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Develop an Effective Talent Retention Strategy

Take preventative measures to ensure your talent doesn't walk out the door.

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Contributors

  • Courtney Kindrat, HR Business Partner, Monsanto Canada Inc.
  • Jim Schrier, Owner, Beyond the Far Cliffs
  • Louis Ansara, HR Director, Worthington Industries
  • Melissa Spencer, Acting Senior Director of HR, Startech.com
  • Michelle M. Smith, CPIM, CRP
  • PattyAnne Falconer, HR Generalist, The Dufresne Group
  • Steven Miranda, Managing Director at the Center for Advanced HR Studies, Cornell University
  • Theresa Hardy, Senior Human Resources Professional

Your Challenge

  • Today’s business environment is increasingly competitive and complex, making talent attraction and retention critically important, especially for organizations facing a critical skills shortage.
  • An ad hoc retention strategy is no longer sufficient. Organizations must integrate data from multiple sources to create a holistic retention strategy.
  • This data is often housed in different data warehouses, in different formats, and in different categorizations, making it difficult to combine into consistent turnover classifications.

Our Advice

Critical Insight

  • Make the case for an integrated talent retention strategy using evidence-based reasoning based in thorough root cause analysis.
  • The organization must overcome the perception that retention is an HR issue. In reality, it must be a partnership between HR and the executive and management teams.

Impact and Result

  • Develop a holistic, integrated talent retention strategy based on data from the exit survey, engagement survey, and exit interviews, which focus on the entire employee lifecycle.
  • Avoid focusing on information from only one data source as each comes with its own inherent biases and limitations. Perform rigorous analysis of information from several sources to uncover key departure drivers.
  • Leverage your current talent. Don’t wait until employees leave the organization to understand what would have kept them. Perform stay interviews with current top and core talent to understand why they enjoy working for the organization.

Research & Tools

1. Prime stakeholders to support the retention strategy initiative

Analyze organizational documents to outline the impact of a talent retention strategy on organizational objectives and present to stakeholders to generate buy-in.

2. Identify areas of unhealthy turnover and pinpoint top talent

Gather data and perform analysis to identify areas of concerning turnover within demographic categorizations.

3. Classify turnover themes

Integrate data from exit surveys, exit interviews, engagement surveys, and stay interviews to identify the most commonly cited reasons for leaving an organization.

4. Plan a talent retention strategy

Select and prioritize talent retention techniques for your organization and create a high-level action plan.

Guided Implementations

This guided implementation is a seven call advisory process.

Guided Implementation #1 - Prime stakeholders to support the retention strategy initiative

Call #1 - Understand the impact of an effective retention strategy, identify key data to share with stakeholders, and outline next steps.

Guided Implementation #2 - Identify areas of unhealthy turnover and pinpoint talent

Call #1 - Discuss turnover metrics, turnover demographics, and how to collect and analyze turnover data.
Call #2 - Review the results of the turnover analysis, and discuss how to categorize employees into Top Talent, Core Talent, and Underachievers.

Guided Implementation #3 - Classify turnover themes

Call #1 - Review the different sources of retention data and discuss turnover categories.
Call #2 - Discuss the results and insights generated from the Talent Retention Challenge Analysis tool and outline stay interview guidelines.

Guided Implementation #4 - Plan a talent retention strategy

Call #1 - Discuss each potential retention initiative and identify which would be most appropriate for the organization.
Call #2 - Review which retention tactics were selected, and begin to outline the action plan and next steps.

Onsite Workshop

Discuss This Workshop

Book Your Workshop

Onsite workshops offer an easy way to accelerate your project. If you are unable to do the project yourself, and a Guided Implementation isn't enough, we offer low-cost onsite delivery of our project workshops. We take you through every phase of your project and ensure that you have a roadmap in place to complete your project successfully.

Module 1: Raise Retention Awareness

The Purpose

  • Make the case for the importance and relevance of a talent retention strategy in today’s business environment.
  • Identify the impact a retention strategy can have on organizational goals and objectives.
  • Creation of a stakeholder presentation to develop buy-in and enthusiasm for talent retention. 

Key Benefits Achieved

  • Importance of a retention strategy is outlined.
  • Identification of the impact on organizational goals.
  • Stakeholders understand the importance of retention and are bought into the idea of a retention strategy. 

Activities

Outputs

1.1

Analyze organizational documents to create the case for retention and identify stakeholders.

  • Identification of the impact of retention on organizational objectives.
1.2

Design a stakeholder presentation to develop buy-in and enthusiasm for talent retention.

  • Completion of stakeholder slides.

Module 2: Diagnose Retention

The Purpose

  • Outline specific turnover metrics and demographics.
  • Gather organizational turnover data and analyze based on selected turnover metrics and demographics. 
  • Divide employees into different performance categories.
  • Integrate data from exit surveys, engagement surveys, and exit interviews to identify the main drivers of turnover at your organization.
  • Perform stay interviews with current employees.
  • Prepare a report to summarize findings for the executive team.  

Key Benefits Achieved

  • Select organizationally specific turnover metrics and demographics.
  • Perform data cuts to slice data into each of these turnover and demographic segments.
  • Identify areas of concerning or unhealthy turnover.
  • Segment employees into Top Talent, Core Talent, and Underachievers.
  • Identify the main drivers of turnover at your organization both for all employees and for top and core talent.
  • Keep stakeholders up-to-date and demonstrate progress. 

Activities

Outputs

2.1

Perform a turnover analysis on organizational data.

  • Identification of areas of concerning or unhealthy turnover.
2.2

Classify employees.

  • Categorization of employees into Top Talent, Core Talent, and Underachievers
2.3

Perform analysis to determine the main drivers of turnover in your organization.

  • Identify the main reasons for employee departure.
2.4

Perform stay interviews with top and core talent.

  • Understand why top and core talent chose to stay with your organization and leverage this knowledge.
2.5

Prepare a report to summarize findings for the executive team.

  • Keep the executive team updated to ensure they see progress and remain bought in.

Module 3: Design a Retention Strategy

The Purpose

  • Review potential retention tactics that organizations could employ.
  • Select organizationally specific retention tasks.
  • Prioritize retention tactics.
  • Create a high-level action plan to implement retention tactics.  

Key Benefits Achieved

  • Understand the different retention tactics that are available.
  • Prioritize retention tactics to create a strategy that is designed specifically for each organization.
  • Avoid overwhelming the organization by implementing all retention tactics. Forced ranking will require them to only implement the most important.
  • This high-level action plan will guide the creation of detailed implementation plans for each retention tactic. 

Activities

Outputs

3.1

Select organizationally specific retention tactics to incorporate into your strategy.

  • Selected retention tactics.
3.2

Prioritize retention tactics.

  • Prioritized retention tactics.
3.3

Design a plan to implement retention tactics.

  • Completed retention tactic action plan.