Top 4 Employee Experience and Retention Metrics to Track in 2023
In our previous articles, How to Retain Your Remote Team and Top Employee Retention Strategies For Today’s Market, we covered best practices for increasing team engagement and commitment.
However, just implementing retention strategies isn’t enough. Setting metrics and benchmarks around each initiative will help you measure your progress, determine where changes are necessary and get the desired results from your efforts.
Top 4 Employee Experience and Retention Metrics to Track
Based on benchmarks that our clients track and additional industry research, we have compiled a list of the Top 4 Employee Experience and Retention Metrics to Track in 2023:
1. Retention rate:
This metric tracks the percentage of employees who stay at your company over a specific period, typically 12 months. It can be broken down by job function, department, designation, and age group for deeper insight.
2. Employee Engagement Score:
This metric can give you an understanding of your employees’ engagement and commitment levels. By performing regular surveys on the company’s vision and environment, you will have constant, reliable data on the engagement of your team.
3. Average Employee Tenure:
This metric gives direct insight into how long an average employee will stay at your organization. You can use this information to make better-informed decisions when it comes to forecasting your talent needs.
4. Cost of employee turnover:
This number pulls together all the subset costs of turnover. That includes advertising the vacancy, background checks, lost production, interview time, onboarding, and first 90-day ramp up.
As a talent leader, business owner, or department head, your goal is always a strong employee experience. When you get it right, dedication and loyalty follow. The right retention metrics keep you ahead of satisfaction issues before they become turnover.
For help improving your employee experience and retention metrics, reach out to our team today.
*This article is supported by content created and distributed by Academy to Innovate HR and their employee retention metrics article.*