Employee Engagement and Retention Is Serious Business

a young employee is bored and watches as the clock approaches 5...quitting time

We know from our employee engagement training initiatives that employee turnover is at its highest level since 2008.

While companies are getting better at understanding what drives higher levels of employee engagement, many leaders still struggle to truly understand why people leave and to quantify the impact employee turnover has on their business.

The cost is tremendous. Of the multitude of employee management functions in each organization, turnover is by far the most costly because of its harmful effect on revenue, profits, morale and customers. For every employee that leaves, you should figure twice the loss of their salary plus the loss of productivity as you recruit, hire and train replacements. And this doesn’t even take into account the loss of key employees who were high performers in critical jobs or on major customer accounts.

Business leaders need to take a more careful look at what they can do to retain top talent and increase employee engagement. Here is what is often standing in the way of a complete and accurate assessment of the problem followed by effective solutions:

  1. Lack of a more comprehensive turnover metric
    First leaders need to understand and quantify the extent of the situation. Most companies simply report turnover in terms of a percentage of the employees who leave. But reporting this number alone hides what you really need to know.A better approach is to gather and report employee retention data based upon your talent management strategy in a way that provides valuable business insights. For example: How does this compare to last year’s number or to the industry average? Are the employees who leave low or high performers? Are they in a critical or strategic role? Are there any manager trends related to departing employees? Is their expertise difficult to replace? Did they fit into the organizational culture? Does the turnover reflect a problem with diversity? You get the idea.
  2. The true reasons employees leave are not understood
    In-house employee exit interviews are historically not a reliable source of information on why employees leave. We know a low percentage of employees complete employee exit surveys. We also know that an even lower percentage provide candid feedback. How can leaders expect to decrease unwanted turnover if they fail to fully understand why key employees leave and what to do about it. The employee who is on the way out has little incentive to tell the real reason for their departure…they need a good reference and don’t want to burn bridges.A better approach is to conduct social-based employee exit surveys to gather engagement retention feedback from both exiting employees and their peers. This innovative employee exit survey approach drives an average 80% response rate compared to an average 20% response rate from traditional exit surveys. Then, once the data has been collected, make sure you analyze the results to ferret out the causes of unwanted turnover. Some turnover can be easily prevented.
  3. Even if solutions are applied, they are not measured for effectiveness
    Your engagement and retention surveys should drive meaningful and timely action. Once you understand “The Why” of unwanted turnover, you must follow through with proven programs targeted to address root causes. Then measure them to see what actually works. Too many companies identify what they think will work and then apply the same solution without ever re-evaluating or testing its effectiveness.
  4. No proactive program in place
    Being able to identify employees who are at risk of leaving before they actually walk out the door gives you time to retain top performers. If you know why they are dissatisfied, you can begin to change the game. Perhaps they feel that they are not appreciated or that their talents are not fully utilized. Whatever the issue, meet with the manager to see what can be done to proactively engage and retain your top talent.
  5. Too broad a brush
    If employee turnover is an issue, it won’t necessarily be solved with a general or generic approach. Even if you uncover a lack of career development opportunities as a root cause, you will need to apply the solution in a way that is relevant and helpful to each and every individual employee. And you should work first with your most valued and crucial employees…the ones whose departure or lack of engagement would hurt the most.

Manage employee retention as carefully as you manage employee engagement—understanding its impact on the business, understanding its causes, and addressing those causes with relevant, targeted solutions.

To learn more, download the Top 10 Ways to Engage and Retain Top Talent

Comments are closed.

Harmonic has worked with LSA for over 8 years. We have found their partnership extremely beneficial. We recently implemented a Management Development Program that was designed and customized to support our company’s strategic initiative of hiring, building, and retaining key intellectual property and human talent. We worked closely with LSA to target and implement the right solutions with the greatest impact. I would recommend LSA to any company that’s looking for a trusted training and development partner.

Janice Passarello
Director of Human Resources

LSA has been a tremendous asset to my portfolio, both at my current company and my past company. As an HR leader, I am always looking for ways to find external resources that can provide a solution to our management training needs. LSA does that for me. Their solutions are presented in a much more leadership-oriented manner so as to be crisp, business relevant, and easy to apply right back on the job. I will continue to augment our programs using LSA solutions.

Ken Boehm
VP of Human Resources

Here’s a token of my appreciation for ALL your efforts. I’m offering my most sincere appreciation, and it extends to all the folks who made our customized management development programs possible.

Susan Anderson
Workforce Planning Bureau

We consider LSA Global our outsourced learning and development partner. We worked closely with LSA to customize a management development program to meet our growing business needs. I would highly recommend LSA to any company wanting to deliver quality learning solutions.

Terri Wright-Scheer
Vice President Human Resources

We have been able to utilize LSA’s extensive network of top-notch resources to leverage our investment in employee development. The result has been the cost effective and highly efficient delivery of quality educational and management training programs.

Steve Feller
Vice President, Human Resources

We contacted LSA to help us with customized management development. LSA worked with me to identify a solution that would meet our exact needs. We decided to start at the top and ran the program for our executive team. It was such a great success that we hope to roll it out companywide. We look forward to a long-term partnership with LSA Global and their team of experts.

Barry L. Byrd, SPHR
Human Resources Manager

Each program is preceded by an assessment of the participants. The course is then designed to fit the specific parameters and needs of the group. The highly interactive delivery is provided by recognized experts in their fields. On the spot coaching is provided during the program and each participant receives individual follow-up after the course. Courses can be delivered in-person or virtually. Given the nature of Cisco’s business and the way we operate, these remote workshops are a must for anyone who joins our company. Their work is eye opening. Great content and fantastic delivery.

Frank J. Kuypers
Business Development Manager

We recently contacted LSA Global to assist us with a unique training request. We gave LSA a very short deadline and LSA custom designed a training program to meet our exact requirements within the limited time allotted to them. We found their facilitator to be well versed in the subject matter and very credible; the design provided practical and valuable information to our team of managers. I highly recommend LSA Global, particularly in the area of management training.

Julaine K. Souza
Senior Vice President

I continue to be impressed by the level of leadership development and management expertise and quality of advice and facilitation that LSA has to offer. What a smart and client-centric group of great people who really know how to help leaders attract, engage, develop and retain top talent.

Tracy Esposito
Director, HR Business Partner

I’ve partnered with LSA Global at two companies now, and I consider them a valuable and trusted training and consulting resource. They recommended just the right solution to address our management development needs and have wonderful facilitators that match YuMe’s culture and style of our management team. I would highly recommend LSA Global to any company wanting to deliver quality learning solutions with a valuable learning and development partner.

Maya Paul
HR Director

On behalf of Roche and my staff I would like to sincerely thank you for your help with this. The English as a Second Language (ESL) assessment and coaching that you provided for our team was a great success.

Cam Greig
Associate Director

Roche

PalmSource has found our relationship with LSA extremely beneficial. We worked closely with LSA to customize the right Management Training Program solution to meet our unique business needs. LSA is a quality organization, one that I’d recommend to any company looking for a first class training and consulting partner.

Ken Boehm
Vice President of Human Resources

Over the years, both at 3Com and now at Redback, I’ve found LSA Global to be a valuable resource. The recent compliance program that they delivered for Redback’s executive and management team was the right solution, of the highest of quality, and customized to our business and culture. I would highly recommend LSA to any company looking for top quality solutions.

Gina Fulton
Vice President of Human Resources

For our go to training outsourcing partner, LSA provides exactly what we want. As always, they deliver outstanding work!

Elizabeth Siebert
Director, Organizational Excellence & Development

Intuit

We consider LSA our true business partner in the areas of Learning and Organizational Development. From Strategic Planning to Presentation Skills and Management Training, they continue to provide excellent value and extremely high quality solutions – not just one time events. I recommend them to anyone looking to drive true business results.

Michelle A. Mitchell
Vice President, Worldwide Human Resources

Evaluate your Performance

Toolkits

Toolkits

Download key published insights and tools from industry experts highlighting best practices in the areas of talent, strategy and culture.

More

Health Checks

Health Checks

Want to know how you stack up against leading organizations?  Receive a complimentary benchmarking analysis courtesy of an LSA Expert.

More

Whitepapers

Whitepapers

Get up to speed on timely solutions critical to your business. Published by LSA Experts based upon client feedback and key industry trends.

More

Methodology

Methodologies

First we identify the key metrics you want to improve. Then we assemble a dedicated team of elite experts who have successfully solved similar problems with similar clients.

More

Blogs

Stay up to do date with the latest information on how we help high growth companies align their culture and talent with strategy.

More

Case Studies

Client Case Studies

Real world consulting and training approaches from LSA projects, providing insights on how your company can outperform the competition.

More