Joint Manager

Training
Feb 2019
Employee Retention
 2.6 million jobs in 2018 Because there are
more opportunities
Wages rose 3.2% for job seekers, it’s
more important than
ever for us to be able
Low unemployment rate to attract and retain
the best employees.
Job seeker’s market
The Real Costs of Turnover
 TRAINING

 LOST PRODUCTIVITY

 ADVERTISING JOB ADS, INTERVIEWING, BACKGROUND

SCREENING/TESTS, AND HIRING

 LOST ENGAGEMENT/LOWER MORALE

 MANAGERS & HR ON-BOARDING TIME/INVESTMENT

 CUSTOMER SERVICE & ERRORS

Why Turnover Matters

•We lose that employee’s specific expertise

or skills

•We lose money in having to replace staff:

direct costs as recruitment and training and
indirect costs as lowered productivity

•We lose employee engagement and morale

 “People work for
money but go the
extra mile for
recognition, praise
and rewards.”
-Dale Carnegie
New Hire Statistics

• 29 days averages to refill a

vacated position

• 86% of new hires leave during

their first 6 months

• 61% of new hires say new job

differed from expectations

• 6 months or less are ones most

likely to leave
Effective Retention
Strategies

• GREAT MANAGERS
• RECOGNITION
• WORK LIFE BALANCE
• GROWTH OPPORTUNITIES
• WORK CULTURE
• COMPETITIVE PAY & TOTAL
REWARDS
 Notes

GREAT MANAGERS
You are accountable for
turnover within your dept

Evaluate your performance

as a manager and get
feedback from your staff
Key takeaways:
Define clear roles,
responsibilities and
expectations

Welcome open and honest

communication
 Notes

RECOGNITION
Recognition from any level of the
organization

Incorporate upward, peer-to-

peer, and inter-dept recognition
into communication
Key takeaways:

Provide frequent, informal

recognition

Demonstrate that you care about

your employees and their work is
important
 Notes
WORK-LIFE
BALANCE
Tailor your management
style to get the best from
every staff member

Promote efficient practices,

scheduling flexibility, reward
smart work over hard work
Key takeaways:
Set realistic goals and
timelines together

Regular check-ins
 Notes
GROWTH
OPPORTUNITIES
Outline goals and establish
clear career paths

Offer the freedom and

flexibility to work on projects
they’re passionate about
Key takeaways:
Provide opportunities for
promotion and increased
responsibilities

Pay fair-market value and total

comp package
 Notes

WORK CULTURE

Take cultural preferences

into account when hiring

Foster healthy internal

relationships, promote
respect between co-workers
Key takeaways:
Employees view culture
more important than
benefits package

A higher purpose than just

profits
 • SHRM (Society for Human Resource Management) “Reasons employees leave go
deeper than paycheck” by Kathy Gurchiek, June 2006. https://www.shrm.org/hr-
today/news/hr-news/pages/cms_017619.aspx

• Inc. article “Why Do Employees Really Quit Their Jobs? Research Says It Comes Down
to These Top 8 Reasons”

• SHRM (Society for Human Resource Management) How to Reduce Employee

Turnover Through Robust Retention Strategies, By Mark Tarallo, September 17,
2018

• BLS (Bureau of Labor Statistics) Job Openings and Labor Turnover Summary,
February 12 2019. https://www.bls.gov/news.release/jolts.nr0.htm

References • Payscale Report, “Employee Turnover Causes” by Stacey Carroll,

https://www.payscale.com/compensation-today/2009/02/employee-turnover-
causes

• SHRM (Society for Human Resource Management) “Salary Gripes Are Top Reason
Employees Quit” Oct. 2014, https://www.shrm.org/resourcesandtools/hr-
topics/compensation/pages/salary-employees-quit.aspx

• “Predicting Which New Hires Will Quit — a Checklist for Spotting Early ‘Flight Risks’”.
Source: Dr. John Sullivan June 28, 2016)