{"id":24769,"date":"2023-03-20T08:00:00","date_gmt":"2023-03-20T12:00:00","guid":{"rendered":"https:\/\/pixovr.com\/?p=24769"},"modified":"2023-01-30T12:44:56","modified_gmt":"2023-01-30T17:44:56","slug":"keep-employees-with-virtual-reality","status":"publish","type":"post","link":"https:\/\/pixovr.com\/keep-employees-with-virtual-reality\/","title":{"rendered":"Combatting the Great Resignation. How VR Can Help Retain Employees"},"content":{"rendered":"

The following is an excerpt from our whitepaper: \u20185 Ways VR Training Helps Companies Even in an Economic Downturn<\/a>\u2019:<\/strong><\/em><\/p>\n

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2021 and 2022 have seen an incredible increase in the number of workers quitting their jobs. During this time, Statista reports over 4 million Americans have quit their jobs each month for a total of around 20% of workers quitting their jobs by the end of 2022. It\u2019s being called the Great Resignation and it has become a big problem for companies that are finding it more difficult than ever to fill open positions.<\/span><\/p>\n

But why are they leaving?<\/span><\/p>\n

There is no question that remote work has played a role in retention as it put workplaces into flux and the kinks aren\u2019t all worked out yet. This combined with the plethora of better opportunities in the job market have been big contributors to resignations. But there are many studies that point toward lack of employee development as a major factor in their choice to leave. Basically, the more an employee feels their employer is not investing in their personal and professional growth, the more likely they are to leave for a company that will.<\/span><\/p>\n

Big picture leaders know that a lot of time and money is invested into onboarding and getting an employee productive. Furthermore, losing an employee is a complete waste of that investment. The good news is, learning and development leaders have an opportunity to save the company money by addressing retention problems with virtual reality (VR). This article explains how costly the retention problem is and how virtual reality (VR)<\/a> can be a cost-effective solution to end the Great Resignation.<\/span><\/p>\n<\/div>\n\n\n

How costly of a problem is the Great Resignation?<\/h2>\n\n\n\n

When an employee resigns, the cost of hiring and training a new employee is 10-30% of that employee\u2019s salary according to the Center for American Progress<\/a>. That number gets bigger when considering the productivity gap left when the position is unfilled plus the toll on peer employees who may get burned out or frustrated by the extra work.<\/p>\n\n\n\n

To really put numbers to this problem, a company can conservatively use 25% of salary to calculate all of the costs involved with employee resignation. Then consider the total cost of employee salaries and multiply that by 20% to represent the number of employees who have or may be leaving the company during the Great Resignation. Then take 25% of that number to get the total cost.<\/p>\n\n\n\n

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If a company has $500M in annual revenue, they likely spend around 20% of that on employee compensation, or $100M. Using the equation above, the Great Resignation conservatively equates to a $5M annual cost for that company.<\/p>\n\n\n\n

How can VR help with employee retention?<\/h2>\n\n\n\n

A Gallup<\/a> study of high-performing workplaces showed that companies that make a strategic investment in employee development are twice as likely to retain their people, while also increasing profitability by 11%. But the same old training content and methods isn\u2019t going to help companies retain employees. A clear investment in their development needs to be demonstrated and VR is a fantastic tool for that.<\/p>\n\n\n\n

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