Employee turnover is a problem that all companies face, some more than others, but it is also something that can be corrected. Depending on the turnover issues at your company, the fix can range from easy to incredibly difficult. Companies looking to curb employee turnover should fix the diversity and inclusion issues that plague their organizations.
Read on as we discuss how these two items, once improved, will help reduce employee turnover at your company.
Lack of Attention Causing Turnover
According to the results of a 2015 survey conducted by Korn Ferry, companies blame employee turnover on the lack of attention to inclusion and diversity within the workplace. Of the close to 700 companies that responded to the online survey from January 27 to February 2, 84 percent of them said that, “lack of attention to these two items are causing employee turnover issues at their organizations.” Some 70 percent of the survey’s respondents noted that they, “have inclusion and diversity programs in place and active for employees.” Close to 72 percent of respondents said that there is, “a conscious effort in place at their companies to create a diverse culture of inclusion.”
Do Programs Enhance Employee Retention?
The same survey found something very interesting when it asked participants if their programs actually enhance employee retention. Of the close to 700 respondents, only 56 percent of them believe that the programs they have in place actually enhance employee retention. To go even further into the responses of the participants, the survey found that 42 percent of companies feel that there is an unconscious bias present within their employee ranks when it comes to diverse backgrounds regarding sexual orientation, religion, gender and race.
Does Your Company Have Diversity and Inclusion Issues?
It is a good idea to find out what diversity and inclusion issues might be present. Ask yourself the question “Does Your Company Have Diversity and Inclusion Issues?” to to begin a very important discussion among leadership. Even though the survey period is complete, you could still take the survey to determine what your company’s answers would be as this would help you evaluate the situation at hand.
The Bottom Line
The bottom line here is that diversity and inclusion both play a major factor in the employee turnover rate at your company, no matter the industry in which it operates. High employee turnover means that your company is spending extra resources to find, interview, hire and onboard new employees only for them to leave after a short period. The more your company promotes a diverse workplace and is inclusive to all employees, the better your employee turnover rate will be, with it bordering on very low.
To improve your recruitment for diversity and inclusion, partner with a great finance staffing agency in Chicago like Casey Accounting & Finance Resources. We have candidates from all types of backgrounds ready to go to work for you, and improve your retention rates.