{"id":3746,"date":"2021-05-17T16:00:00","date_gmt":"2021-05-17T16:00:00","guid":{"rendered":"https:\/\/compt.io\/how-to-create-a-dei-program-employee-retention\/"},"modified":"2024-08-23T15:55:15","modified_gmt":"2024-08-23T15:55:15","slug":"how-to-create-a-dei-program-employee-retention","status":"publish","type":"post","link":"https:\/\/compt.io\/blog\/how-to-create-a-dei-program-employee-retention\/","title":{"rendered":"How to create a DEI program that unlocks employee retention"},"content":{"rendered":"\n

By Jessica Burnette-Lemon<\/p>\n\n\n\n

Jessica Burnette-Lemon is a writer for <\/em>Kantola Training Solutions<\/a><\/em>, a high-growth, eLearning company working to help end harassment, bullying, and discrimination in organizations through high-quality interactive online training, including the <\/em>Diversity, Equity, & Inclusion (DEI) training course<\/a><\/em>. <\/em><\/p>\n\n\n\n

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Get ready, because 2021 is likely to bring a huge shake-up in the labor market. During the upheaval of the COVID pandemic, millions of people lost their jobs, and companies stopped hiring. Economic uncertainty led many to stay in the jobs they had. Now, as the light at the end of the pandemic tunnel comes into view, many are ready for a change. As a result, human resources experts are predicting a “turnover tsunami<\/a>” once the economy starts to recover. <\/p>\n\n\n\n

And that could create new challenges for companies, given that the cost of replacing an individual employee can range from one-half to two times the employee’s annual salary, according to data from Gallup<\/a>. In fact, Gallup estimates that voluntary turnover costs U.S. businesses nearly $1 trillion each year. <\/p>\n\n\n\n

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Voluntary turnover costs U.S. businesses nearly $1 trillion each year. <\/strong>– (Gallup<\/a>)<\/p>\n\n\n\n

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Losing employees can mean broken relationships with customers, and lower productivity and morale among those who stay. It can also lead to even more turnover-not to mention the institutional knowledge that walks out the door when an employee leaves. <\/p>\n\n\n\n

So what can businesses do to not only get ahead of this impending shift, but to also encourage employees to stay regardless of market forces? One answer might surprise you: Invest in diversity, equity, and inclusion (DEI) programs. <\/p>\n\n\n\n

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What causes turnover <\/h2>\n\n\n\n

Employees leave for a variety of reasons. Maybe they don’t see a clear path for career growth, or they could earn more elsewhere. <\/p>\n\n\n\n

Burnout related to the stresses of the pandemic-working from home through school closures and lockdowns-is also leading many to want to make a change. Research<\/a> from the Achievers Workforce Institute found that 46 percent of respondents reported that they feel “less connected to their company” since the start of the pandemic.<\/p>\n\n\n\n

But a report from the Society for Human Resource Management (SHRM) points to another contributing factor: It estimates that $223 billion every five years is lost to turnover due to poor workplace culture and toxic work environments<\/a>. And talent consultancy Korn Ferry found in an executive survey<\/a> that “the vast majority of respondents (84 percent) say a lack of attention on diversity and inclusion contributes to employee turnover.” <\/p>\n\n\n\n

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Talent consultancy Korn Ferry found in an executive survey that “the vast majority of respondents (84 percent) say a lack of attention on diversity and inclusion contributes to employee turnover.”<\/strong><\/p>\n<\/blockquote>\n\n\n\n

Why do poor workplace culture and lack of a commitment to DEI have such a negative effect? A dysfunctional culture can:<\/p>\n\n\n\n