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3 Year-Long Employee Retention Strategies to Retain Top Talent

/ 3.19.17

  As inconvenient and problematic as it may be, employee turnover is inevitable. The good news? It’s predictable. Our latest ebook, Top 5 Employee Turnover Predictors, has uncovered the most common reasons employees leave their jobs. From lack of job satisfaction to poor team dynamics to misalignment, valuable employee feedback has given us insight into what leads to disengagement, and ultimately, turnover. 

 

 

Download the Ebook: Top 5 Predictors of Employee Turnover

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Workplace data like this tells us two things: why employees leave and how  we can act on it. Based on these findings, we've identified three year-long employee retention strategies to help you retain top talent and decrease organizational turnover.

 

3 Year-Long Employee Retention Strategies

 

3-19 Share.png1. Share Your Commitment to Decrease Employee Turnover

When organizations share their commitment to decreasing turnover, employees are more likely to be engaged. Our research shows engaged employees are nearly 6 times more likely to believe their organization is committed to lowering turnover and 6.5 times more likely to believe their organization is committed to understanding why employees leave, compared to their less engaged counterparts. And as all organizational leaders know, more engaged and favorable employees are less likely to leave. Being open and transparent about your efforts to decrease employee turnover should be the first employee retention strategy on your list. Create an organization-wide retention goal, share your monthly metrics, and watch employee turnover decrease.

 

3-19 Collect.png2. Collect Exit Data & Analyze Turnover Trends

If you’re not collecting data after employees exit, you’re missing out on invaluable insight. Data that helps uncover reasons for an exit, the level of preventability, and the impact it will have on your organization will arm you with the information you need to better recover from the turnover, create employee retention strategies that fit your culture, and increase future retention. But don’t stop at collecting data from the exiter; send out a social exit survey to gather insight from peers too. Why? 95 percent of employees believe they can help leaders understand why people choose to leave their organization, and 87 percent of employees believe collecting feedback from an exiting employee will help make a difference for remaining employees.

 

3-19 Conduct.png3. Conduct Annual Employee Engagement Surveys

Employee engagement data can help you identify areas at high-risk for turnover before it’s too late (hence our new research ebook!) and implement employee retention strategies that will actually work. We recommend surveying employees annually with items proven to measure employee engagement and slicing reports by specific demographics — such as location, department, or position level — to uncover the most accurate and actionable data. By analyzing detailed, year-over-year employee engagement trends within your organization, you can identify high-risk areas that need improvement and launch targeted strategies before they become a reason employees leave. 

 

 

What other employee retention strategies can you implement to decrease turnover? Get our full research report below to inspire your organization-wide retention strategy.

 

New Research! Top 5 Predictors of Employee Turnover

 

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