Rethinking Retention - Advanced Practices in Employee Retention
Overview:
As competition for top talent increases as the economy rebounds, executives are increasingly concerned about employee turnover. They are now aware of the tremendous cost of losing a valuable employee (up to three times their salary), so they have begun to expect a more rigorous and data based approach to employee retention. Unfortunately tight HR budgets and relatively low turnover rates (due to the weak economy) have resulted in the weakening of most HR retention programs. In fact, some retention programs haven't been completely modernized in nearly a decade. To add to the problem, corporate data suggest that most current retention efforts are slow, expensive, while providing little provable impact on retention.
At the same time that employee turnover is about to increase, employee loyalty is at an all-time low and new generations of employees express little interest in long-term corporate employment. Taken together with advancements in recruiting and the spread of social networks, turnover rates among top talent are likely to soon skyrocket. Rather than minor tinkering, a complete rethinking of the retention strategy and the available retention tools are required.
Now is an ideal time to benchmark and learn both current best practices and emerging "next practices" from leading firms because a recent survey of CEO's revealed that out of all business functions, CEO's expect the most change in Talent Management. It's unusual to have a people management function at the top of CEO's attention, so this next year is the perfect time to identify and understand the most effective retention tools, strategies and approaches.
Areas Covered in the Session:
- Why turnover rates will begin to increase in the near future
- How to quantify the dollar impact of turnover and make an effective business case in order to increase funding for retention programs
- Understanding the available retention strategies and goals
- Prioritizing retention efforts in order to focus on retaining high-impact talent
- Developing a more accurate way to identify the "real reasons" why employees leave
- The role that managers play in turnover
- Utilizing "stay interviews" to understand why current employees might leave
- Identifying predictors that may indicate who is at risk of leaving the firm
- Implementing personalized retention plans and selecting the right retention "levers" for each key employee
- Developing more powerful turnover/retention metrics
- Boomerangs, corporate alumni and the concept of "entire life" employment
- The best practice firms in retention
Who Will Benefit:
- Directors of Retention and Retention Program Leaders
- Chief Talent Officers and Directors of Talent Management
- The VP of HR
- Directors of Recruiting and Talent Acquisition
- Directors of Leadership Development
- Directors of Development, Training and Learning
- Directors of HR
- Talent Management and HR Strategists
- HR Business Partners, HR Generalists and HR Professionals Involved in Talent Management
- Talent Management and Retention Consultants
- Operational Managers