What do employees want? Halting record-setting turnovers globally

Abstract

Purpose: Retaining talents has been a significant issue for companies globally. Recent statistics suggest that the trend is rising at an alarming rate. This paper aims at examining these statistics, the driving factors, and how organisations can deal with this issue to retain current employees and to attract prospective employees. Design/methodology/approach: This paper discusses the drivers of these high turnover rates and the associated costs. Based on these, suggestions on how to retain and attract talents are offered. Findings: The evidence available illustrates that employee turnover continues to hamper the growth of companies and can pose existential threats to these companies. It also suggests that listening to concerns or reasons accounting for the exit of employees can go a long way to reduce the current trends. Practical implications: The suggestions presented in this paper highlight the possibility of curbing the high rate of turnover. By taking these suggestions, organisations can avoid the enormous costs associated with employee turnover while building a healthy organisation for their employees. Originality/value: This work is timely given the high rate of turnover recorded worldwide, even during the pandemic.