Develop an Effective Talent Retention Strategy

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

Onsite Workshop

If organizations fail to analyze data from multiple sources and create an integrated talent retention strategy, they will:

  • Have trouble remaining competitive with other organizations as they lose their top and core talent
  • Waste money acquiring and training top and core talent only to have them leave
  • Create inaccurate retention improvement plans based on biased information from one data source
  • Lose top and core talent

An integrated retention strategy:

  • Provides greater credibility as it uses evidence-based reasoning developed through root cause analysis
  • Eliminates bias that could have occurred if only one data source was used
  • Addresses issues specific to the organization, rather than a one-size-fits-all strategy
  • Improves retention of top and core talent, which in turn improves the bottom line

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.

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