In preparation for Dick Finnegan’s #SHRM22 mega-session: Case Studies: Cutting Turnover 20% and More During "The Great Resignation” we are reposting our blog that contains several real-world examples of clients cutting turnover that will be shared with updated data and additional examples from the stage.
There is a perpetual perceived link between turnover and pay, especially in the eyes of first-line supervisors who see employees walk out the door and can’t imagine it’s because of themselves. Pay becomes a target in part because it is tangible…and always controversial.
Wow. Retention problem plus a very creative and spot-on solution. Imagine how much that employee’s trust for her manager will increase when the manager returns to the employee and says, “Remember when you mentioned your concerns regarding product development? Well, I have an idea and want to see what you think about it.”
Most reporting on the causes of The Great Resignation miss the mark because the bigger story is about demographics. Two numbers we track month-to-month, how many workers are voluntarily quitting and how many jobs are open, is the hard data that tells us about the actual number of available workers.
Believing hiring a Chief Happiness Officer will improve turnover, or relying on any of the other seven most-used programs noted here, ignores the science that says the #1 reason employees stay or leave is how much they trust their supervisor.
Learning is alive, it’s current, it’s fresh and stimulates the mind to want to learn more. First-line supervisors are using Question 2 of the Stay Interview 5 as a practical approach to discovering what each employee wants to learn instead of jumping straight to a career development plan.
A recent SHRM report tells us about the rising level of worker mistrust that is leading to less-than-honest responses on engagement surveys. So why are Stay Interviews more trusted? Because Stay Interviews are delivered by humans…and those humans are trained to listen, probe, note, and are held accountable for results.
It’s easy to agree that supervisors are the primary stay/leave switch for retaining or losing employees. An eye-opening exercise is to list all employee retention strategies and then check which items include improving your supervisors.
Recent survey says these are the at-work values young workers hold most dear: Flexibility, mobility, entrepreneurial freedom. Lock these key employee retention words into your brain, make them pop up on your computer screen first thing each morning because 53% of your Gen Z and millennials will consider leaving this year.
If we can safely presume high pay equals most essential, then there are at least 11 jobs in healthcare that are more important to retain than nurses who traditionally have a high rate of turnover. Yet these higher-paid workers almost never receive a Stay Interview or an assessment of their likelihood to stay.