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Prevent High Employee Turnover
Does tackling high employee turnover rates feel like an impossible task? If so, you’re not alone. Does tackling high employee turnover rates feel like an impossible task? If so, you’re not alone. More than 20% of U.S. employees voluntarily quit their jobs annually, causing employers across the country to scramble to hire new employees., causing employers across the country to scramble to hire new employees.
The good news is that research has shown over 75% of the reasons employees quit are preventable. While it isn’t always easy, organizations have the ability to directly influence many of the factors that cause employees to resign.
Retention Remediation Process
Solving employee retention problems requires three core elements:
- Voice of the Employee: Employers must understand why employees choose to exit their organization and what risk factors exist.
- Targeted Approach: Employee retention is local and improving it requires focusing on departments, locations, or roles to produce results. Seldom do broad organizational initiatives drive results.
- Focus & Discipline: Most retention efforts fail due to lack of focus and discipline. Work institute’s workforce experts partner with clients to keep retention efforts on track to drive results.
Our approach to retention remediation is proven to produce results as our clients average a 15% reduction in turnover in the first year.
Ephraim McDowell Health’s employee retention was reaching a critical point. The healthcare organization needed to take actions they knew would make a difference in reducing unwanted attrition as well as help them become more attractive to talent in their area. Through Work Institute’s retention remediation process, they were able to use employee feedback to implement the changes they knew would improve retention. Those were:
- Increase real-time communication by installing monitors throughout their facilities to address a common concern around communication
- Increase retirement matching by shifting to a different retirement savings plan
- Shift to a performance-based compensation plan to address pay concerns
- Conducted further research around the new employee experience to help further address concerns about training and onboarding
These initiatives reduced turnover by 32%.