What is Employee Retention?

• Keeping people important to your organisation for the maximum period of time or until the completion of a set project

Why is Employee Retention important?

• Losing people is a time cost: administration of both the lost employee as well as recruitment and selection of the new; finding vacancy cover; induction and training
• A financial cost: the average replacement cost per employee is at least £6,125, rising to £9,000 for senior managers or directors (CIPD 2009 Annual Survey)
• And a whole bunch of hidden costs: lost experience and knowledge, customers, disruption and de-motivation of teams, as well as the cost (which can be the greatest overall) when top talent joins a rival

How do you improve Employee Retention?

• Ensure new colleagues have realistic expectations and sufficient induction to familiarise themselves with the organisation, colleagues, company culture and their role
• Train, make accountable, and reward line managers for minimising staff turnover in their teams
• Maximise opportunities for employees to develop skills and advance their careers
• Empower them to offer ideas and deal with issues early (e.g. different ideas about a project, bullying and harassment) that could lead to them looking elsewhere
• Be flexible to accommodate individual and diverse working preferences and creatively consider physical/mental health and disability management solutions
• Treat people fairly and offer job security wherever possible
• Be aware of possible head hunters and others seeking to poach your staff
• Conduct succession planning thoroughly so that staff are trained and ready to apply for the roles of anyone leaving

How People Resolutions can help:

• Planning: Auditing to gain appreciation of your levels (and costs) of turnover across occupations, locations and particular groups of employees; consultancy to turn those measures into the business case for effective recruitment, retention, disability management and succession planning initiatives
• Prevention: Training line managers in people management, development and succession planning skills
• Resolution: For individual issues and potential conflicts arising from employee retention issues, including facilitation, consultancy, ‘Fit for Work’ assessment and case management, mediation and investigation
  
  

To discuss further, call us free on 0800 6125 110, email This e-mail address is being protected from spambots. You need JavaScript enabled to view it or download our fact sheet.