Employee Retention Strategy

Six Steps to Creating a High Retention Workplace

Get Ready, Here It Comes Again

Despite economic changes, the issue of employee retention is here to stay. The labor shortage that plagued employers at the height of the economic boom has not vanished. It may be off the radar now, but it is returning strong as ever.

Successful organizations realize employee retention is integral to sustaining their leadership and growth in the marketplace. Most businesses focus on employee retention when employee turnover starts to increase. However, good organizations make employee retention a core element of their talent management and organizational development strategy. Those that fail to make employee retention a priority are at risk of losing their top talented people to the competition.

What are you going to do? What is your strategy in preventing valuable employees from leaving?

Consider the following driving forces.

Job Defections – The Society of Human Resource Management (SHRM) and the Wall Street Journal website completed the Job Recovery Survey in September 2003. The key findings revealed 64 percent of employees said they were extremely likely to begin or increase the intensity of their job search. An additional 19 percent said they were somewhat likely to increase their search.

Skill Shortage – Many industries already experience major shortages of talent. For example, the healthcare industry suffers from a nurse shortage, and now is importing nurses from other countries. This places a burden on employers to provide the best place to work possible to attract and retain key staff.

Our employee retention strategy is easy to implement and provides you the six steps you need to adopt in establishing an effective retention strategy.

  • Assess the organization.
  • Hold people accountable.
  • Measure what is important.
  • Increase employee ownership and involvement.
  • Build relationships and create a positive first impression.
  • Devise intervention strategies.

Employee Retention is a Major Issue

This report includes proven and practical information on these critical topics:

  • The Retention Czar
  • Who should be held accountable
  • Two types of assessments to pinpoint problems
  • How to look for and accommodate life changes that lead to turnover
  • Company policies that affect retention
  • What you should measure and monitor
  • What a good employee orientation program should look like
  • How to design an Individual Retention Profile (IRP)
  • Includes a detailed employee orientation task list
  • What to do when an employee says they are leaving
  • Case studies
  • How to design a retention implementation team
  • How to hire for retention

 

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