Conventional wisdom notes that it’s more expensive to recruit and onboard new employees than to retain existing high-performing employees. Costs of employee turnover can range from 16% of employees’ salaries at the low end of hourly staff, to 213% at the higher-end executive level. We also know that 87% of employees, according to Gallup, are not actively engaged in their work. The average employee stays 3 to 5 years at their current job; just over half are looking for a new job at any given time.
Author Dan Pink, in his book Drive: The Surprising Truth About What Motivates Us, lists three factors that motivate employees:
