Retention is CEOs Top Priority, Now HR Go Fix It!

Let’s look at a shockingly stark contrast that applies to all of us in Human Resources and Recruiting. Here are just a few summaries from some recent studies and publications of what CEOs say they need most:

• SHRM: Top challenge last two years, “Retention”
• Harvard Business Review: Top thing CEOs worry about is “talent management”
• KPMG: 99% of global CEOs named top challenge as “developing talent”
• Inc Magazine: The biggest challenges these CEOs face every day…”attracting and retaining talent”
• The Economist: “Talent has always been important but now it needs to become an inseparable part of business strategy on par with technology and finance
• Fortune: Biggest challenge facing businesses will be “lack of qualified labor”
• Chief Executive Magazine: “75% of CEOs say recruiting and retaining key talent is their top business challenge

Every CEO Concern About Retention is Really About the Work HR Does

The fact is OUR human resources work is now, more than ever, the most important work. Human Resources work is now, more than ever, the most important work. We are in the bullseye of turnover, engagement, retention, and recruiting challenges that are being exacerbated by The Great Resignation with no end in sight.

I know you accept this challenge/opportunity/burden. However, a recent study of HR professionals reveals that the top assignment from the CEO list is one we don’t know how to fulfill: improving retention. And retention is not only the solution to keeping good workers but also to reducing the number of open jobs.

Stay Interviews are a Piece of a Proven Retention Solution

Those who are familiar with our work can anticipate what I write next, that (1) voluntary quits are approaching our all-time high, (2) engagement per Gallup has been completely stuck for 22 years, (3) that only 33% of our employees at best are giving their all, and (4) the culprit here is surveys, engagement and exit, because we believe data identifies easy solutions…but data only provides data, not solutions.

Imagine cutting your turnover by 43%, 45%, or 67%…and the impact this would have on reducing open positions, improving engagement/productivity/profitability, and obviously reducing employee turnover. Our most recent clients achieved these turnover reductions by not only implementing Stay Interviews but also applying additional business principals to your retention solution during The Great Resignation. Notice we are not suggesting more town hall meetings, employee appreciation days, or even more pay. Nor does this put you on the endless cycle of recruit, turnover, recruit, and repeat with no solution for direct supervisor accountability.

Stay Interviews without goals and forecasts become flavors of the month, whereas your executives must build in accountability for retention, engagement, and building the right, individualized stay plans so employees feel valued, recognized, appreciated…and accommodated when possible. One employee vowed to stay longer because he asked for and received permission to start work an hour early and end an hour early, but only on days when his son has a little league game. What employee survey will tell you that?

HR Can Be in The Driver’s Seat and Lead the Retention Change

Stay Interviews as part of a comprehensive business-driven solution puts HR in the driver’s seat by addressing each employee’s needs as individuals, as people, and as people who need to trust their direct supervisors. Building trust with employees and having managers, not HR, accountable for their people directly affects productivity and the bottom line, something your CEOs and leaders will respond to.

You Can Improve Employee Retention, Even During The Great Resignation

Schedule a conversation with me at DFinnegan@C-SuiteAnalytics.com to discuss your employee retention roadblocks and I’ll share ideas for how you can move forward and what is working for other companies to cut turnover by 20% and more, even during The Great Resignation that may benefit you.