Employee Retention Strategies 
A solid retention strategy yields positive financial results.

Your employees are your most valuable asset. What is your strategy to keep them?

You evaluate your organization’s strategic plans on a regular basis. You keep a constant watch on your finances. But when it comes to your employees, what are you doing to ensure you’re protecting your most valuable asset? Research shows that less than half of companies have an employee retention strategy in place - and that one in four workers said they planned to change jobs in the current or following year.

Losing top-performers doesn’t just disrupt productivity and reduce morale - it helps your competitors, and it hurts your bottom line.

The average cost to replace an employee is approximately 1.5 times the lost employee’s annual salary. You’ll spend more on the loss of productivity, recruiting fees, hiring process, onboarding and training of a new employee, and loss of productivity from training managers, than you would spend retaining your current top-performing employee. Keeping great workers engaged will greatly reduce the financial burden of employee turnover.

There is a critical relationship between employee engagement, employee productivity and employee retention.

The degree and overall direction of each are largely determined by one another. In order to measure and evaluate your organization’s strategies for retention, Work Institute asks specific questions of your high-performing employees, onboarding and exiting employees. Our interviews zero-in on your existing employee retention strategies to give you insight into what strategies are working, which need improvement - and WHY.

Work Institute research studies will allow your company to better understand how to engage and support their employees as individuals - and reap the benefits of high-producing employees.

 

WORK INSTITUTE CAN HELP

We would love the opportunity to earn your business. Call us now to schedule your free consultation to discuss your specific employee retention challenges.

TALK WITH US! (888) 750-9008

#1: PLAN CAREERS

Your top performers are thinking about their careers, and you should be too. Organizations with a high-performance environment move quickly, making it easy to focus on near-term goals. Bringing in top talent shouldn’t come with the expectation that they will produce and succeed in their roles - and stay in that role forever. Your organization should instead, focus on the long term strategic goals of the company and the employee.

Guide your employees by mapping out their career goals within your business. Your best employees will thrive seeing the long term goals, and your company will reap the benefits.

#2: INVEST IN YOUR MANAGERS

Help your managers help you reduce turnover by empowering them to succeed and grow. Studies estimate that nearly 4 out of every 5 turnover situations are driven by the environment created by management.  While your business relies on performance, performance can only happen when you empower your managers. Investing in management means developing individuals into leaders. Consider leadership training initiatives and professional development programs.

In addition to growing your managers, ensuring that the lines of communication between employees and managers are open, can build opportunities for employee check-ins, and stronger levels of commitment and engagement. The success of your retention strategies will come down to individualized growth on all levels.

#3: DEVELOP EMPLOYEE SUPPORT STRATEGIES.

When employees feel that they have the tools and the environment they need to perform, job satisfaction increases drastically. Productive employees want to excel in their position and within your company, and they need the right resources to get the job done. Employee support strategies include establishing effective communication, providing challenges - but removing obstacles, encouraging employees to take initiative, offering flexibility and rewarding creativity. Set your employees up for success by believing in them, and empowering them with responsibilities, accountability, and information about figures and measurements.

Combat turnover by strategically planning retention for your high performance environment.

Start improving today.

90% Complete
You're almost there! Use pulse and engagement studies to make key improvements in your employee retention strategy and keep talent!

EMPLOYEE RETENTION STUDY DATA SHOWS YOU:
employee retention studies
  • >Success of your hiring system.

    Retainable employees show a clear commitment to the efforts of your organization - for the long term. Do new hires understand where they fit into company culture and the overall strategic plan?

  • >Your system for evaluating performance.

    Do your employees understand where they stand in relation to expectation? Are you communicating performance expectations? Employees expect feedback, and will leave if they’re not getting enough.

  • >Overall employee satisfaction.

    Do you know why your employees are satisfied or dissatisfied? Are your employees motivated by their compensation and benefits? Are they challenged and encouraged? Do they understand how they’ll be developed and trained for advancement? Are they engaged with long-term goals? -- HOW and WHY?

  • >Communication among employees and their supervisors.

    Are there clear, measurable expectations in place for your employees? Are your managers communicating these expectations? Do your employees feel supported by their managers? Comfortable to provide feedback?

  • >Career path and development.

    Do employees have a long-term vision of evolving within your company? Are you providing development opportunities and plans? If employees feel stuck without growth potential in your business, you’ll drive turnover and low morale.

  • >Your employee recognition program.

    How are good examples of performance being rewarded? Does your corporate culture employees to go above and beyond? Employees who feel valued will offer loyalty to your company.
  • >Benefits and compensation.

    Are the needs of your employees being met? Are they motivated by their benefits packages and compensation? Different employees value different things - are your offerings diverse? Well are they??

HOW IT WORKS

Once you become a partner of Work Institute we assign you a Client Services representative. This person will be with you every step of the way – from identifying who needs to be interviewed, crafting the specific study questions, gathering and providing data analysis to building a change management plan to address specific issues and meet predefined business goals.

Your Client Services representative will become an integral part of your internal team by providing research, data, analysis and recommendations along the entire feedback cycle. Their entire focus is your company’s engagement and retention strategies. They find what isn’t working and get it working again saving your hundreds of thousands of dollars in turnover costs.

Once we get the interviews and surveys in place, your Client Services representative will work with you to summarize the major 3-4 trends in bullet form with the supporting raw data as a reference. We will regularly meet with you and any key leaders to discuss what we’ve discovered and will work with you to build a plan of action to make key changes.

Our reporting system is designed to give access to whomever you deem necessary.  Sometimes all organizational leaders want and need to know the research. Sometimes it’s better to have one key internal person managing the process. Whatever the request, we will provide access at no additional charge.

We use our combined experience of close to 30 years in human resources and our ability to capture the specific data you need to design thorough action plans to solve HR issues. For example, just by solving simple issues in recruitment results in hiring the right top talent for your open positions. Hiring the right top talent means reducing turnover significantly. This is what consulting with data can do for you.

HOW CAN I GET STARTED?

In order to keep your top-talent from walking out the door, your company needs to lay the foundation for success by building a proactive retention strategy. Work Institute’s research and insight will help you discover how to drive employee engagement, productivity, and ultimately employee retention, saving you thousands - even millions of dollars over time.

 

BUILD A BETTER WORKPLACE.

Our experts can help you determine the solutions best suited to your company’s needs.

  • "The actionable and detailed data from the Work Institute gave us the support to make the changes our employees needed to see. The ability to break it down into different divisions particularly provided us with the insight to address specific concerns within departments and levels, as opposed to blanket solutions, and led to an overall more productive workforce."