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Employee Retention 5 Proven Methods to Keep Your Best Employees Presented by:

Employee Retention: 5 Proven Methods to Keep Your Best Employees

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How to improve employee retention through better intake, onboarding, relationship-building, and career development practices.

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Page 1: Employee Retention: 5 Proven Methods to Keep Your Best Employees

Employee Retention5 Proven Methods to Keep Your Best Employees

Presented by:

Page 2: Employee Retention: 5 Proven Methods to Keep Your Best Employees

Congratulations, You Survived the Recession!

During the “Great Recession” voluntary employee turnover stayed low as America weathered the economic storm.

Employees who survived layoffs and news of record levels of unemployment were thankful to have any job.

Page 3: Employee Retention: 5 Proven Methods to Keep Your Best Employees

Now Here Comes the Revolving Door

According to a recent survey, job satisfaction levels among American workers is at the lowest level in twenty years.

Source: The Conference Board, an independent business research company

22 percent of the survey respondents do not expect to be in their current job ina year.

Page 4: Employee Retention: 5 Proven Methods to Keep Your Best Employees

The Cost of Employee Turnover

Between 25 percent and 250 percent of the annual salary per exiting employee.

Entry-level, unskilled positions are at the lower end of the cost range, while executive, managerial and sales positions are at the higher end.

According to Studies by American Management Association

Page 5: Employee Retention: 5 Proven Methods to Keep Your Best Employees

Due to the staggering costs of employee turnover, one of the greatest threats

facing employers is losing their best and brightest employees.

Page 6: Employee Retention: 5 Proven Methods to Keep Your Best Employees

Steps to Prevent Turnover

Start with a solid onboarding and orientation program.

The highest level of turnover occurs during the first 90 days on the job. The purpose of onboarding is to assimilatethe new person into your organization, so make the first few days a positive, memorable experience.

Page 7: Employee Retention: 5 Proven Methods to Keep Your Best Employees

Steps to Prevent Turnover

Develop a good relationshipwith your employees.

A recent study conducted by Indiana University found that a bad boss is the main reason people quit jobs.

A good manager must be a good communicator,clearly communicating expectations and providingencouragement for a job well done.

Good bosses acknowledge the work of others and genuinely care about their employees.

Page 8: Employee Retention: 5 Proven Methods to Keep Your Best Employees

Steps to Prevent Turnover

Build a flexible workplace.

Workplace flexibility is no longer a perk; it’s a businessimperative, according to the White House.

Today’s employees want to decide when and where they work in order to balance their personal and professional lives.

This flexibility benefits business by increasing productivity, lowering turnover and reducing absenteeism.

Page 9: Employee Retention: 5 Proven Methods to Keep Your Best Employees

Steps to Prevent Turnover

Provide career development.

One of the primary reasons employees leave an organization is lack of career growth.

One study found that more than 40 percent of the respondents would consider leaving their present employer for another job with the same benefits if that job provided better career development and greater challenges.

Page 10: Employee Retention: 5 Proven Methods to Keep Your Best Employees

Steps to Prevent Turnover

Pay competitive wages.

People stay in jobs because they want to contribute to something bigger than themselves, because they love what they do, or because their job gives them a sense of purpose. But, the primary reason anyone works is for money; bills have to be paid, children have to be fed.

If you’re not paying your employees at the same level as your competitors, they will know, and their job satisfaction will erode.

Page 11: Employee Retention: 5 Proven Methods to Keep Your Best Employees

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