Strategic Best Practices for Employee Retention
June 15, 2020 | Winston
Employees are a company’s greatest assets, but in HR, you know that workforce turnover is often inevitable, unpredictable, and can be hard to anticipate. Even in times of non-crisis, employee turnover is an on-going concern, and an organization must seek ways to increase retention.
Voluntary turnover trends have demonstrated an increase of 88% since 20101, and it is estimated that this will continue to rise. In 2019 alone, more than 42 million U.S. workers voluntarily left their jobs, and the top three reasons were career development (19.6%), work-life balance (12.4%), and manager behavior (11.8%).1 In most instances, employees are in the driver seat. They are looking for a company that supports their goals, needs, and expectations within a workplace environment, making retention a critical component of a company’s bottom line.
As a result, businesses benefit from having a solid retention program not only because it alleviates expenses, but also gives valuable time back to HR managers, saves unnecessary energy, and, more importantly, fosters a valued workplace environment that avoids turnover. According to the Work Institute, three out of four employee turnovers are preventable1 and there are several items that you should consider as you build out your retention program:
- Frequently listen to employee’s voices
- Analyze and act on results
- Nurture development from within
- Continue learning for growth
- Evaluate compensation and benefits year-round
- Develop accountability beyond HR
- Establish employee recognition to show value
Since benefits play a significant role in a company’s retention program, ensure your company has a robust offering. At Winston, once your plan is in place, we can collaborate with HR to create a communication campaign that helps employees understand the value of their benefits, in turn, seeing the value in the company.
With this strategic framework in place to address employee retention, your company will be adaptable to current realities, enabled to predict future needs, and prevent employee turnover.
1Work Institute Retention Report, 2020
Disclaimer: This content is strictly informational and should not be used as specific advice on insurance products, legal, accounting, and/or tax related matters. Insureds should always contact the appropriate licensed professional for their insurance, legal, accounting, or tax needs.