Employee Retention Best Practices 
Just being proactive can save companies millions in turnover costs.

Smart employers prioritize understanding what their top-performers want and need - and give it to them.

Studies by the labor bureau show that the average American will hold roughly 11.3 jobs throughout their working years, with that number is likely on the rise. Additional research shows nearly 3 out of 5 employees are currently job hunting. Given the numbers, it’s clear that organizations that don’t actively and proactively combat turnover, will lose critical employees.

In many companies, employee retention issues are ignored until employers suspect a top-performing employee might bail. At that point, the issues are addressed by offering the worker increased compensation, or some other form of enticement to stay - and then it’s back to business as usual.

While these practices may work in the short-run, they do nothing to generate long-term company loyalty. A better approach to employee retention practices is to understand what your employees want and need - and to make a strategic decision to fulfill them, before they look to leave.

The best practices for employee retention are not reactive, but instead - proactive. Without a focus and an understanding of your talent, behaviors, and what employee engagement and recognition strategies work best for your company culture - implementing the best employee retention practices can be difficult.

Employee retention practices are critical to your business’ success for these two reasons:

  1. Turnover is expensive
  2. Top-talent drive business performance

 

Work Institute research studies are an opportunity for your business to understand the issues that are motivating - or demotivating your high-performance employees. We believe focusing on your talent, employee behavior, and employee engagement isn’t just a one time deal - that it should be performed over time to track success and room for improvement.

Developing employee retention best practices for your business starts with finding out how your current and exiting employees really feel about the job, your company - and most importantly, WHY they feel that way. With the help of Work Institute, we will help you discover what’s working - and what needs help when it comes to retaining top talent, so you can take the necessary actions to improve, and save your company thousands - or even millions of revenue.

 

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 recruiting challenges.

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#1: COMPANY-WIDE SPONSORSHIP

Working as a team shouldn’t just apply to projects within the four walls of your office. Getting involved with and sponsoring a non-profit organization or event can be an excellent win-win opportunity for your business and your employees. Sponsoring a program or local event enhances team morale and company culture and gives your employees group activities to bond over. It can improve your employee retention and your brand awareness.

Company-wide sponsorships will also give you a valuable networking opportunity with your team, clients, prospects and partners. All of this, while building your brand and doing good work in the community - a smart investment for your business.

#2: ENCOURAGE HEALTHY WORK-LIFE BALANCE

 

Numerous surveys, including one from Accenture, say work-life balance tops money and recognition as the most important workplace attribute.

Technology has blurred the lines between work and life. With email, texts, video conferences and more, what once was a forty-hour-per-week job can quickly becomes a sixty-hour-per-week job. An imbalance between work and life can leave employees stressed, less effective, and disengaged.

Don’t let employees become burned out and overworked. Being more flexible and allowing for a healthy balance between work-life and balance can encourage employees to perform at a higher level. As with many things in life, moderation is key. Suggest to employees turning off work phones in the evenings, or ask that communication past a certain time of the evening only occur in highly time-sensitive situations. With nearly 40% of employees citing stress as the reason they quit their jobs, work-life balance can be a key in retaining engaged, healthy employees.

#3: DON'T ASSUME EMPLOYEES ARE HAPPY

Just because your employees are showing up to work everyday doesn’t mean they are happy. Creating a high-feedback environment with open communication is a better solution to understanding the engagement of your employees. In order to gage their satisfaction and likelihood of retention, you must actively seek out feedback.

Employee feedback is essential. Conduct one-on-one reviews and evaluations with your employees. Show them how they are performing: What areas are they thriving in? What areas need improvement? How can you help remove obstacles? Also, allow your employees to respond with how they feel about their position and where they are at. Even the most product employees should be given reviews and evaluations as a part of your retention practices.

Deliver what employees want by using the best practices for employee retention.

Start improving today.

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EMPLOYEE RETENTION STUDY DATA SHOWS YOU:
employee retention studies
  • >The quality of your talent recruiting and talent hiring.

    Are you vetting candidates carefully to ensure they don’t just have the right skills, but also they fit well with coworkers, managers and company culture? Are you hiring for retainable qualities?

  • >Talent management success.

    Are you simply filling roles - or planning careers? Do you have a solid system in place to advance your top-talent? Do they understand how they can attain their career goals within your company? Are you providing career navigation strategies? Employee development is a key component to engaging and retaining your best talent.

  • >Feelings about the work environment and company culture.

    Is there a culture of trust in your organization? To maintain positive, productive employees, you must maintain confidence and communication between management and workers.

  • >The success of your recognition system.

    Whether it is financially or through non-monetary benefits - are you employees recognized when they achieve their goals and go above and beyond? A one-size fits all approach doesn’t work anymore. Are you diversifying incentives?

  • >The real reasons for underperformance.

    Underperformance happens. Uncovering the issue - and working to resolve it before it becomes a bigger problem, can save your best employees and cultivate loyalty. Plus, it saves you turnover costs.


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 offers a comprehensive solution to your employee retention to determine your company’s best practices when it comes to keeping top-talent. By uncovering what’s working, and what needs to change, and WHY - we show you how to engage your best employees and retain them for the long-term. Our surveys, conducted over an extended period of time benchmark and track the success of your efforts, and monitor the overall feelings your employees have about your company. Our integrated responses will show you how reduce turnover, and save a significant amount when it come to internal costs.

 

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."