Q: Where should you start in putting together a retention strategy?
A: Begin first by determining what the problem is and its business impact. Without proper analysis, money and time may be aimed at fixing the wrong problem.
Your analysis should include:
• Benchmarking your organization’s turnover rate to other similar organizations. See the MSEC Personnel Pulse Survey. How do you compare? What amount of turnover is acceptable to your organization?
• Reviewing your organization’s turnover trends. Has turnover been increasing, decreasing, or staying the same? This analysis can be broken down further by department, exempt/non-exempt, job, supervisor, and length of service.
• Determining the cost and impact turnover is having on your organization.
• Gathering information to find out why employees come to your organization, why employees stay, and why employees leave. In addition, determine who is leaving and when they are leaving.