How can we recover the costs of severe employee disengagement

In 2017, turnover costs for US companies reached the first trillion mark. The costs were determined by a Gallup study, considering the 26.3% turnover ratio provided by the Bureau of Labor Statistics.
Now imagine one trillion. Can you?

One trillion has 12 zeros and goes beyond the usual human comprehension. So, let’s consider spending $2M a day for about 3000 years. Or buy 11M typical American homes. That’s impressive, right?

However, that 26.3% are long gone. COVID upgraded that ratio to 57.3% in 2020 and for 2021 we have an estimate between 40% — 47%. In other words, we reached and exceeded the $2 trillion territories last year, and we are heading in the same direction this year.

Not good, considering that we are leaving the most plentiful times in options that address employee engagement, experience, culture fit, productivity, well-being, personality profiles, you name it.

Although, the costlier, turnover is not the only sign of dissatisfaction and withdrawal from the job.
The cost of employee disengagement has fluctuated around $500 billion over the last few years.

There’s something wrong with this picture!

No wonder that employee experience became a top priority for organizations spanning across industries, segments, and businesses.

But it’s a wonder that the results are nowhere close to meet expectations. Companies are worried and unsatisfied. Well, they should be for good reason.

In spite of the state of the world today, it’s the American workers who control the job market. They voluntarily leave jobs even in these conditions.
~ Work Institute, 2020

There’s something unusual going on in the labor market: US workers are gaining leverage over employers… American workers are quitting at the highest rate in decades.”
~ Quartz, 2021

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