Talent Retention

Is your organization struggling with high employee turnover, loss of key talent and challenges with your retention strategy?

If you're losing talent across all levels of your organization, or key people are being poached by your competition, it's time to re-think or implement a retention strategy that is tailored to meet the needs of your employees.

A proactive approach to retention

Your organization can’t afford a revolving door of talent.

A healthy amount of turnover is needed to bring in fresh thinking, upskilling capabilities and diverse talent; all ingredients to ensure the vitality of an organization. However, high turnover is costly, disruptive to your clients and team, and causes negative employee morale—which results in further retention issues.

With careful thought and proactive planning, a balanced approach to retention is well within reach.

 

Ian Brenner

Ian Brenner

CPA, CA

Retention starts before day one

Asking an employee to reconsider leaving during their resignation meeting or exit interview is too late​.

Some of the most common reasons people leave an organization are:

  • lack of career trajectory
  • changing work-life construct
  • poor relationships with their manager or team

In essence, people leave because their needs or expectations aren’t being met.

An organization’s onboarding process, compensation strategy, learning and development program and culture all contribute to the employee experience—and should start before their first day. That’s why it’s important to have programs and strategies in place.

Throwing money at the problem isn’t the solution

As a baseline, it’s important your compensation is competitive, but that’s just one element of employee satisfaction and retention.

You should also be asking the following questions:

  • have you built a culture where your managers are building meaningful relationships with their team?
  • are you enabling your people to learn and grow in their role—whether through mentoring or formal education opportunities?
  • do you have the right talent in place to fulfill the requirements of each role?
  • do your employees have the tools and technology they need to fulfill their role?
  • do your people get meaning and satisfaction from what they do?

Each of the above play an important role in retention, so a proactive approach needs to be taken if any of them are lacking in your organization.

Warning signs of employee dissatisfaction

The reason for an employee’s departure may not always be obvious, but there are key warning signs that may indicate dissatisfaction—and eventual resignation:

  • low morale
  • increase in emotionally-related symptoms, e.g., anxiety, fatigue, burnout, team conflict and emotional outbursts
  • short-term absenteeism and presenteeism (presence without productivity)
  • under-performance, e.g., missed deadlines and poor quality of work
  • requests to transfer out of a role, function or department

If your organization or business unit is experiencing any of these symptoms, it’s time for you and your leadership team to rethink your retention strategy.

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For more information on our Retention services, please contact us.