300+ Executives Reveal Top Drivers of Employee Retention and Five Ways to Combat Historic Quit Rates in New Study by The Predictive Index: The State of Talent Optimization
BOSTON, Mass – January 24, 2021 – The Great Resignation. Mass Exodus. The Big Quit. With an average of 4 million workers quitting their jobs each month, 2022 started with employee attrition continuing to dominate headlines and put work as we know it under the microscope.
Moreover, The 2022 State of Talent Optimization Report—published this week by The Predictive Index—found that nearly 1 in 4 executives feel ill-prepared to lead through The Great Resignation, and 75% say it impacted their financial stability.
“It’s unclear how long The Great Resignation will last,” said CEO of The Predictive Index, Mike Zani. “But companies that know business success isn’t up to chance, are combating attrition by putting people in roles and environments where they thrive. In fact, companies that practice talent optimization were nearly twice more likely to avoid the brunt of The Great Resignation than their peers.”
The goal of the The State of Talent Optimization study was to understand how executives are battling The Great Resignation, and learn how they are future-proofing their organizations.
Key Findings from the Report:
- The No. 1 reason both employees and executives quit is inflexibility.
- The No. 1 reason executives stay is job fit.
- Executives’ No. 1 talent priority is helping employees find purpose.
- The No. 1 driver of retention is benefits.
- 1 in 5 workers quit in the last six months.
In addition to uncovering the “why” behind The Great Resignation, The 2022 State of Talent Optimization Report revealed five ways to combat attrition:
- Companies with the right people in the right roles have 42% lower turnover.
- Remote-friendly companies are experiencing 33% lower turnover.
- Companies that prioritize health care benefits experience 27% lower turnover.
- Inclusive companies are experiencing 19% lower turnover.
- Companies practicing talent optimization are nearly twice as likely to avoid the brunt of The Great Resignation.
A full copy of the 2022 State of Talent Optimization Report is available at: https://www.predictiveindex.com/learn/talent-optimization/resources/surveys-reports/the-state-of-talent-optimization/.
About The Predictive Index
The Predictive Index (PI) is an award-winning talent optimization platform that aligns business strategy with people strategy for optimal business results. Sixty years of proven science, software, and a robust curriculum of insightful management workshops make PI the solution for any company looking to design great teams and culture, make objective hiring decisions, and inspire greatness in their people anywhere in the world. More than 9,000 clients use PI—including AstraZeneca, Blue Cross Blue Shield, TD Bank, LVMH, and Omni Hotels—across 142+ countries. Learn more at https://www.predictiveindex.com/.
Courtney Swift (she/her)
The Predictive Index