high turnover particularly threatening to the success of the Human Service organizations. Consequently, high turnover results in a significant financial loss. Combating High Turnover.

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Employee Retention Needs Similar Across the Globe

Nobscot

Employee Retention is not just a North American challenge. In some global markets, the rate of employee turnover is reaching close to unsustainable levels. According to an article in MIT Sloan Management Review Fall 2008, some companies in India are experiencing turnover rates of young professionals of up to 50% per year. Can you imagine 100% turnover every 24 months?India''s

8 Essential Employee Retention Factors Modern Employers Ignore

Rise

” Employee turnover is costly. Turnover affects the performance of an organization, and it becomes increasingly difficult to manage as the competition for skilled employees continues to increase. Employee retention strategies are needed right from the get go.

Engage to increase retention

CultureAmp

1] For these reasons and more, employee turnover can present a serious obstacle to an organization’s success. Thankfully, there are actions you can take that have been proven to improve retention. 6] Of course, some sectors may have naturally higher turnover rates than others.

What Is Employee Turnover (and Why It Matters)

Zenefits

At some point, if your business is more than one person, you’re likely to deal with employee turnover. What Is Employee Turnover? A common definition of employee turnover is the loss of talent in the workforce over time. How Does the US BLS Calculate Turnover?

What is the Key to Employee Retention?

AbelHR

million Americans quit their job EACH MONTH in 2008—marking the highest rate of turnover since the oh-so-fun recession of 2001, according to a recent report from the National Bureau of Labor Statistics. The post What is the Key to Employee Retention? A staggering 3.5

Carnival of HR

Evil HR Lady

Chris Young thinks HR really doesn't want to reduce turnover--it's too scary. Except that Ask A Manager is correct about employee of the month programs being a poor substitute for real retention strategies, so maybe fire me and promote her. I know. It's a day late. Unless I get distracted and then it will be two days late.) I should be fired. In fact, this isn't the only reason I should be fired. Let that be our carnival theme: Reasons to fire Evil HR Lady.

Carnival of HR

Evil HR Lady

Chris Young thinks HR really doesn't want to reduce turnover--it's too scary. Except that Ask A Manager is correct about employee of the month programs being a poor substitute for real retention strategies, so maybe fire me and promote her. I know. It's a day late. Unless I get distracted and then it will be two days late.) I should be fired. In fact, this isn't the only reason I should be fired. Let that be our carnival theme: Reasons to fire Evil HR Lady.

More Voluntary Turnover: What Does That Mean for HR?

HR Daily Advisor

The reports say that the number of voluntary terminations is at a level not seen since 2008 [i]. Higher turnover, in general, means higher expenses for an employer due to the increased costs associated with needing to hire more new employees. Have you seen the news lately?

8 Things You Need to Fix to Increase Employee Retention

Linkedin Talent Blog

Recently, the Department of Labor reported that turnover is now at its highest level since 2008. Because a lot of executives don’t realize the tremendous cost of turnover: (e.g. Without data to understand problem areas and plan ahead, it’s no wonder retention efforts are failing.

Infographic: 5 Reasons Why Employee Retention is So Difficult - DecisionWise

DecisionWise

Why is employee retention so difficult? A valid question, especially for those of us that went through the 2008 recession. Read more on Employee Turnover here. The post Infographic: 5 Reasons Why Employee Retention is So Difficult appeared first on DecisionWise.

7 Reasons Your Employee Retention Efforts Are Failing, and What You Can Do About It

Linkedin Talent Blog

The Department of Labor reports that employee turnover is now at its highest level since 2008. However, it’s a fact that most corporations spend more time on product inventory turnover than they do on employee turnover, even though employee turnover often has a much higher impact.

How HR can earn that elusive seat at the C-suite table

HR Morning

decrease in employee turnover and, on a per-employee basis, $27,044 more in sales, $18,641 more in market value, and $3,814 more in profit. Despite record stock market numbers, many businesses remain reticent when it comes to spending following the 2008 financial crisis.

Are Leaders Ignoring the Looming Employee Turnover?

45 Things

Helpful information and advice from Americas favorite workplace columnist About Anita Blog Books Syndicated Column Interviews Career Links Contact Thursday, June 24, 2010 Are Leaders Ignoring the Looming Employee Turnover?

New Survey Uncovers the Key to Retaining Top Talent

HR Daily Advisor

Does your organization suffer from high turnover? The survey report also looked at which industry had the highest rate of turnover due to low wages and being overworked. She graduated with a BA of Science, specializing in Communication, from Eastern Connecticut State University in 2008.

Talent Shortages Hit the Levels of 2007: In-house Talent Development Comes to Rescue

Rallyware for Human Resources

A German study from 2008 showed that the percent of committed employees was highest in companies with an employee-oriented corporate culture (45%). ManpowerGroup data shows that 40% of employers have difficulty in filling positions today.

How HR Managers Affect the Loyalty of Millennials at Work

Flimp Communications

If your goal is to slow or stop your cycle of turnover, understanding is the first step. Many were earning their college degrees in 2008 and 2009 when the recession first struck.

How to Measure the Value of People Analytics

Reflektive

According to Google Trends, the search term “people analytics” was almost nonexistent until about 2008. Turnover rates within the first year. Retention and Turnover. Turnover in management positions. Diversity turnover. Overall cost of turnover. Since then, the term has seen a continued upward trend in interest. What does that mean? It means that people analytics has become part of the conversation for many businesses.

Employ Millennials? Here’s Why You Should NOT Try To Retain Them

Business2Community Leadership

Disengagement, it is widely believed, leads to higher levels of employee turnover, resulting in tremendous effort and energy being poured into trying to make employees stay for longer. It is no secret that the world of work has changed drastically in the last couple of decades.

Why You Need a New Strategy for Retaining Female Talent

Cornerstone On Demand

While many business leaders look to the economy for trends and forecasts — closely following any promising signs as we recover from the 2008 crisis — there's another change brewing right under their noses. Talent Management Talent Management Retention Women in the Workplace

5 Things You Should Do to Get Your Employees to Stay Longer

Linkedin Talent Blog

In a recent survey by Deloitte , 78% of business leaders ranked employee retention as important or urgent. Yet, earlier this year the Department of Labor reported that employee turnover is at its highest level since 2008. Cleary, employers retention efforts are failing.

The Recognition Landscape Isn’t Changing Much

China Gorman

They note that programs to motivate specific behaviors grew every year by 16 percentage points since they survey was first instituted in 2008. Only 34% of respondents in 2013 said they believed recognition programs had a positive impact on retention.

An Interview with Jen Vasin of Insight Enterprises

GetFive

Jen Vasin, now the senior vice president of HR at Insight, joined the company by way of an acquisition in 2008. “We’ve also seen a drop in turnover and correspondingly an uptick in retention rates,” she says.

Unemployment Is Down. Will Your Employees Jump Ship?

HR Daily Advisor

Employers now have more reason to be concerned that turnover rates will begin to rise again. The Department of Labor (DOL) confirms this is already happening: In November 2014, the number of people who are voluntarily quitting reached its highest level since 2008 ii.

How SRS Distribution Overcomes Industry Challenges with Culture Management

CultureIQ

Companies that fail to successfully integrate the new company into the existing culture can expect to see high turnover and low retention rates, missed targets, and poor performance , which will in turn affect the quality of the product or service they provide their customers.

As Recession Looms, Financial Wellness Is The Future

Best Money Moves

After years of American economic growth in the wake of the 2008 housing market crash, experts are increasingly worried that another downturn looms on the horizon.

Four Common Tech Ageism Myths Debunked With Data

Visier

Between 2008 and 2015, it was the subject of 226 official complaints filed against Silicon Valley’s biggest tech companies. Older workers tend to be more loyal, and an over-representation of millennials in the workforce can impact retention.

Data 306

Four Common Tech Ageism Myths Debunked With Data

Visier

Between 2008 and 2015, it was the subject of 226 official complaints filed against Silicon Valley’s biggest tech companies. Older workers tend to be more loyal, and an over-representation of millennials in the workforce can impact retention.

Four Common Tech Ageism Myths Debunked With Data

Visier

Between 2008 and 2015, it was the subject of 226 official complaints filed against Silicon Valley’s biggest tech companies. Older workers tend to be more loyal, and an over-representation of millennials in the workforce can impact retention.

Fire-Rehire Practices Particularly Inefficient in a Tight Talent Market

Lee Hecht Harrison

While there is no easy answer, one solution is to embrace a redeployment strategy—and not just as part of a redundancy process, but as part of a larger talent retention strategy. All over the world, employment numbers are reaching their highest levels since the 2008 global recession.

What is Talent Management? 5 Tips to Do it Right

Digital HR Tech

Talent management touches on all key HR areas, from hiring to onboarding and from performance management to retention. A good example is unwanted turnover. This can be achieved through better branding, better retention, better selection, et cetera. An example of reputation gone wrong is the banking sector in recent years, especially after the 2008 crash. Retention: Retention strategies help to retain the best people.

10 Amazing Company Culture Consultants You Should Hire Right Now

Fond

Since partnering with The Table Group in 2008, he has worked with leaders to positively impact their organizations in both their bottom-line results and their organizational culture. Her methods result in improved employee retention, productivity, and a strong sense of belonging at work.

Four Common Tech Ageism Myths Debunked With Data

Visier

Between 2008 and 2015, it was the subject of 226 official complaints filed against Silicon Valley’s biggest tech companies. Older workers tend to be more loyal, and an over-representation of millennials in the workforce can impact retention.

7 Great Reasons to Focus on Employee Engagement

Thrive Global

Increased staff retention. Turnover not only has a disruptive effect on your business and services but also adds an additional expense regarding recruiting, onboarding and training new employees. Increased customer satisfaction and retention. How often have you heard a CEOS say “our employees are our most important asset “ I must hear this almost every single day when I am consulting with businesses.

The Art of Matchmaking Blog Series: Step 3

HR Management

Research has shown that these techniques lead to higher job satisfaction, better job performance, greater commitment to the organization, and reduced turnover. Companies who implement an effective onboarding program during the first three months of new-hire employment experience 31 percent less turnover than those who don’t” Aberdeen Group. In 2008, Mrs. Vargas acquired the exclusive license for the sales and distribution of Profiles International in Puerto Rico. All Aboard!

A Compelling Business Case for Employee Engagement Initiatives

Vibe HCM

44% Higher Retention 2. 51% Less Turnover 6 Side notes: Turnover costs the American economy over $300 Billion dollars each year. Source : Harvard Business Review 1994 and updated July, 2008 Service-Profit Chain Reports.