If you're losing talent across all levels of your organization, or key people are being poached by your competition, it's time to re-think or implement a retention strategy that is tailored to meet the needs of your employees.
Your organization can’t afford a revolving door of talent.
A healthy amount of turnover is needed to bring in fresh thinking, upskilling capabilities and diverse talent; all ingredients to ensure the vitality of an organization. However, high turnover is costly, disruptive to your clients and team, and causes negative employee morale—which results in further retention issues.
With careful thought and proactive planning, a balanced approach to retention is well within reach.
Asking an employee to reconsider leaving during their resignation meeting or exit interview is too late.
Some of the most common reasons people leave an organization are:
In essence, people leave because their needs or expectations aren’t being met
An organization’s onboarding process, compensation strategy, learning and development program and culture all contribute to the employee experience—and should start before their first day. That’s why it’s important to have programs and strategies in place.
As a baseline, it’s important your compensation is competitive, but that’s just one element of employee satisfaction and retention.
You should also be asking the following questions:
Each of the above play an important role in retention, so a proactive approach needs to be taken if any of them are lacking in your organization.
The reason for an employee’s departure may not always be obvious, but there are key warning signs that may indicate dissatisfaction—and eventual resignation:
If your organization or business unit is experiencing any of these symptoms, it’s time for you and your leadership team to rethink your retention strategy.
For more information on our Retention services, please contact us.
