Employee Retention 
Keeping Top Talent

Hiring great employees is only the start to creating a strong workforce. You also have to keep them.

The processes of recruiting, interviewing, hiring, onboarding and integrating a new employee into your company is expensive and time consuming. Assuming your new employee is a great fit - it’s in your business’ best interest to keep him or her in the company.

No organization can survive if top-performers quit.

Your business’ employee retention rate refers to the ability at which your organization keeps its employees. Retaining a motivated, high-performing staff is vital to your company’s success, and comes down to understanding how to keep those employees, what they need to stay - and why. These questions will give you the insight you need to know in order to see what’s driving your top employees - and the positive changes you can make in order to retain those employees.

Right now, nearly 60% of employees are currently job hunting.

Think about it: More than half your staff is looking elsewhere. Instead of waiting until your employees leave to implement changes, it’s crucial to uncover issues now and often in order to retain your best talent and grow your business. Because individual employees are motivated by different factors, the Work Institute finds out what those factors are in order to keep your employees engaged and driven.

Productive employees mean higher profits - only if they stick around.

Your top-performing employees are building the kind of customer loyalty you need to drive revenue, stock value and higher profits. They are your most valuable asset.

Retaining valuable employees is essential for your organization because:

  • Recruiting and hiring the right candidate is time consuming - and can be costly.
  • Your organization invests time and money in onboarding and training a new employee.
  • Failure to retain a great employee often means he or she is headed to your competitors.
  • Employees who remain at your organization tend to contribute more effectively because they better understand your policies, guidelines and goals.
  • Retaining great employees often leads to greater loyalty and talent branding.

Work Institute is uniquely positioned to measure, understand, and predict employee retention.

We survey current employees as well as exiting employees on your company in order to save you money for recruiting, hiring, and onboarding employees each year. Are you creating a great experience at your company? Are you empowering your employees to grow and develop within your organization? Our employee retention solutions are designed to determine what drives your top-performing employees - and what you can do to keep them. Our comprehensive program is your key to achieving your company’s long term goals.

 

WORK INSTITUTE CAN HELP

We would love the opportunity to earn your business. Call us now to schedule your free consultation to discuss your specific employee retention challenges.

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STATISTICS & FACTORS AFFECTING EMPLOYEE RETENTION

Productive employees help businesses thrive.

Finding and retaining the best employees is crucial to your business’ long term strategies and goals. Voluntary turnover can have a lingering negative effect when it comes to employee morale, employee productivity, and ultimately - your bottom line. Tenured employees drive far greater value to your business than those who cycle through.

The high cost of low employee retention.

Nearly $11 Billion is lost annually due to employee turnover in the US. Studies show that every time a business must replace a salaried employee, it can range from tens of thousands of dollars - even upwards of 1.5 to 2 times their annual salary.  A recent study revealed the average costs to replace an employee are:

  • 16% of annual salary for lower-paying jobs (Under $30,000 per year)
  • 20% of annual salary for mid-range positions ($30,000 to $50,000 per year)
  • Up to 213% of annual salary for high-educated, executive positions

But the expenses don’t stop there. Consider:

  • The expense of recruiting, interviewing and hiring a new employee
  • The cost of onboarding - including training and management time
  • Loss of productivity. It often takes 1-2 YEARS to reach the productivity of an existing person
  • Loss of engagement and the cultural impact. Low retention and high turnover tends to lead to disengagement and loss of productivity from other employees

Don’t just assume your employees are engaged.

People are an appreciating asset - meaning the longer they stay with your business, the more productive they can become. In order to stay competitive, employee retention should be at the forefront of your company’s radar. It’s important to understand that the factors that affect employee retention are unique to the individual. In order to understand how to retain your top-talent, you need to know what they’re looking for.

Nearly 60% of employees are job hunting right now.

Start improving today.

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EMPLOYEE RETENTION DATA SHOWS YOU:
employee retention studies
  • >Relationship impact on productivity.

    What is the relationship between management and their employees? How do employees feel about their supervisors?

  • >Employee morale and engagement.

    Do employees enjoy what they do and the atmosphere in which they work?

  • >Company communication.

    Do your employees feel comfortable providing feedback? Do you provide the opportunity for open communication? Do they feel they won’t be met with retaliation? Employee retention significantly increases when there is a culture of feedback within a company.

  • >If your modes of motivation are working.

    What works for one employee may not work for another. Are you offering diverse drivers for motivation? What methods WOrk and what methods are a waste?

  • >Employee retention based on employee intentions.

    How do your employees feel about staying with your company? What percentage is looking elsewhere? Should you expect a rise or fall in turnover?

  • >WHY employees are looking to stay - or leave.

    It’s one thing to know employees are or aren’t happy - you need to know what’s driving them to behave the way they do.


HOW IT WORKS

Once you become a partner of Work Institute we assign you a Client Services representative. This person will be with you every step of the way – from identifying who needs to be interviewed, crafting the specific study questions, gathering and providing data analysis to building a change management plan to address specific issues and meet predefined business goals.

Your Client Services representative will become an integral part of your internal team by providing research, data, analysis and recommendations along the entire feedback cycle. Their entire focus is your company’s engagement and retention strategies. They find what isn’t working and get it working again saving your hundreds of thousands of dollars in turnover costs.

Once we get the interviews and surveys in place, your Client Services representative will work with you to summarize the major 3-4 trends in bullet form with the supporting raw data as a reference. We will regularly meet with you and any key leaders to discuss what we’ve discovered and will work with you to build a plan of action to make key changes.

Our reporting system is designed to give access to whomever you deem necessary.  Sometimes all organizational leaders want and need to know the research. Sometimes it’s better to have one key internal person managing the process. Whatever the request, we will provide access at no additional charge.

We use our combined experience of close to 30 years in human resources and our ability to capture the specific data you need to design thorough action plans to solve HR issues. For example, just by solving simple issues in recruitment results in hiring the right top talent for your open positions. Hiring the right top talent means reducing turnover significantly. This is what consulting with data can do for you.

HOW CAN I GET STARTED?

Work Institute utilizes proven retention strategies to survey your employees in exit and stay interviews, as well as employee engagement surveys. Our integrated approach allows us to consult with individual members of your team to assess the factors affecting your company productivity. We help you determine what incentives drive your workforce to reduce turnover and retain your top-performers. Work Institute survey information reveals the important details you need to know about how well your current employee retention strategies are working, and what needs to improve.

 

BUILD A BETTER WORKPLACE.

Our experts can help you determine the solutions best suited to your company’s needs.

  • "The actionable and detailed data from the Work Institute gave us the support to make the changes our employees needed to see. The ability to break it down into different divisions particularly provided us with the insight to address specific concerns within departments and levels, as opposed to blanket solutions, and led to an overall more productive workforce."