Employee Retention: Your Best People May Be Looking to Leave
Replacing an employee is expensive and can affect productivity. If you wish to maintain or increase performance and retain valued employees, your focus as a leader must be on retention.
It has often been said that “employees leave managers, not organizations.” Managers play a critical role whether employees are happy and loyal or conversely seeking new opportunities.
With employee retention being so important, Engage2Perform has developed a comprehensive training program that will help your managers retain their valued employees. It is based on the simple yet critical idea that the ability of the manager to understand what the employee is seeking in their career and offer support and guidance can have a substantial impact on their decision to stay or leave.
Exit Interviews vs. Employee Retention (Stay) Interviews
– Gallup Research
Retention Interviews, on the other hand, are held with existing employees and are proactive and future-oriented and look at what could keep the employee.
Organizations can minimize these departures and their associated costs through retention interviews. The Retention Interview process helps managers understand what the employees are seeking and how to help them achieve it.
A manager who takes active steps to retain employees by proactively understanding and addressing an employee’s interests demonstrates concern to make the work experience more rewarding. Assisting managers in reducing voluntary turnover and disengagement can result in significant savings for the company.
Failure to focus on retention can lead to voluntary employee resignations which carry an enormous cost. The relationship between a manager and their employees has a significant influence on the employee’s overall satisfaction and desire to stay with the organization (or leave).
Your Best Employees May Be Looking to Leave
According to research from Willis Towers Watson, over one-quarter of employees are at a high risk for turnover. Many of those people possess mission-critical skills and are top performers, or have potential to become top performers.
Research has also shown that 90% of employees make the decision to stay or leave within the first six months of working at a company, and 20% make that decision in the first week (Aberdeen Group). Also, 46% of new hires leave their jobs within the first year (eBullpen).
These facts suggest that many employees start looking for another job shortly after joining the company! Even if they don’t leave right away, the desire to “jump ship” may translate into reduced performance. Want to address this critical employee retention issue? Engage Retention will help your managers build employee loyalty by understanding and addressing their needs and goals!