Retention must be approached strategically to achieve measurable, sustainable, and long-term impact for your organization.
In order to develop an effective retention strategy, start with the following four steps:
1. Understand your company’s strategy
Determine what sort and type of talent should be retained.
2. Collect employee demographic data
Analyze your workforce in terms of age and career stages (for example, early career, mid-career, late career), gender, management level, etc. List any reasons why the employee accepted a position in your company from the beginning.
3. Analyze your attrition rate
Investigate the attrition rate over several years by distinguishing between voluntary and involuntary, internal and external, and dysfunctional (of high performers) and functional (of low performers) turnover. Apply the fishbone diagram or other tools to solve complex problems.
4. Conduct stay interviews
The keys to a successful retention strategy involve knowing:
• What works within the parameters of your company’s culture,
• What works for your employees, and
• What employees value about your company and their work.
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