Dig Deeper If Your Retention Strategies Aren’t Working
The moment an employee decides to leave an organization, it’s too late. Their productivity dips, their engagement languishes, and all of their discretionary time is spent updating their resume and seeking other opportunities. As Josh Bersin, principal at Deloitte and founder of Bersin by Deloitte, indicates, the costs of employee turnover are increasingly high – as much as 1.5 to 2 times an employee’s salary.1
The hard work of constantly hiring and training new employees causes leaders to seek new perspectives on improving retention. Typical advice for reducing turnover often includes things many companies already try to do: offering competitive pay, strong benefits packages and laying out clear paths for advancement. Retention strategies working at your organization are possibly, well, not working.
This post aims to offer a new perspective on how to improve retention and outlines proven strategies that too few companies realize exist.
The following is an excerpt from the whitepaper, How To Retain Employees When What You’ve Tried Isn’t Working.
Why You Need To Keep Digging If Your Retention Strategies Aren’t Working
In most companies, only a single broad turnover metric is reported, so problem areas are notoriously overlooked. Without targeted problem areas, HR often turns to sweeping measures to correct climbing turnover rates. However these one-size-fits-all attempts at improving retention often yield less than expected returns.
For example, greater career advancement opportunities only aid unsatisfied employees who happen to be seeking out higher-level positions. Larger benefits packages may satisfy only a small portion of employees who feel that their companies should be giving them more.
Perhaps the worst example of a desperate quick fix to preventing turnover is the counter-offer. When employees turn in resignation letters, employers frequently attempt a final “Hail Mary”. There are few things more ironic to departing employees than an offer to increase their pay. It’s rare that employees leave their jobs solely because of compensation.2
Thus, unless the resignation letter is written in a veiled last-ditch attempt for a bump in income, the counter-offer is just further evidence that the employer has no idea why this particular individual is unsatisfied. If quick fixes such as those listed above have been attempted with less than desired results at your company, it’s time to dig deeper.
Download the full whitepaper
To read more and uncover more innovative retention strategies, download the full whitepaper: How To Retain Employees When What You’ve Tried Isn’t Working.