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Abstract
Retention is the big challenge facing most companies in 2018. It is disruptive, expensive, and detrimental to productivity. According to a recent report by the Hay Group, the turnover rate for 2013 to 2018 will average 23%, with 192 million people leaving their current employers in this year. And the technology industry is suffering the most.
LinkedIn’s analysis of half a billion professionals found that the highest separation rates come from technology (software) which is 13.2%. High attrition can have a huge impact on the organization’s bottom line. Especially when separation can cost anything from 50% of an entry-level employee’s salary to over 125% for senior or technical specialists. The top reason for leaving is a lack of career opportunity. This is followed by poor leadership, and an unhappy environment or culture, respectively. The organization in the study also faced the same problem of high turnover ratio and it was affecting their work environment.