Key Talent Turnover
Tackling The Problem
Preventing Key Talent Turnover
When a high performing member of your organization leaves, you not only lose valuable talent, but you also may experience a decrease in team morale, damage to client relationships, altered succession plans, and even more turnover. More startling is that studies report that turnover among high potential (key talent) employees is higher than that of other employees. The tight conditions around the labor market are exaggerated further with when you’re looking for high capacity individuals for specialized roles within your organization.
How We Help
One of our healthcare partners found themselves with a challenging turnover volume for their Associates. The organization wanted to be able 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. Using Work Institute’s current and former employee research studies they were able to:
- 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 efforts helped reduce turnover by 32%.