Employee turnover costs Southeast Michigan businesses between $6,000-$30,000 in lost revenue and productivity, according to a survey released by SEMCA Michigan Works! representing Monroe and Wayne Counties. In total, 612 employer survey responses were collected from across the Southeast Michigan region to better understand the costs of employee turnover and to help identify employee retention resources and solutions.
SEMCA contracted with the Workforce Intelligence Network for Southeast Michigan (WIN) to examine employee turnover in the region. This work aims to provide a comprehensive understanding of the root causes of employee turnover and the potential gaps that exist in the development of career pathways for those with barriers to employment. Information was gathered from a region-wide employer survey, convenings of local employers, and national best practice research.
“With a record low jobless rate of 4.0% in the state, our employers are looking to us to help them recruit and retain talent. We realized that we needed to find out why employees are leaving before we could effectively respond to their needs,” said Director of the Michigan Works! Monroe American Job Center Stacey Goans.
“The results of this study are invaluable to businesses as this information is not tracked or reported by federal, state or other local entities,” SEMCA Michigan Works! Chief Executive Officer Gregory Pitoniak said. “It provides a picture of the challenges and opportunities employers face in our region and is intended to help our Michigan Works! team better serve employers trying to reduce employee turnover.”
Representatives from SEMCA Michigan Works! and the Workforce Intelligence Network will present the results at a special briefing Thursday, March 19, from 8:30 to 10 a.m. at the Quality Inn & Suites 1225 North Dixie Highway, Monroe, MI. Complimentary breakfast served.
“In today’s tight labor market in Southeast Michigan, hiring and retaining quality workers is a top priority for virtually every organization,” said Jennifer Tucker, SEMCA’s Business Resource Network Associate. “This study validates many of their concerns with turnover and, more importantly, helps identify the retention strategies that are working for them. Everyone can benefit from these best practices.”
Michigan Works! Agencies are encouraging businesses to participate in the Business Resource Network (BRN) program, designed to help workers at all levels overcome a range of challenges and achieve their full potential on the job. Success coaches meet with employees privately to connect them with programs and services to address issues related to dependable transportation, affordable childcare, financial stability, medical coverage, affordable senior care and other issues.
“The goal of the Business Resource Network is to provide companies in Southeast Michigan that struggle with employee turnover with resources to help them address some of their teams’ most pressing needs,” Tucker said. “We are actively recruiting companies to join the program now.”
For more information, contact Jennifer Tucker by email or call 734.229.3523.