Q & A – Where should you start in putting together a retention strategy?

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.