From overt quitting to quiet quitting, many employees these days are saying “enough” to suboptimal working conditions and seeking greener pastures.
When you dive into the statistics, their frustration is understandable. According to a 2022 Deloitte worldwide survey on “14,808 Gen Zs and 8,412 millennials across 46 countries,” 46% of Gen Z respondents and 47% of Millennial respondents stated that they “live paycheck to paycheck and worry they won’t be able to cover their expenses.”
The costs of poor employee retention rates add up fast, both in terms of money and time. So, how can businesses—in particular, SMEs—improve their employee retention rates? In my view, it comes down to focusing on four main factors.