Employee Retention Program to Minimize Employee Turnover
Are you looking for an employee retention program to minimize employee turnover? The Society for Human Resource Management (SHRM) believes the annual turnover rate is approximately 19%. According to a survey conducted by the Center for American Progress, companies typically pay about 20% of an employee’s salary to replace the employee. .
A Hay Group study found that highly engaged employees are 87% less likely to leave your company than disengaged employees. The Workplace Research Foundation discovered 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 weather economic downturns. When the economy improves, they are poised to strongly outperform the competition.
If you are struggling with employee retention issues, look no further. Our employee retention program will protect you from losing valuable employees who have accumulated job know-how and your organization’s intellectual property. We help you to retain the top performers in your organization, and create a unique “Best place to work” environment for your employees.
An 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 outperform the usual personality assessments employed by most firms. The assessments enable you to determine whether candidates will fit into your organizational culture. You can then avoid the expense 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 standard that too often is just a step above accepting incompetence. Our talent optimization program reveals where your employees reside on the Train, Coach, Participate and Delegate continuum, and provides realistic options, best practices and best solutions.
Our optimal thinking employee retention specialists take the time to really get to know your team and understand your organizational culture. We uncover the root causes of employee turnover in your organization to develop the retention program that best suits your team. Armed with this information, we employ 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
According to the National Research Business Institute, 23% of employees leave due to lack of development opportunities and training. That’s why we create customized retention strategies that maximize individual and organizational value growth. Our programs are implemented with optimization executive coaching, mentoring, consulting, assessments, self-paced online learning, virtual instructor-led training, and traditional instructor-led training.
You can then hire the best employees, empower your existing employees to be their best, and consistently retain your key team contributors. Feel free to contact us. We are here for you!