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.

We partnered with LSA Global to help us invest in our people in the areas of performance coaching, diversity, and inclusion. They focused on helping us succeed and were very flexible in meeting our specific needs. LSA Global exceeded my expectations from a speed, quality, and value standpoint. I would recommend LSA Global to anyone looking for a true business partner.

Anita Luckinbill
Director, Human Resources

Skadden-large-gray

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

YuMe-large-gray

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

MDT-large-gray

Our company engaged LSA to do a specialized “train the trainer” program, and the consultant’s performance outdid our exceptionally high standards for such a program. Very crucial to the success of this program was the work done upfront to discuss our needs and to interview key members of our organization so that the program specifically met our goals. Our facilitators continue to comment on the success of the program. Thanks also for the follow-up.

Frank Abbott
Chief Financial Officer

community-healthgroup-large

We signed up with LSA early on–as their 22nd Member! Since then, our organization’s learning needs have increased and decreased and increased again with the changing times. The beauty of the LSA business model is its flexibility…when we needed to supplement our own internal resources, we used LSA services knowing that we could depend on the outstanding quality of the leadership development and management training programs they provide.

Margie Bunting
HR Manager

Siemens-large-gray

The LSA Global team was very receptive and flexible to our needs every step of the way. Their staff and facilitator demonstrated attention to detail, responsiveness, and professional courtesy. The participants were thrilled with the outcome and rated the communication skills workshop and the facilitator as ‘Excellent’. I’d highly recommend working with the LSA Global team to meet your professional development needs.

John Mastrorilli
FRDP Leader

Intuit

LSA’s consultant designed and delivered a half-day team building solution for our recent conference. It included careful customization to integrate the design with our new mission and values. Everyone had fun and identified key issues with our teamwork. Altogether a great program!

Bob Ward
Director of HR

Pa1mOne-large-gray

Thank you to LSA Global for their partnership and support in helping us to design and roll-out our valuable management development training program. I personally have partnered with LSA Global at four of my previous companies. It continues to be a delight working with LSA. We look forward to partnering with them at Blackhawk Networks for future training and consulting needs.

Suzanne Kinner
VP Human Resources

Blackhawk Network

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

harmonic-large

LSA Global’s consultant brought a fresh perspective to our behavioral based interviewing strategy for two key executive positions we needed to fill, and their consultant helped us develop questions that produced a much deeper understanding of candidates’ capabilities. I am confident that the two new executives joining our organization have the right skills to add significant value. Throughout the process LSA was also very responsive in dealing with short lead time requests.

Because of the unique nature of our business, Excel is a core application in our accounting organization. After three attempts to find an Excel consultant who is capable of helping our finance team integrate advanced applications into our work processes we found LSA and Alex. He was not only a “Real” Excel expert but was masterful in helping us identify where to use Excel applications in our processes to increase our group’s efficiency.

SPO Partners & Co
Kim Silva, CFO

LSA provided top notch solutions right when and how we needed them. They exceeded my expectations from a speed, quality, and cost standpoint. I recommend them to anyone looking for a true business partner in the Learning and Development arena. The breadth and depth of their expertise has helped us hit tight deadlines across multiple projects.

Fortune 500 Financial Services Company
Director of Infrastructure & Technology

What a refreshing change from the half-baked psycho-babble you normally get from “training” organizations. LSA gives you the assistance you need to define and reach your goal, and then they give you a results driven plan – not just a temporary fix. They are great to work with, and even more importantly, they “get it!”

David Fiano
Vice President Human Resources

sonycomputer-large

LSA helped us design and deliver a blended learning solution for our leaders to help drive our growth plans in a way that aligned with our specific culture and values. LSA understood our business, had deep expertise in the content areas, tailored the programs to fit our specific needs, and delivered great results. They constantly strive to deliver business impact and align their solutions with our business initiates, culture, and performance management systems. I highly recommend them to anyone looking to take their leaders to the next level.”

Beth A. Taylor
Vice President of Human Resources

Thoratec

In the Next Generation Management Development courses, I was trained with skills and tools that have made me and my team more productive, motivated, and successful at communicating with other departments.

 

Kevin Ashman
Firmware Engineering Supervisor

IGT-large-gray

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

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

icon_expert-blog

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