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Have High Turnover? Overcoming Retention Obstacles

Wisetail | 5 min read[/vc_column_text][/vc_column][vc_column column_padding=”no-extra-padding” column_padding_tablet=”inherit” column_padding_phone=”inherit” column_padding_position=”all” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_shadow=”none” column_border_radius=”none” column_link_target=”_self” gradient_direction=”left_to_right” overlay_strength=”0.3″ width=”1/12″ tablet_width_inherit=”default” tablet_text_alignment=”default” phone_text_alignment=”default” column_border_width=”none” column_border_style=”solid” bg_image_animation=”none”][/vc_column][/vc_row][vc_row type=”in_container” full_screen_row_position=”middle” column_margin=”default” column_direction=”default” column_direction_tablet=”default” column_direction_phone=”default” scene_position=”center” top_padding=”15″ text_color=”dark” text_align=”left” row_border_radius=”none” row_border_radius_applies=”bg” overlay_strength=”0.3″ gradient_direction=”left_to_right” shape_divider_position=”bottom” bg_image_animation=”none” shape_type=””][vc_column column_padding=”no-extra-padding” column_padding_tablet=”inherit” column_padding_phone=”inherit” column_padding_position=”all” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_shadow=”none” column_border_radius=”none” column_link_target=”_self” gradient_direction=”left_to_right” overlay_strength=”0.3″ width=”1/6″ tablet_width_inherit=”default” tablet_text_alignment=”default” phone_text_alignment=”default” column_border_width=”none” column_border_style=”solid” bg_image_animation=”none”][/vc_column][vc_column column_padding=”no-extra-padding” column_padding_tablet=”inherit” column_padding_phone=”inherit” column_padding_position=”all” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_shadow=”none” column_border_radius=”none” column_link_target=”_self” gradient_direction=”left_to_right” overlay_strength=”0.3″ width=”2/3″ tablet_width_inherit=”default” tablet_text_alignment=”default” phone_text_alignment=”default” column_border_width=”none” column_border_style=”solid” bg_image_animation=”none”][vc_column_text css_animation=”fadeIn”]

Turnover by the numbers 

The business world has changed over the last few years. Remote work is the new normal in many sectors, and hybrid is common in most others. Employee expectations have changed as well. With millions of job openings, today’s job seekers are looking for more than just a paycheck — they want personal and professional fulfillment, a company culture they believe in, and growth and development opportunities. In light of these changes, retention has become a key focus in HR conversations. 

Employee turnover statistics tell an even broader story: 31% of employees are leaving positions within the first six months, and the vast majority of employees — more than 80% — can foresee leaving their jobs in the future if circumstances are right. Strong management and transparency are crucial to employee satisfaction, resulting in a 30% improvement in retention rates. In fact, employees who rate their managers poorly are four times more likely to change jobs. Hiring standards impact retention as well. Experts consider more than 77% of voluntary turnover to be preventable, with 80% of that turnover due to poor hiring decisions. Among employees who leave their jobs, lack of career growth opportunities is cited as the No. 1 reason, with poor pay and benefits, bad culture fit, and weak management not far behind. [/vc_column_text][/vc_column][vc_column column_padding=”no-extra-padding” column_padding_tablet=”inherit” column_padding_phone=”inherit” column_padding_position=”all” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_shadow=”none” column_border_radius=”none” column_link_target=”_self” gradient_direction=”left_to_right” overlay_strength=”0.3″ width=”1/6″ tablet_width_inherit=”default” tablet_text_alignment=”default” phone_text_alignment=”default” column_border_width=”none” column_border_style=”solid” bg_image_animation=”none”][/vc_column][/vc_row][vc_row type=”full_width_background” full_screen_row_position=”middle” column_margin=”default” column_direction=”default” column_direction_tablet=”default” column_direction_phone=”default” bg_color=”#f9f9f9″ scene_position=”center” top_padding=”20″ text_color=”dark” text_align=”left” row_border_radius=”none” row_border_radius_applies=”bg” id=”employeeOffboarding” overlay_strength=”0.3″ gradient_direction=”left_to_right” shape_divider_position=”bottom” bg_image_animation=”none” shape_type=””][vc_column column_padding=”no-extra-padding” column_padding_tablet=”inherit” column_padding_phone=”inherit” column_padding_position=”all” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_shadow=”none” column_border_radius=”none” column_link_target=”_self” gradient_direction=”left_to_right” overlay_strength=”0.3″ width=”1/6″ tablet_width_inherit=”default” tablet_text_alignment=”default” phone_text_alignment=”default” column_border_width=”none” column_border_style=”solid” bg_image_animation=”none”][/vc_column][vc_column column_padding=”no-extra-padding” column_padding_tablet=”inherit” column_padding_phone=”inherit” column_padding_position=”all” top_margin=”20″ bottom_margin=”50″ background_color_opacity=”1″ background_hover_color_opacity=”1″ column_shadow=”none” column_border_radius=”none” column_link_target=”_self” gradient_direction=”left_to_right” overlay_strength=”0.3″ width=”2/3″ tablet_width_inherit=”default” tablet_text_alignment=”default” phone_text_alignment=”default” column_border_width=”none” column_border_style=”solid” bg_image_animation=”none”][vc_column_text css_animation=”fadeIn”]

Retention strategy design: Metrics to consider

Turnover rates and retention rates are not always directly related, but a thoughtful strategy can address both areas of concern. A strong strategy takes these metrics into consideration: 

• What is your average turnover relative to promotions and transfers? Does your organization create opportunities for employees to transfer to other areas and roles? Are workers offered a clear development path designed to keep them engaged and current on the skills they need for promotions or other movement within the company?
• What is the average turnover rate in your industry? Average separation rates vary widely by industry: While government employees’ turnover rates are typically under 20%, other areas, such as educational services (29%) and leisure and hospitality (79%), are often much higher. 
• What is the average tenure of employees in your organization? Are numbers holding steady over the last several years? Note changes and trends, examine how the employee experience has evolved, and consider what factors might be driving attrition. 
• Track filled positions vs. open positions. How do the numbers compare? What factors are at play in each category, and has there been a shift in time to fill?
• Break down turnover measurements into three categories: voluntary, involuntary, and high-performing employee exits. This information can provide insight into the root causes of turnover and suggest areas where your strategy needs a refresh. 
• Seek employee feedback from exit interviews and surveys. Pay attention to the information you gain when employees leave, but also take time to find out why they stay. Employee feedback is a vital component of a healthy retention strategy. 

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Obstacles to retention: Can data help? 

Of all the people-management functions your organization monitors, employee retention has the highest impact on revenue and profit margins, so investing in your retention strategy is extremely worthwhile. But a solid strategy needs more than good intentions and spreadsheets — business leaders need actionable data. The extensive use of data can help identify what is working and what’s not working. Consider these obstacles, which can be overcome with a data-driven approach:

1. Your metrics are too broad. Many retention efforts look at only one turnover metric: the percentage of employees who left voluntarily the prior year. At best, this provides HR with a metric to compare to industry averages, but that’s about all. Focused, granular data offers a much more in-depth analysis, supplementing that single metric and providing insight into each of the categories of “regrettable turnover,” including high-performer turnover, critical turnover in key jobs, linchpin employee turnover, diversity turnover, turnover among poor performers, turnover among hard-to-replace employees, and preventable turnover. 
2. The true causes of turnover are not identified. Traditional, immediate exit interviews gather basic information, but unfortunately, that data is seldom applied systematically to develop a stronger retention strategy. Consider a different approach to the exit interview — for instance, conducting it 3-6 months after an employee has left, when they’ve had time to reflect on their overall work experience and are less concerned about their comments’ resulting in a potentially poor reference. Beyond exit interviews, also consider utilizing current-worker surveys to identify key employee motivators, frustrations, and barriers to productivity. Once major causes of turnover are identified, use that data to determine the best approach to mitigate individual causes of attrition.
3. No standard processes exists to identify “flight risk” employees. No single approach has more opportunity to impact retention than pre-identifying those high-value employees most likely to quit in the near future. An effective early identification process is critical: It allows HR to focus retention efforts on specific individuals and provides enough time to mitigate issues before they become insurmountable. 
4. Your retention solution is too broad. An overly broad retention strategy can actually drive increased turnover, which is costlier to your business. Not all employees have the same reason(s) for leaving and applying a one-size-fits-all solution does not allow you to focus resources on those positions and employees you have identified as at risk. 
5. Your retention metrics are not forward-looking. Despite retention measures’ goal of improving employee stability, retention metrics themselves are often historical, focused on the previous year. Predictive metrics are extremely helpful in identifying which employees are future attrition risks, which areas are likely to experience sharp turnover increases in the near future (by job title, time of year, etc.), and whether the solutions you’ve identified are likely to mitigate those risks.

Got turnover? You are not alone. Lean into the lessons learned by the ever-changing business environment, and listen to your employees, both present and past. Finally, do not be afraid to get granular and flexible in your approach to refreshing your retention strategy. Your employees — and your bottom line — will thank you for it.

[/vc_column_text][divider line_type=”No Line” custom_height=”20″][vc_row_inner column_margin=”default” column_direction=”default” column_direction_tablet=”default” column_direction_phone=”default” text_align=”center”][vc_column_inner column_padding=”no-extra-padding” column_padding_tablet=”inherit” column_padding_phone=”inherit” column_padding_position=”all” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_shadow=”none” column_border_radius=”none” column_link_target=”_self” gradient_direction=”left_to_right” overlay_strength=”0.3″ width=”1/1″ tablet_width_inherit=”default” column_border_width=”none” column_border_style=”solid” bg_image_animation=”none”][nectar_btn size=”large” open_new_tab=”true” button_style=”regular” button_color_2=”Extra-Color-1″ solid_text_color_override=”#283b4d” icon_family=”default_arrow” text=”Watch Putting the Human Back in Human Resources” margin_top=”15″ url=”https://series.brighttalk.com/series/5716/?utm_source=wisetailblog&utm_medium=BrightTALK&utm_campaign=5716″][/vc_column_inner][/vc_row_inner][/vc_column][vc_column column_padding=”no-extra-padding” column_padding_tablet=”inherit” column_padding_phone=”inherit” column_padding_position=”all” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_shadow=”none” column_border_radius=”none” column_link_target=”_self” gradient_direction=”left_to_right” overlay_strength=”0.3″ width=”1/6″ tablet_width_inherit=”default” tablet_text_alignment=”default” phone_text_alignment=”default” column_border_width=”none” column_border_style=”solid” bg_image_animation=”none”][/vc_column][/vc_row]

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Diving Deep to Understand Effective Employee Retention

Wisetail | 6 min read[/vc_column_text][/vc_column][vc_column column_padding=”no-extra-padding” column_padding_tablet=”inherit” column_padding_phone=”inherit” column_padding_position=”all” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_shadow=”none” column_border_radius=”none” column_link_target=”_self” gradient_direction=”left_to_right” overlay_strength=”0.3″ width=”1/12″ tablet_width_inherit=”default” tablet_text_alignment=”default” phone_text_alignment=”default” column_border_width=”none” column_border_style=”solid” bg_image_animation=”none”][/vc_column][/vc_row][vc_row type=”in_container” full_screen_row_position=”middle” column_margin=”default” column_direction=”default” column_direction_tablet=”default” column_direction_phone=”default” scene_position=”center” top_padding=”15″ text_color=”dark” text_align=”left” row_border_radius=”none” row_border_radius_applies=”bg” overlay_strength=”0.3″ gradient_direction=”left_to_right” shape_divider_position=”bottom” bg_image_animation=”none” shape_type=””][vc_column column_padding=”no-extra-padding” column_padding_tablet=”inherit” column_padding_phone=”inherit” column_padding_position=”all” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_shadow=”none” column_border_radius=”none” column_link_target=”_self” gradient_direction=”left_to_right” overlay_strength=”0.3″ width=”1/6″ tablet_width_inherit=”default” tablet_text_alignment=”default” phone_text_alignment=”default” column_border_width=”none” column_border_style=”solid” bg_image_animation=”none”][/vc_column][vc_column column_padding=”no-extra-padding” column_padding_tablet=”inherit” column_padding_phone=”inherit” column_padding_position=”all” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_shadow=”none” column_border_radius=”none” column_link_target=”_self” gradient_direction=”left_to_right” overlay_strength=”0.3″ width=”2/3″ tablet_width_inherit=”default” tablet_text_alignment=”default” phone_text_alignment=”default” column_border_width=”none” column_border_style=”solid” bg_image_animation=”none”][vc_column_text css_animation=”fadeIn”]In our webinar Uncovering Effective Employee Retention Part I, Putting the Human Back in HR, we talked about all things that pertain to humans and human resources. We were joined by our guest speaker, Dr. Casey Cox, who guided the conversation as we looked at common employee retention mistakes and effective strategies to resolve these issues. Casey is an HR professional experience consultant and has a deep understanding of the psychology of the workplace. 

To kick off our webinar, Casey asked the audience: “What do you think is the biggest factor contributing to employee turnover at your current workplace?”[/vc_column_text][image_with_animation image_url=”25143″ animation=”Fade In” hover_animation=”none” alignment=”” border_radius=”none” box_shadow=”none” image_loading=”default” max_width=”100%” max_width_mobile=”default”][vc_column_text css_animation=”fadeIn”]This illustrates a greater need for learning and development solutions in the workplace, and demonstrates the importance of investing in employees’ career journeys. 

Casey also wanted to know: “Which retention benefit do you think is the most cost-effective for a company to offer?”[/vc_column_text][image_with_animation image_url=”25142″ animation=”Fade In” hover_animation=”none” alignment=”” border_radius=”none” box_shadow=”none” image_loading=”default” max_width=”100%” max_width_mobile=”default”][vc_column_text css_animation=”fadeIn”]Based on this, most believe that providing flexible work arrangements, and training and development programs are affordable, impactful benefits. This is true, as happier, more capable employees with growth potential are more likely to remain loyal to their company.

A Quick History of Retention Trends

By taking a close look at the evolution of employee retention over the last 60 years, Casey noted that you can see how trends have shifted from lifelong employment to job-hopping. While the term ‘job-hopping’ typically has a negative connotation attached to it, he argues that this trend reveals a growing need for more individualized support and care. 

• 1960’s. Focus on job security and long term employment. Employees demonstrated lifelong loyalty to a single company. 
• 1970’s. The knowledge economy emerged, as did an increased emphasis on human capital. This led to the rise of HR departments, employee relations, and talent management.
• 1980’s. There was a shift to linking pay to individual performance for company success. Employee assistance programs became more popular to address personal issues. 
• 1990’s. Technology in the workplace led to increased productivity and more flexible work arrangements. Work-life balance and family-friendly policies became more popular.
• 2000’s. Employee engagement became a focus, and companies invested in training, development, recognition programs, etc.. Efforts to create a positive company culture emerged. 
• 2010’s. DEI and related initiatives became more popular. Millennials entered the workforce, with a focus on work-life balance, social impact, and personal development. 
• 2020’s. The COVID-19 pandemic resulted in a widespread shift to flexible and remote work, and digital collaboration tools. There is an emphasis on well-being, mental health, and resilience. 

[/vc_column_text][/vc_column][vc_column column_padding=”no-extra-padding” column_padding_tablet=”inherit” column_padding_phone=”inherit” column_padding_position=”all” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_shadow=”none” column_border_radius=”none” column_link_target=”_self” gradient_direction=”left_to_right” overlay_strength=”0.3″ width=”1/6″ tablet_width_inherit=”default” tablet_text_alignment=”default” phone_text_alignment=”default” column_border_width=”none” column_border_style=”solid” bg_image_animation=”none”][/vc_column][/vc_row][vc_row type=”full_width_background” full_screen_row_position=”middle” column_margin=”default” column_direction=”default” column_direction_tablet=”default” column_direction_phone=”default” bg_color=”#f9f9f9″ scene_position=”center” top_padding=”20″ text_color=”dark” text_align=”left” row_border_radius=”none” row_border_radius_applies=”bg” id=”employeeOffboarding” overlay_strength=”0.3″ gradient_direction=”left_to_right” shape_divider_position=”bottom” bg_image_animation=”none” shape_type=””][vc_column column_padding=”no-extra-padding” column_padding_tablet=”inherit” column_padding_phone=”inherit” column_padding_position=”all” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_shadow=”none” column_border_radius=”none” column_link_target=”_self” gradient_direction=”left_to_right” overlay_strength=”0.3″ width=”1/6″ tablet_width_inherit=”default” tablet_text_alignment=”default” phone_text_alignment=”default” column_border_width=”none” column_border_style=”solid” bg_image_animation=”none”][/vc_column][vc_column column_padding=”no-extra-padding” column_padding_tablet=”inherit” column_padding_phone=”inherit” column_padding_position=”all” top_margin=”20″ bottom_margin=”50″ background_color_opacity=”1″ background_hover_color_opacity=”1″ column_shadow=”none” column_border_radius=”none” column_link_target=”_self” gradient_direction=”left_to_right” overlay_strength=”0.3″ width=”2/3″ tablet_width_inherit=”default” tablet_text_alignment=”default” phone_text_alignment=”default” column_border_width=”none” column_border_style=”solid” bg_image_animation=”none”][vc_column_text]

Common Retention Myths

To further evaluate common misconceptions about turnover, Casey debunked his three favorite retention myths.

Myth #1: Your mission, vision, and culture keep staff at work. 

Mission, vision, values and culture absolutely matter at work, but Casey believes that “immediate teams are where the magic happens” and have a greater impact on retention. Employees will stay longer if they belong to an inclusive, dynamic team, as opposed to those that have an incredible company culture, but belong to an ill-fitting team. 

Myth #2: Higher turnover is normal and can’t be prevented.

While turnover does happen, mitigating steps can be taken. For example, clear expectations, a supportive environment, and role differentiation are all major factors that ensure success of employees. Such proactive and supportive measures could help minimize retention issues and risks associated with turnover. 

Myth #3: Most of the time, employees leave for more money. 

“While we’re all focused on our cash compensation, one of my favorite phrases is that you cannot take hugs to the bank. Or recognition, for that matter. 

The workforce of today and beyond has a greater focus on one specific question. That question is: ‘Does the company I work for demonstrate, in words and actions, what I care about?’”[/vc_column_text][/vc_column][vc_column column_padding=”no-extra-padding” column_padding_tablet=”inherit” column_padding_phone=”inherit” column_padding_position=”all” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_shadow=”none” column_border_radius=”none” column_link_target=”_self” gradient_direction=”left_to_right” overlay_strength=”0.3″ width=”1/6″ tablet_width_inherit=”default” tablet_text_alignment=”default” phone_text_alignment=”default” column_border_width=”none” column_border_style=”solid” bg_image_animation=”none”][/vc_column][/vc_row][vc_row type=”full_width_background” full_screen_row_position=”middle” column_margin=”default” column_direction=”default” column_direction_tablet=”default” column_direction_phone=”default” scene_position=”center” top_padding=”20″ text_color=”dark” text_align=”left” row_border_radius=”none” row_border_radius_applies=”bg” id=”employeeOffboarding” overlay_strength=”0.3″ gradient_direction=”left_to_right” shape_divider_position=”bottom” bg_image_animation=”none” shape_type=””][vc_column column_padding=”no-extra-padding” column_padding_tablet=”inherit” column_padding_phone=”inherit” column_padding_position=”all” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_shadow=”none” column_border_radius=”none” column_link_target=”_self” gradient_direction=”left_to_right” overlay_strength=”0.3″ width=”1/6″ tablet_width_inherit=”default” tablet_text_alignment=”default” phone_text_alignment=”default” column_border_width=”none” column_border_style=”solid” bg_image_animation=”none”][/vc_column][vc_column column_padding=”no-extra-padding” column_padding_tablet=”inherit” column_padding_phone=”inherit” column_padding_position=”all” top_margin=”20″ bottom_margin=”50″ background_color_opacity=”1″ background_hover_color_opacity=”1″ column_shadow=”none” column_border_radius=”none” column_link_target=”_self” gradient_direction=”left_to_right” overlay_strength=”0.3″ width=”2/3″ tablet_width_inherit=”default” tablet_text_alignment=”default” phone_text_alignment=”default” column_border_width=”none” column_border_style=”solid” bg_image_animation=”none”][vc_column_text]

Q&A

Finally, we opened the floor to audience questions. 

Q As a leadership team, we can’t deliver on every single retention strategy. How do we pick and choose the right ones for our team?

A Be introspective and listen. Vulnerability is the first thing to tackle. Coming to your team, saying ‘we want to hear from you, and we want your input.’ This input can provide clarification, understanding, and current state, we need your help with that. So, coming to your team with a we-need-your-help-mindset is extremely important. They’re going to tell you pretty quickly. 

Q How much influence do employees/teams have over employee retention strategy? For example, one aspect/benefit of my role is keeping me at this company but I want more. Do I actually have influence over change?

A Yes! It’s an easy jump to reach the summit called impact, but not wanting to go up that windy road. Going on that journey together, with your immediate manager or supervisor, is one where you can deepen your relationship. Allow them to be an advocate and a champion for you. So I would say first thing if you get something that you love that’s keeping you at your job, or things that are dissatisfying, connect with your manager. They should be the one to support you the best. 

Q I feel our entire retention strategy needs a rehaul. Where do I even start? It feels overwhelming. 

A When we think about vague concepts of employee retention, and we say ‘our employee retention strategy isn’t great’ or ‘it could be better,’ there’s a lot under that umbrella. So, really clearly define the aspects that are going well first, from a strengths based perspective, what’s going well at your organization. Then get really concrete about the things that haven’t gone as well as we’ve hoped, from a leadership or an employee perspective. Once we’ve determined how things have gone, we can start planning a path forward. 

[/vc_column_text][divider line_type=”No Line”][vc_column_text]Ready to learn more about the benefits of a solid retention program? Check out the full series – Putting the Human Back in HR. This collection of virtual events aims to bring awareness, inspiration, and action to your people-centric learning and development strategies.

Or dive in, and watch the Part I on demand below. [/vc_column_text][/vc_column][vc_column column_padding=”no-extra-padding” column_padding_tablet=”inherit” column_padding_phone=”inherit” column_padding_position=”all” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_shadow=”none” column_border_radius=”none” column_link_target=”_self” gradient_direction=”left_to_right” overlay_strength=”0.3″ width=”1/6″ tablet_width_inherit=”default” tablet_text_alignment=”default” phone_text_alignment=”default” column_border_width=”none” column_border_style=”solid” bg_image_animation=”none”][/vc_column][/vc_row][vc_row type=”in_container” full_screen_row_position=”middle” column_margin=”default” column_direction=”default” column_direction_tablet=”default” column_direction_phone=”default” scene_position=”center” text_color=”dark” text_align=”center” row_border_radius=”none” row_border_radius_applies=”bg” overlay_strength=”0.3″ gradient_direction=”left_to_right” shape_divider_position=”bottom” bg_image_animation=”none” shape_type=””][vc_column column_padding=”no-extra-padding” column_padding_tablet=”inherit” column_padding_phone=”inherit” column_padding_position=”all” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_shadow=”none” column_border_radius=”none” column_link_target=”_self” gradient_direction=”left_to_right” overlay_strength=”0.3″ width=”1/1″ tablet_width_inherit=”default” tablet_text_alignment=”default” phone_text_alignment=”default” column_border_width=”none” column_border_style=”solid” bg_image_animation=”none”][nectar_btn size=”large” open_new_tab=”true” button_style=”regular” button_color_2=”Extra-Color-1″ solid_text_color_override=”#283b4d” icon_family=”default_arrow” text=”Watch Putting the Human Back in HR” margin_top=”15″ url=”https://series.brighttalk.com/series/5716/?utm_source=WisetailBlog&utm_medium=BrightTALK&utm_campaign=5716″][/vc_column][/vc_row][vc_row type=”full_width_background” full_screen_row_position=”middle” column_margin=”default” column_direction=”default” column_direction_tablet=”default” column_direction_phone=”default” scene_position=”center” top_padding=”20″ text_color=”dark” text_align=”left” row_border_radius=”none” row_border_radius_applies=”bg” id=”employeeOffboarding” overlay_strength=”0.3″ gradient_direction=”left_to_right” shape_divider_position=”bottom” bg_image_animation=”none” shape_type=””][vc_column column_padding=”no-extra-padding” column_padding_tablet=”inherit” column_padding_phone=”inherit” column_padding_position=”all” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_shadow=”none” column_border_radius=”none” column_link_target=”_self” gradient_direction=”left_to_right” overlay_strength=”0.3″ width=”1/6″ tablet_width_inherit=”default” tablet_text_alignment=”default” phone_text_alignment=”default” column_border_width=”none” column_border_style=”solid” bg_image_animation=”none”][/vc_column][vc_column column_padding=”no-extra-padding” column_padding_tablet=”inherit” column_padding_phone=”inherit” column_padding_position=”all” top_margin=”20″ bottom_margin=”50″ background_color_opacity=”1″ background_hover_color_opacity=”1″ column_shadow=”none” column_border_radius=”none” column_link_target=”_self” gradient_direction=”left_to_right” overlay_strength=”0.3″ width=”2/3″ tablet_width_inherit=”default” tablet_text_alignment=”default” phone_text_alignment=”default” column_border_width=”none” column_border_style=”solid” bg_image_animation=”none”][vc_raw_html]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[/vc_raw_html][/vc_column][vc_column column_padding=”no-extra-padding” column_padding_tablet=”inherit” column_padding_phone=”inherit” column_padding_position=”all” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_shadow=”none” column_border_radius=”none” column_link_target=”_self” gradient_direction=”left_to_right” overlay_strength=”0.3″ width=”1/6″ tablet_width_inherit=”default” tablet_text_alignment=”default” phone_text_alignment=”default” column_border_width=”none” column_border_style=”solid” bg_image_animation=”none”][/vc_column][/vc_row]

[vc_row type=”in_container” full_screen_row_position=”middle” column_margin=”default” column_direction=”default” column_direction_tablet=”default” column_direction_phone=”default” scene_position=”center” text_color=”dark” text_align=”left” row_border_radius=”none” row_border_radius_applies=”bg” overlay_strength=”0.3″ gradient_direction=”left_to_right” shape_divider_position=”bottom” bg_image_animation=”none” shape_type=””][vc_column column_padding=”no-extra-padding” column_padding_tablet=”inherit” column_padding_phone=”inherit” column_padding_position=”all” top_margin=”4%” right_margin=”50″ background_color_opacity=”1″ background_hover_color_opacity=”1″ column_shadow=”none” column_border_radius=”none” column_link_target=”_self” gradient_direction=”left_to_right” overlay_strength=”0.3″ width=”7/12″ tablet_width_inherit=”default” tablet_text_alignment=”default” phone_text_alignment=”default” column_border_width=”none” column_border_style=”solid” bg_image_animation=”none”][image_with_animation image_url=”25136″ animation=”Fade In” hover_animation=”none” alignment=”” border_radius=”none” box_shadow=”none” image_loading=”default” max_width=”100%” max_width_mobile=”default”][/vc_column][vc_column column_padding=”no-extra-padding” column_padding_tablet=”inherit” column_padding_phone=”inherit” column_padding_position=”all” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_shadow=”none” column_border_radius=”none” column_link_target=”_self” gradient_direction=”left_to_right” overlay_strength=”0.3″ width=”1/3″ tablet_width_inherit=”default” tablet_text_alignment=”default” phone_text_alignment=”default” column_border_width=”none” column_border_style=”solid” bg_image_animation=”none”][vc_column_text css_animation=”none” css=”.vc_custom_1683207272165{padding-top: 50px !important;padding-bottom: 50px !important;border-radius: 10px !important;}”]

10 Quick Tips To Boost Retention

Wisetail | 6 min read[/vc_column_text][/vc_column][vc_column column_padding=”no-extra-padding” column_padding_tablet=”inherit” column_padding_phone=”inherit” column_padding_position=”all” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_shadow=”none” column_border_radius=”none” column_link_target=”_self” gradient_direction=”left_to_right” overlay_strength=”0.3″ width=”1/12″ tablet_width_inherit=”default” tablet_text_alignment=”default” phone_text_alignment=”default” column_border_width=”none” column_border_style=”solid” bg_image_animation=”none”][/vc_column][/vc_row][vc_row type=”in_container” full_screen_row_position=”middle” column_margin=”default” column_direction=”default” column_direction_tablet=”default” column_direction_phone=”default” scene_position=”center” top_padding=”15″ text_color=”dark” text_align=”left” row_border_radius=”none” row_border_radius_applies=”bg” overlay_strength=”0.3″ gradient_direction=”left_to_right” shape_divider_position=”bottom” bg_image_animation=”none” shape_type=””][vc_column column_padding=”no-extra-padding” column_padding_tablet=”inherit” column_padding_phone=”inherit” column_padding_position=”all” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_shadow=”none” column_border_radius=”none” column_link_target=”_self” gradient_direction=”left_to_right” overlay_strength=”0.3″ width=”1/6″ tablet_width_inherit=”default” tablet_text_alignment=”default” phone_text_alignment=”default” column_border_width=”none” column_border_style=”solid” bg_image_animation=”none”][/vc_column][vc_column column_padding=”no-extra-padding” column_padding_tablet=”inherit” column_padding_phone=”inherit” column_padding_position=”all” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_shadow=”none” column_border_radius=”none” column_link_target=”_self” gradient_direction=”left_to_right” overlay_strength=”0.3″ width=”2/3″ tablet_width_inherit=”default” tablet_text_alignment=”default” phone_text_alignment=”default” column_border_width=”none” column_border_style=”solid” bg_image_animation=”none”][vc_column_text css_animation=”fadeIn”]Retaining existing employees is crucial in today’s tough market. Every successful leader understands the importance of retention. Let’s look at ways to improve your odds and boost retention rates.  

What We Know About Retention 

Retention is essential for many reasons. A stable employee base impacts the overall work culture and employee morale, helps maintain valuable institutional knowledge, creates diverse work communities, and ensures healthy production levels and happy customers. Especially during an economic downturn, retention is crucial — you need your top talent on board. Here are some other notable facts about retention: 

1. Since January 2022, about 4 million employees have left their jobs voluntarily each month. While people leave their jobs for many reasons, it’s important to have a firm grasp on the common drivers of voluntary attrition.

2. About 31% report having quit a job within the first six months. Top reasons for leaving? Poor onboarding experiences, lack of clarity about the job role and expectations, or poor leadership. 

3. The cost to replace a highly trained employee can exceed 200% of their annual salary. Recent research shows the true cost is even higher, as excessive turnover leads to lower morale, poor engagement, and even more turnover. 

4. More than a quarter of employees are in a high-retention-risk category. Many of these employees possess critical skills and may very well be a company’s top performers. [/vc_column_text][/vc_column][vc_column column_padding=”no-extra-padding” column_padding_tablet=”inherit” column_padding_phone=”inherit” column_padding_position=”all” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_shadow=”none” column_border_radius=”none” column_link_target=”_self” gradient_direction=”left_to_right” overlay_strength=”0.3″ width=”1/6″ tablet_width_inherit=”default” tablet_text_alignment=”default” phone_text_alignment=”default” column_border_width=”none” column_border_style=”solid” bg_image_animation=”none”][/vc_column][/vc_row][vc_row type=”full_width_background” full_screen_row_position=”middle” column_margin=”default” column_direction=”default” column_direction_tablet=”default” column_direction_phone=”default” bg_color=”#f9f9f9″ scene_position=”center” top_padding=”20″ text_color=”dark” text_align=”left” row_border_radius=”none” row_border_radius_applies=”bg” id=”employeeOffboarding” overlay_strength=”0.3″ gradient_direction=”left_to_right” shape_divider_position=”bottom” bg_image_animation=”none” shape_type=””][vc_column column_padding=”no-extra-padding” column_padding_tablet=”inherit” column_padding_phone=”inherit” column_padding_position=”all” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_shadow=”none” column_border_radius=”none” column_link_target=”_self” gradient_direction=”left_to_right” overlay_strength=”0.3″ width=”1/6″ tablet_width_inherit=”default” tablet_text_alignment=”default” phone_text_alignment=”default” column_border_width=”none” column_border_style=”solid” bg_image_animation=”none”][/vc_column][vc_column column_padding=”no-extra-padding” column_padding_tablet=”inherit” column_padding_phone=”inherit” column_padding_position=”all” top_margin=”20″ bottom_margin=”50″ background_color_opacity=”1″ background_hover_color_opacity=”1″ column_shadow=”none” column_border_radius=”none” column_link_target=”_self” gradient_direction=”left_to_right” overlay_strength=”0.3″ width=”2/3″ tablet_width_inherit=”default” tablet_text_alignment=”default” phone_text_alignment=”default” column_border_width=”none” column_border_style=”solid” bg_image_animation=”none”][vc_column_text css_animation=”fadeIn”]

Five Focus Areas 

If improving retention is the goal, managers should consider the five areas most critical to improving retention:

1. Professional development opportunities and dedicated career paths. 86% of professionals are willing to leave their jobs if another company offers them better professional development opportunities. In order to keep top-tier talent onboard, organizations should: 

• Offer and encourage professional development and training. Training and development should be considered a benefit like any other. Supporting development and helping employees create dedicated career paths ensures a more engaged, loyal, and vibrant work community.
  
• Maintain salary parity for your location and industry. In organizations where salaries are at market, you’ve created a culture that attracts and retains employees.

2. Work-life balance. Employees, having survived the disruptions caused by the pandemic, have returned to work with a new set of priorities, and work-life balance is at the top of the list. 

• Develop policies that encourage well-being: appropriate workloads, clear and transparent communication, healthy corporate culture — all are important elements of employee well-being and retention.
  
• Wherever possible, be flexible. Encourage remote or hybrid work opportunities, manage PTO to allow more employee autonomy, and listen to employee feedback regarding flexible schedules.

3. Organizational culture. Culture drives worker satisfaction and, thus, retention. Strong corporate cultures share a few key traits:

• Clearly articulated values and purpose consistent with policies and processes and communicated to employees through both policy and company leadership behavior.
  
• Strong commitment to diversity, equity, and inclusion.
• Leaders who are empathetic, supportive, and transparent in their communication and expectations.
• Opportunities for collaboration and connection among employees and teams.

4. Job security. Do your employees feel their livelihoods are safe in their current roles? Almost half of employees list job security as a top reason they’d choose to stay with their current company, making security a major driver of retention. Leadership should prioritize helping workers understand their value to the organization. 

5. Recognition and rewards. Strong employee-recognition programs reduce turnover rates by over 30%; lack of recognition at work is the third most common reason why employees leave their jobs. Recognition boosts individual employee engagement as well as increasing loyalty and productivity — both factors driving higher retention rates. [/vc_column_text][/vc_column][vc_column column_padding=”no-extra-padding” column_padding_tablet=”inherit” column_padding_phone=”inherit” column_padding_position=”all” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_shadow=”none” column_border_radius=”none” column_link_target=”_self” gradient_direction=”left_to_right” overlay_strength=”0.3″ width=”1/6″ tablet_width_inherit=”default” tablet_text_alignment=”default” phone_text_alignment=”default” column_border_width=”none” column_border_style=”solid” bg_image_animation=”none”][/vc_column][/vc_row][vc_row type=”full_width_background” full_screen_row_position=”middle” column_margin=”default” column_direction=”default” column_direction_tablet=”default” column_direction_phone=”default” scene_position=”center” top_padding=”20″ text_color=”dark” text_align=”left” row_border_radius=”none” row_border_radius_applies=”bg” id=”employeeOffboarding” overlay_strength=”0.3″ gradient_direction=”left_to_right” shape_divider_position=”bottom” bg_image_animation=”none” shape_type=””][vc_column column_padding=”no-extra-padding” column_padding_tablet=”inherit” column_padding_phone=”inherit” column_padding_position=”all” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_shadow=”none” column_border_radius=”none” column_link_target=”_self” gradient_direction=”left_to_right” overlay_strength=”0.3″ width=”1/6″ tablet_width_inherit=”default” tablet_text_alignment=”default” phone_text_alignment=”default” column_border_width=”none” column_border_style=”solid” bg_image_animation=”none”][/vc_column][vc_column column_padding=”no-extra-padding” column_padding_tablet=”inherit” column_padding_phone=”inherit” column_padding_position=”all” top_margin=”20″ bottom_margin=”50″ background_color_opacity=”1″ background_hover_color_opacity=”1″ column_shadow=”none” column_border_radius=”none” column_link_target=”_self” gradient_direction=”left_to_right” overlay_strength=”0.3″ width=”2/3″ tablet_width_inherit=”default” tablet_text_alignment=”default” phone_text_alignment=”default” column_border_width=”none” column_border_style=”solid” bg_image_animation=”none”][vc_column_text css_animation=”fadeIn”]

Five Strategy Guidelines 

It’s easy to talk about retention strategy, but where to begin? 

1. Make a plan. Don’t just be reactive to retention — develop a strategy that begins with employee feedback. Exit interviews provide valuable information, as do surveys and simple conversations with active employees. Pay attention to what employees are looking for and why they’re opting to leave. 

2. Maximize transparency and communication. The best time to begin retaining employees is before you even hire them. Ensure job descriptions, roles, expectations, and responsibilities are clear and concise, and be prepared to address concerns and questions from both candidates and current employees. 

3. Measure and preserve company morale. Losing even a few employees can create a cascading effect. Establish a plan to address the impact of attrition in advance. 

4. Be proactive. Leaders must make efforts to stay in communication with team members at every level. Invite feedback on a regular basis regarding job satisfaction, engagement, and the employee experience — and act on recurring areas of concern. 

5. Develop a culture of continuous learning and improvement. Employees today, especially millennials, look for companies willing to support their development. Curate a culture that values continuous learning, supports development, and provides an attainable career path for every employee. 

In today’s volatile employment market, organizations can’t afford not to address employee retention head on. Employees are a company’s most valuable asset — investing significant time and energy into crafting a robust employee retention strategy just makes business sense.

To further support your employee engagement and retention strategies, check our webinar series, Putting the Human Back in HR. This collection of virtual events aims to bring awareness, inspiration, and action to your people-centric learning and development strategies. Featuring Dr. Casey Cox, Founder of Ascend Coaching Group, learn how to build trust amongst your employees, build a reputation for retaining top talent, and learn how you actually sit on the same side of the table as your team members.[/vc_column_text][divider line_type=”No Line” custom_height=”20″][vc_row_inner column_margin=”default” column_direction=”default” column_direction_tablet=”default” column_direction_phone=”default” text_align=”center”][vc_column_inner column_padding=”no-extra-padding” column_padding_tablet=”inherit” column_padding_phone=”inherit” column_padding_position=”all” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_shadow=”none” column_border_radius=”none” column_link_target=”_self” gradient_direction=”left_to_right” overlay_strength=”0.3″ width=”1/1″ tablet_width_inherit=”default” column_border_width=”none” column_border_style=”solid” bg_image_animation=”none”][nectar_btn size=”large” open_new_tab=”true” button_style=”regular” button_color_2=”Extra-Color-1″ solid_text_color_override=”#283b4d” icon_family=”default_arrow” text=”Watch Putting the Human Back in Human Resources” margin_top=”15″ url=”https://series.brighttalk.com/series/5716/?utm_source=wisetailblog&utm_medium=BrightTALK&utm_campaign=5716″][/vc_column_inner][/vc_row_inner][/vc_column][vc_column column_padding=”no-extra-padding” column_padding_tablet=”inherit” column_padding_phone=”inherit” column_padding_position=”all” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_shadow=”none” column_border_radius=”none” column_link_target=”_self” gradient_direction=”left_to_right” overlay_strength=”0.3″ width=”1/6″ tablet_width_inherit=”default” tablet_text_alignment=”default” phone_text_alignment=”default” column_border_width=”none” column_border_style=”solid” bg_image_animation=”none”][/vc_column][/vc_row]

[vc_row type=”in_container” full_screen_row_position=”middle” column_margin=”default” column_direction=”default” column_direction_tablet=”default” column_direction_phone=”default” scene_position=”center” text_color=”dark” text_align=”left” row_border_radius=”none” row_border_radius_applies=”bg” overlay_strength=”0.3″ gradient_direction=”left_to_right” shape_divider_position=”bottom” bg_image_animation=”none” shape_type=””][vc_column column_padding=”no-extra-padding” column_padding_tablet=”inherit” column_padding_phone=”inherit” column_padding_position=”all” top_margin=”4%” right_margin=”50″ background_color_opacity=”1″ background_hover_color_opacity=”1″ column_shadow=”none” column_border_radius=”none” column_link_target=”_self” gradient_direction=”left_to_right” overlay_strength=”0.3″ width=”7/12″ tablet_width_inherit=”default” tablet_text_alignment=”default” phone_text_alignment=”default” column_border_width=”none” column_border_style=”solid” bg_image_animation=”none”][image_with_animation image_url=”25115″ animation=”Fade In” hover_animation=”none” alignment=”” border_radius=”none” box_shadow=”none” image_loading=”default” max_width=”100%” max_width_mobile=”default”][/vc_column][vc_column column_padding=”no-extra-padding” column_padding_tablet=”inherit” column_padding_phone=”inherit” column_padding_position=”all” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_shadow=”none” column_border_radius=”none” column_link_target=”_self” gradient_direction=”left_to_right” overlay_strength=”0.3″ width=”1/3″ tablet_width_inherit=”default” tablet_text_alignment=”default” phone_text_alignment=”default” column_border_width=”none” column_border_style=”solid” bg_image_animation=”none”][vc_column_text css_animation=”none” css=”.vc_custom_1682546118747{padding-top: 50px !important;padding-bottom: 50px !important;border-radius: 10px !important;}”]

Getting Ready to Grow (with Your LMS)

Wisetail | 6 min read[/vc_column_text][/vc_column][vc_column column_padding=”no-extra-padding” column_padding_tablet=”inherit” column_padding_phone=”inherit” column_padding_position=”all” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_shadow=”none” column_border_radius=”none” column_link_target=”_self” gradient_direction=”left_to_right” overlay_strength=”0.3″ width=”1/12″ tablet_width_inherit=”default” tablet_text_alignment=”default” phone_text_alignment=”default” column_border_width=”none” column_border_style=”solid” bg_image_animation=”none”][/vc_column][/vc_row][vc_row type=”in_container” full_screen_row_position=”middle” column_margin=”default” column_direction=”default” column_direction_tablet=”default” column_direction_phone=”default” scene_position=”center” top_padding=”15″ text_color=”dark” text_align=”left” row_border_radius=”none” row_border_radius_applies=”bg” overlay_strength=”0.3″ gradient_direction=”left_to_right” shape_divider_position=”bottom” bg_image_animation=”none” shape_type=””][vc_column column_padding=”no-extra-padding” column_padding_tablet=”inherit” column_padding_phone=”inherit” column_padding_position=”all” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_shadow=”none” column_border_radius=”none” column_link_target=”_self” gradient_direction=”left_to_right” overlay_strength=”0.3″ width=”1/6″ tablet_width_inherit=”default” tablet_text_alignment=”default” phone_text_alignment=”default” column_border_width=”none” column_border_style=”solid” bg_image_animation=”none”][/vc_column][vc_column column_padding=”no-extra-padding” column_padding_tablet=”inherit” column_padding_phone=”inherit” column_padding_position=”all” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_shadow=”none” column_border_radius=”none” column_link_target=”_self” gradient_direction=”left_to_right” overlay_strength=”0.3″ width=”2/3″ tablet_width_inherit=”default” tablet_text_alignment=”default” phone_text_alignment=”default” column_border_width=”none” column_border_style=”solid” bg_image_animation=”none”][vc_column_text css_animation=”fadeIn”]We know that employee performance drives business success, and we know that successful learning and development programs contribute to improved employee performance, so ensuring an appropriate, engaging training strategy is paramount to organizational growth. The agile, resilient companies that succeed today are rethinking the traditional instructor-led training programs that were so common in the past. To meet the needs of the modern company, learning leaders are moving toward learning management systems to provide faster, more individualized training opportunities.

Utilizing L&D to grow your business

Growth is the lifeblood of every modern business. Without development, companies and the people who work for them stagnate. Learning and development (L&D) programs create a culture of continuous learning, invigorating employees and improving your business. When growth is crucial for success, what should your L&D program do  for your company?

1. Improve business performance. The main objective of an L&D program is to improve business performance by improving employee performance. By creating a more knowledgeable, informed, confident workforce, effective training provides an excellent ROI. 
2. Improve employee satisfaction. Investing in L&D is a true investment in your employees, demonstrating your appreciation for their development and effort. A well-planned L&D program provides upskilling and reskilling for those employees who need to meet new standards or are ready to take on new roles. It addresses skill gaps, creating a more functional work environment. Engaging learning platforms also are likely to inspire employees to seek further knowledge, kicking off a lifelong learning journey.
3. Improve retention. L&D opportunities are very important to today’s job seeker. Employees value the opportunity to move forward in a company and take their skills to the next level, and job candidates seek companies offering those opportunities.

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The importance of growing your L&D program

The Great Resignation continues to affect many industries, as the employment market paradigm shift changed the work dynamic in nearly every type of business. Organizations still face the challenges created by the disruption of the pandemic and investing in L&D offers one way to navigate those challenges successfully. If your company is preparing for an initial investment in L&D or growing the program you already have, it’s worth considering some statistics as you establish your budget: 

• According to almost half of L&D professionals, the skills gap was wider at their organizations in 2022 than in 2021, and 49% say executives are concerned employees don’t have the skills needed to execute business strategy. 
• Skills needed to perform a job evolve over time. Research found that skills from the same occupation changed by about 25% from 2015 to 2021 and are likely to change by roughly 40% by 2025. 
• “No opportunity for advancement” was one of the top causes of employee attrition in 2021. 
• Changing a top performer’s responsibilities will improve their likelihood of retention by around 20%, even if their title and salary remain unchanged. When promoted, 75% of employees will stay with the company for at least three years, as will more than 60% who make lateral moves within the company. 
• There are two job openings for every unemployed worker in the US. With many job seekers motivated by the prospect of career advancement, your company can stand out by offering development opportunities. 

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Questions to consider

Of course, any investment in learning and development needs to be carefully considered. Here are some questions to ask your L&D partners: 

• How will overall L&D costs change as our company evolves? As our organization grows, adds new products or services, or ventures into new areas, how will your learning platform adapt? If our staffing doubles or triples, does the platform have the capacity to manage all user needs at all times?
• How can we scale our L&D program to keep up? Growth is the goal of every business, and our learning system should be capable of growing with us. Is the training you provide able to continue scaling up as needed?
• Will my current L&D strategy be able to meet my company’s changing needs? Learning and development is an ongoing process and should remain continuous to support a robust learning culture. While our current strategy adjusts to compliance requirements and training needs, how should the basic structure evolve as our needs do? Will our investment provide the ROI we need to justify ongoing expenses?

To further support your L&D strategies, join Wisetail’s Kyle Reichelt for our Live-Product Demo “A Modern Approach to Learning in the Flow of Work,” and learn the value of pairing training strategies with daily operational activities (hello learning in the flow of work!). Gain valuable insight into where training gaps exist and help to create a culture of accountability that empowers employees to form instrumental habits and reinforce positive behaviors through checklists.[/vc_column_text][divider line_type=”No Line” custom_height=”20″][vc_row_inner column_margin=”default” column_direction=”default” column_direction_tablet=”default” column_direction_phone=”default” text_align=”center”][vc_column_inner column_padding=”no-extra-padding” column_padding_tablet=”inherit” column_padding_phone=”inherit” column_padding_position=”all” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_shadow=”none” column_border_radius=”none” column_link_target=”_self” gradient_direction=”left_to_right” overlay_strength=”0.3″ width=”1/1″ tablet_width_inherit=”default” column_border_width=”none” column_border_style=”solid” bg_image_animation=”none”][nectar_btn size=”large” open_new_tab=”true” button_style=”regular” button_color_2=”Extra-Color-1″ solid_text_color_override=”#283b4d” icon_family=”default_arrow” text=”Watch A Modern Approach to Learning in the Flow of Work” margin_top=”15″ url=”https://www.brighttalk.com/webcast/18728/583006?utm_source=Wisetailblog&utm_medium=brighttalk&utm_campaign=583006″][/vc_column_inner][/vc_row_inner][/vc_column][vc_column column_padding=”no-extra-padding” column_padding_tablet=”inherit” column_padding_phone=”inherit” column_padding_position=”all” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_shadow=”none” column_border_radius=”none” column_link_target=”_self” gradient_direction=”left_to_right” overlay_strength=”0.3″ width=”1/6″ tablet_width_inherit=”default” tablet_text_alignment=”default” phone_text_alignment=”default” column_border_width=”none” column_border_style=”solid” bg_image_animation=”none”][/vc_column][/vc_row]

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Is Your Retention Strategy Missing Something?

Wisetail | 6 min read[/vc_column_text][/vc_column][vc_column column_padding=”no-extra-padding” column_padding_tablet=”inherit” column_padding_phone=”inherit” column_padding_position=”all” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_shadow=”none” column_border_radius=”none” column_link_target=”_self” gradient_direction=”left_to_right” overlay_strength=”0.3″ width=”1/12″ tablet_width_inherit=”default” tablet_text_alignment=”default” phone_text_alignment=”default” column_border_width=”none” column_border_style=”solid” bg_image_animation=”none”][/vc_column][/vc_row][vc_row type=”in_container” full_screen_row_position=”middle” column_margin=”default” column_direction=”default” column_direction_tablet=”default” column_direction_phone=”default” scene_position=”center” top_padding=”15″ text_color=”dark” text_align=”left” row_border_radius=”none” row_border_radius_applies=”bg” overlay_strength=”0.3″ gradient_direction=”left_to_right” shape_divider_position=”bottom” bg_image_animation=”none” shape_type=””][vc_column column_padding=”no-extra-padding” column_padding_tablet=”inherit” column_padding_phone=”inherit” column_padding_position=”all” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_shadow=”none” column_border_radius=”none” column_link_target=”_self” gradient_direction=”left_to_right” overlay_strength=”0.3″ width=”1/6″ tablet_width_inherit=”default” tablet_text_alignment=”default” phone_text_alignment=”default” column_border_width=”none” column_border_style=”solid” bg_image_animation=”none”][/vc_column][vc_column column_padding=”no-extra-padding” column_padding_tablet=”inherit” column_padding_phone=”inherit” column_padding_position=”all” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_shadow=”none” column_border_radius=”none” column_link_target=”_self” gradient_direction=”left_to_right” overlay_strength=”0.3″ width=”2/3″ tablet_width_inherit=”default” tablet_text_alignment=”default” phone_text_alignment=”default” column_border_width=”none” column_border_style=”solid” bg_image_animation=”none”][vc_column_text css_animation=”fadeIn”]Retention can be tricky. Following pandemic-driven disruptions, the entire world of work changed, and many organizations are just now adjusting to the new normal. In the face of change, employee retention remains a top concern. How best to improve your retention strategy?

What are we getting wrong about retention? 

Business owners understand the need to improve retention, but addressing high turnover requires a deeper understanding of the “why” behind attrition. Because it’s natural to want to tackle problems with immediate solutions, many organizations simply gather HR leaders together to hammer out a one-size-fits-all fix. Unfortunately, handling turnover is not that simple, and in most cases, a single solution isn’t the best method. To develop a solid strategy for improving retention, leaders must investigate and understand the root causes of attrition well before they begin designing solutions to combat it. 

Those solutions mustn’t be knee-jerk reactions to losses due to attrition. Before you design a strategy, it’s important to focus on exit patterns: Why are employees leaving, and where are they going? Seek feedback from workers who give notice — an exit interview, a phone call, even a quick conversation — so problem areas are defined and clarified for intervention. And rather than examining the numbers related to turnover, shift the focus to its underlying causes. Understanding why certain employees choose to leave, what factors affected their decision, and where they’re headed next yields invaluable information for deciding next steps. [/vc_column_text][/vc_column][vc_column column_padding=”no-extra-padding” column_padding_tablet=”inherit” column_padding_phone=”inherit” column_padding_position=”all” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_shadow=”none” column_border_radius=”none” column_link_target=”_self” gradient_direction=”left_to_right” overlay_strength=”0.3″ width=”1/6″ tablet_width_inherit=”default” tablet_text_alignment=”default” phone_text_alignment=”default” column_border_width=”none” column_border_style=”solid” bg_image_animation=”none”][/vc_column][/vc_row][vc_row type=”full_width_background” full_screen_row_position=”middle” column_margin=”default” column_direction=”default” column_direction_tablet=”default” column_direction_phone=”default” bg_color=”#f9f9f9″ scene_position=”center” top_padding=”20″ text_color=”dark” text_align=”left” row_border_radius=”none” row_border_radius_applies=”bg” id=”employeeOffboarding” overlay_strength=”0.3″ gradient_direction=”left_to_right” shape_divider_position=”bottom” bg_image_animation=”none” shape_type=””][vc_column column_padding=”no-extra-padding” column_padding_tablet=”inherit” column_padding_phone=”inherit” column_padding_position=”all” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_shadow=”none” column_border_radius=”none” column_link_target=”_self” gradient_direction=”left_to_right” overlay_strength=”0.3″ width=”1/6″ tablet_width_inherit=”default” tablet_text_alignment=”default” phone_text_alignment=”default” column_border_width=”none” column_border_style=”solid” bg_image_animation=”none”][/vc_column][vc_column column_padding=”no-extra-padding” column_padding_tablet=”inherit” column_padding_phone=”inherit” column_padding_position=”all” top_margin=”20″ bottom_margin=”50″ background_color_opacity=”1″ background_hover_color_opacity=”1″ column_shadow=”none” column_border_radius=”none” column_link_target=”_self” gradient_direction=”left_to_right” overlay_strength=”0.3″ width=”2/3″ tablet_width_inherit=”default” tablet_text_alignment=”default” phone_text_alignment=”default” column_border_width=”none” column_border_style=”solid” bg_image_animation=”none”][vc_column_text css_animation=”fadeIn”]

The real cost of poor retention 

How important is retention? The answer depends on how much money your organization can afford to lose. Employee turnover costs U.S. companies $160 billion a year. Replacing an employee can cost up to twice their annual salary. High performers, who are more productive, can cost even more. Other related costs add up quickly:

• Recruiting and hiring. Advertising open positions, screening applicants, interviewing candidates — no matter how talented your prospects are, the recruiting process is a significant expense. On average, American companies need 52 days to fill an open position, and every day costs the organization money.
• Onboarding and training. New hires need to be onboarded and trained for their roles, a process that may take days, weeks, or months. During that time, management and supervisors spend valuable time helping, mentoring, and following up on new employees’ progress. 
• Lost productivity. While “soft costs” like productivity are more difficult to quantify, they still impact the bottom line. New hires aren’t immediately as productive as the person they replace, and it may take months or years for them to achieve that level of productivity. And because they are new to their roles, processes, and policies, they are more likely to make mistakes requiring a leader’s input or intervention.
• Engagement. Turnover affects everyone, not just management. When one employee leaves, others are more likely to follow. This ripple effect can lead to an uptick in employee disengagement — one that costs U.S. companies up to $550 billion per year in lost productivity.

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How important is feedback and recognition? 

No one would deny the critical role of salary and benefits in attracting and retaining talent, but these factors alone are no longer enough to retain your best employees. Today’s young professionals have a different set of expectations: They expect to work for several companies over the course of their careers and intentionally choose jobs and organizations that provide them with a sense of purpose and personal growth. They expect to work with people they like and enjoy collaborating with, so a good culture fit is imperative to recruit and retain them. 

Recognition and feedback remain foundational to a positive culture, so raises, promotions, and recognition programs are critical to keeping employees engaged. Half of high-performing employees expect monthly face-to-face meetings with their managers, but only about half of those who do so report they are receiving the feedback they desire. 

Managers must remember that employees planning to leave often do so without offering input or feedback. An employee may not ask about or fully understand their company’s purpose or vision, and unless their manager is actively sharing that information, they may feel leadership is equally unengaged. The lack of feedback from those who are leaving a business creates a cycle in which HR is unable even to attempt to address the concerns driving attrition. 

Having a bidirectional conversation with employees who are on their way out, as well as with those still on board, spotlights issues and concerns, giving employers more insight into how best to improve retention. Creating a safe environment for feedback-driven conversations also helps create a more dynamic culture. Successful companies may make mistakes or fail in their endeavors, but they are willing to learn, test new strategies, and adapt as needed. Employees tend to stay at companies where they are engaged in a continuous and constructive feedback loop with leadership. 

Asking for and accepting feedback can be a challenge, but acting on that feedback to create organizational changes is invaluable. It requires a level of collaboration between managers and employees that may not be comfortable for all parties at first, but active, continual participation from both sides can effect real change. And that change can drive genuine improvements in retention and culture.

To further support your employee engagement and retention strategies, join our webinar “Uncovering Effective Employee Retention,” the first part of our Putting the Human Back in HR series. Learn how to cultivate sustainable people operations strategies, especially during these times of rapid job market changes. Led by Dr. Casey Cox, Founder of Ascend Coaching Group, gain insights into the evolution of employee retention, the big myth surrounding it, its benefits, and how to improve retention rates.[/vc_column_text][divider line_type=”No Line” custom_height=”20″][vc_row_inner column_margin=”default” column_direction=”default” column_direction_tablet=”default” column_direction_phone=”default” text_align=”center”][vc_column_inner column_padding=”no-extra-padding” column_padding_tablet=”inherit” column_padding_phone=”inherit” column_padding_position=”all” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_shadow=”none” column_border_radius=”none” column_link_target=”_self” gradient_direction=”left_to_right” overlay_strength=”0.3″ width=”1/1″ tablet_width_inherit=”default” column_border_width=”none” column_border_style=”solid” bg_image_animation=”none”][nectar_btn size=”large” open_new_tab=”true” button_style=”regular” button_color_2=”Extra-Color-1″ solid_text_color_override=”#283b4d” icon_family=”default_arrow” text=”Watch Uncovering Effective Employee Retention” margin_top=”15″ url=”https://www.brighttalk.com/webcast/18728/579872?utm_source=WTblog&utm_medium=web&utm_campaign=linkshare”][/vc_column_inner][/vc_row_inner][/vc_column][vc_column column_padding=”no-extra-padding” column_padding_tablet=”inherit” column_padding_phone=”inherit” column_padding_position=”all” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_shadow=”none” column_border_radius=”none” column_link_target=”_self” gradient_direction=”left_to_right” overlay_strength=”0.3″ width=”1/6″ tablet_width_inherit=”default” tablet_text_alignment=”default” phone_text_alignment=”default” column_border_width=”none” column_border_style=”solid” bg_image_animation=”none”][/vc_column][/vc_row]