Employee Retention Program to Minimize Employee Turnover
Are you looking for an employee retention program to cut employee turnover? According to a report from Deloitte and market research firm Workplace Intelligence published on June 22, 2022, almost 70% of company executives are “seriously considering quitting for a job that better supports their well-being,” And 56% have left a job in the past because it was negatively impacting their well-being.
The U.S. Department of Labor reported that job openings and resignations reached the highest levels on record in March 2022. 4.5 million people quit their jobs, making up 3% of the U.S. labor force. LinkedIn CEO Ryan Roslansky recently disclosed that members job changes are up 54% year over year. But the great resignation has not peaked.
Are you ready to mitigate the impact of the great resignation? A Hay Group study found that highly engaged employees are 87% less likely to leave a company than disengaged employees. The Workplace Research Foundation reported that a 10% increase in employee engagement investment can enhance profits by $2,400 per employee per year.
Companies with high employee engagement tend to withstand economic downturns. When the economy improves, they outperform the competition.
Optimize Your Employee Retention Program
If you are struggling with employee retention issues, look no further. Our employee retention program protects you from losing employees who have accumulated job know-how and valuable intellectual property. We help you to keep the top performers in your organization. And we ensure a sustainable “Best place to work” environment.
Our optimal employee retention strategy has two major components:
1. Employee Selection Process
The employee selection process defines how you choose to fill your job vacancies. Our proprietary assessments ensure that you hire the best candidates during the employee selection and hiring process. As thinking is more basic than personality, our assessments consistently outperform standard personality assessments.
Our assessments enable you to determine whether candidates fit your organizational culture. You can then cut the cost of hiring unsuitable employees.
2. Talent Optimization Strategy
Our talent optimization strategy describes how to best develop existing employees. Unfortunately, many organizations settle for talent management, a step above talent management incompetence. Our talent optimization program reveals where your employees reside on the Train, Coach, Participate and Delegate continuum. We then provide best practices, realistic options and best solutions.
Our optimal thinking employee retention specialists get to know your team and your organizational culture. We uncover the root causes of employee turnover in your organization. We can then develop the retention program that best suits your team.
Armed with specific information, we use proprietary best practices to resolve issues such as:
- Leadership skills training to best develop your next generation of leaders
- Skill gaps for critical job functions
- Employee engagement
- Internal development opportunities for your talent
- Generational, ethnic, cultural, and geographical differences
- Employee compensation
- Employee productivity
Maximize Custom Retention Strategies
According to the National Research Business Institute, 23% of employees quit due to lack of development opportunities and training. That’s why we create custom retention strategies to maximize individual and organizational value growth. We implement these programs with:
- optimization executive coaching
- self-paced online learning
- virtual instructor-led training
- traditional instructor-led training
You can hire the best employees and empower your existing employees to be their best. This is how you will retain your key team contributors.