Although no industry is particularly safe from worker burnout and lack of solid retention, some are being hit harder than others.
According to a recent survey conducted by meQuilibrium, 40 percent of respondents indicated they have quit their job due to stress. In addition, 78 percent indicated that their current stress levels are between medium and high, and 31 percent miss work regularly simply because they can’t handle the overall expected load.
Employees then fall into the trap of having to deal with the stress, indicating extra hours in the office, refusal to do any additional work and taking more breaks as just some of the many ways they are forced to cope.
Hiring employees is expensive, especially in a workplace known for its revolving door and lack of onboarding expectations.
According to Talent Management and HR, the cost of employee turnover breaks down as:
- 30 to 50 percent of an entry-level employee’s annual salary to replace him or her.
- More than 150 percent for mid-level employee’s annual salary to replace him or her.
- 400 percent or more for a high-level or highly specialized employee’s annual salary to replace him or her.
Data analysts are feeling the crunch too, with heavier workloads, more in-depth expectations and a barrage of constant information, with many burning out sooner rather than later. Why is this so disastrous for businesses?
Low retention levels decrease employee morale. Once touted as something that should be strived for in an office, but not necessarily required, morale is now considered one of the most important parts of a business. Employees will seek work elsewhere if they are dissatisfied with their current job, work load or ability to move within the company. In comparison, when employee retention rates are high, employees feel more secure in their role and are often considered more engaged in their work.
When employees are more engaged and satisfied in their job role, they are more likely to be productive throughout the day and seek out more work or another opportunity to lend a hand in the office. More productivity and more engagement often translates to a happier, more successful workforce.
There are many ways employers can increase retention rates. These include:
Beginning with onboarding:
Some companies are already confronting retention issues head on, beginning with the first day an employee sets foot in the office. A recent study highlighted in Business2Community found that 73 percent of companies are changing their onboarding process with retention in mind. Introduce employees to the best work practices early on and ensure their job role is fully understood before a final commitment is made.
Employees want to know their work means something. If workers feel under-appreciated or don’t understand how their role plays into daily work in the company, they will most likely stop contributing or not give their best, which creates more work for others and can facilitate retention issues.
Using programs that make work easier:
By investing in programs that make the lives of employees easier, actual change can be created. Many data analysts trust the use of Interactive Edge for their tracking. Interactive Edge has a backbone created by the Microsoft Suite, something most people are more than familiar with. Changing tracking and analysis to simpler, but innovative and advanced programming, allows workers to focus on the actual information, not how they must organize it.
The use of Interactive Edge by data analysts has been proven to cut time wasted by 75 percent, provide deeper analysis of data and reduce any issues that can occur by looking out for them before they happen.
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