Don t Miss the Mark on Retention: Predicting Employee Turnover in Your Organization

Transcription

1 Don t Miss the Mark on Retention: Predicting Employee Turnover in Your Organization Truth and Trends in Turnover From the 2018 Retention Report Danny Nelms

2 Companies Have the Opportunity to Grow

3 38 Million Employees Left Their Jobs Last Year 1 in 4 Will Leave their Job this Year (Source: 2018 Retention Report)

4 34,000+ Exit Interviews

5 50 Different Reasons Why Employees Leave

6 2018 Retention Report Truths & Trends About Turnover

7 Give You Confidence to Develop a Data-Driven Destination Employer

8 1 in 3 Employees will Quit by Million Employee Quits (Source: 2018 Retention Report)

9 3 in 4 Reasons for Leaving Are More Preventable More Preventable 77 % (Source: 2018 Retention Report)

10 Key Take-Aways State of the Marketplace How to Uncover the Truth Reasons for Leaving Essential Insights Case Study Example Six Steps

11 Marketplace

12 Demand Exceeding Supply

13 High Demand for Workers 5.8 Million Open Jobs (Source: Bureau of Labor Statistics)

14 Short Supply of Workers Companies Must Take Your Workers Unemployment Rate Separations Rate (Source: BLS 2017)

15 Employees are In Control

16 Uncovering the Truth

17 Reliable Methodology Gets Accurate Data - 2 Weeks After Departure - 3 rd Party Interviews - Open-Ended Questions - Scientifically Validated Questionnaire - 500,000+ Interviews Since 2000

18 Reasons for Leaving

19 Employees Care about What they Do and Where They re Going Career Development 21% Type of Work 33.0% Lack of Growth & Development Opportunity 21.5% Returning to School 18.6% No Advancement or Promotional Opportunity 17.2% Job Security 7.6% General Career Reason 2.2%

20 Employees will leave for more favorable Work-Life Balance 13% Schedule 67.6% Commute 22.2% Schedule Flexibility 5.1% Travel 5.0% schedules

21 Manager Behavior 11% Employees Do Not Tolerate Poor Managers Unprofessionalism 35.1% Lack of Support 17.6% Poor Employee Treatment 17.2% General Behavior 11.8% Poor Communication 7.7% Lack of Manager Competence 7.1% Manager Fairness 1.8%

22 Employees Leave to Take Better Care of Themselves Well-Being 9% General Personal 33.4% Personal Health 32.3% Caregiver Issues 29.4% Pregnancy 4.4% Family Issues 0.5% and Their Families

23 Compensation & Benefits 9% Compensation 87.3% Employees Benefits 12.1% Can Leave for More Pay

24 Employees Want Reasonable Workloads and Less Stress Job Characteristics 8% General Job Characteristics 39.4% Task or Role Overload 31.1% Limited Resources 14.7% Poorly Trained 11.2% Dissatisfied with Work 1.1% Lack of Empowerment 2.5%

25 Work Environment 6% Co-Workers and Culture Must Be a Fit Problematic Co-Workers 36% Culture-Employee Not a Fit 34% Problem with Mission or Values 10% Unsafe Environment 7% Hostile Atmosphere or Organizational Crisis 6% Environment Other 4% Poor Facilities 3%

26 Managers are a Key to Retention More Preventable Manager Influenced 77 More Preventable Other % Less Preventable (Source: 2018 Retention Report)

27 Essential Insights

28 Essential Insights First-Year Turnover Hits 7-Year High Note Generational differences create a lot of buzz, but career stage issues create turnover Employers gamble on benchmarks & best practices Employees Increasingly Reveal Employers Ethical Blind Spots Turnover Costs will Increase 19% by 2020

29 Developing a Retention Strategy

30 The Predictive AT-RISK CURRENT EMPLOYEES Power of Exit Studies FORMER EMPLOYEES CURRENT EMPLOYEES

31 Case Study

32 Reduced 1st Year Nurse Turnover by +34%

33 Recommendations

34 Build the Business Case Steps to Improving Retention in Your Organization Voice of the Employee Understand Plan and Implement Evaluate Communication Seek Expert Advice When Needed

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