Six Steps to Becoming a Destination Workplace · 3 in 4 Reasons for Leaving Are More Preventable...

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Six Steps to Becoming a Destination Workplace

2018 Retention Report: Trends, Reasons & Recommendations

Danny Nelms

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Companies Have the

Opportunity to Grow

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38 Million Employees

Left Their Jobs Last Year

(Source: 2018 Retention Report)

1 in 4 Will Leave their Job

this Year

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34,000+

Exit Interviews

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50 Different Reasons Why

Employees Leave

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Retention ReportTruths & Trends About Turnover

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Give You Confidence to Develop a

Data-Driven Retention Strategy

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2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

1 in 3 Employees will Quit by 2020

42 Million

Employee

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3 in 4 Reasons

for Leaving Are

More Preventable

More Preventable 77%

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Key Take-Aways

• State of the Marketplace

• How to Uncover the Truth

• Reasons for Leaving

• Essential Insights

• Case Study Example

• Recommendations

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Marketplace

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Demand Exceeding Supply

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High Demand for Workers

(Source: Bureau of Labor Statistics)2010 2011 2012 2013 2014 2015 2016 2017

5.8 Million

Open Jobs

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Short Supply of Workers

(Source: BLS 2017)

UnemploymentRate

Separations Rate

Companies

Must Take Your

Workers

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

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Employees

are In Control

6: COMMUNICATION – How will we communicate the actions and status or our organization as a “destination workplace?”

WORKSHOP | Six Steps to Becoming a Destination Workplace

1: BUILDING A BUSINESS CASE 2: ASKING YOUR WORKFORCE

3: UNDERSTANDINGWhat are the top 3 workplace issues

driving turnover in your workforce? 4: PLAN & IMPLEMENT 5: TRACKING

What are solutions you could

implement in both the short-term

and long-term?

How will you plan to track progress to

see if that solution is having an impact?

______________________________________________________

AVERAGE ANNUAL

SALARYThe average annual salary

of a worker in the U.S. is

$45,000 and can be used

for estimating Total

Annual Turnover Costs in

your organization.

TURNOVER COSTSWork Institute

recommends using an

estimate of 33% of a

worker’s annual salary to

calculate the total cost of

turnover.

Average

Annual Salary$________________

Number of

Departures X________________

Total Cost of

Turnover is 33% X 33%

ANNUAL

TURNOVER

=$________________

CALCULATING TOTAL ANNUAL TURNOVER

COSTS FOR YOUR ORGANIZATION______________________________________________________

______________________________________________________

How have you been gathering

information from your employees?

What gives you confidence and

what gives you concern about the

quality of this information?

What will you do next to improve

confidence and reduce concerns?

EVALUATING YOUR RETENTION DATA

______________________________________________________

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Uncovering the Truth

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Reliable Methodology

Gets Accurate Data

- 2 Weeks After Departure

- 3rd Party Interviews

- Open-Ended Questions

- Scientifically Validated Questionnaire

- 500,000+ Interviews Since 2000

and long-term?

______________________________________________________

AVERAGE ANNUAL

your organization.

recommends using an

turnover.

Average

Number of

Departures X________________

Total Cost of

ANNUAL

TURNOVER

=$________________

______________________________________________________

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Reasons for Leaving

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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%

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Employees

will leave for

favorable

schedules

Work-Life Balance 13%

Schedule 67.6%

Commute 22.2%

Schedule Flexibility 5.1%

Travel 5.0%

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Employees

Do Not

Tolerate Poor

Managers

Manager Behavior 11%

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%

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Employees

Leave to Take

Better Care of

Themselves

and Their

Families

Well-Being 9%

General Personal 33.4%

Personal Health 32.3%

Caregiver Issues 29.4%

Pregnancy 4.4%

Family Issues 0.5%

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Employees

Can Leave for

More Pay

Compensation & Benefits 9%

Compensation 87.3%

Benefits 12.1%

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Employees

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%

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Co-Workers

and Culture

Must Be a Fit

Work Environment 6%

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%

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Managers are a

Key to Retention

More Preventable – Manager Influenced 77%More Preventable – Other

Less Preventable

and long-term?

______________________________________________________

AVERAGE ANNUAL

your organization.

recommends using an

turnover.

Average

Number of

Departures X________________

Total Cost of

ANNUAL

TURNOVER

=$________________

______________________________________________________

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Essential Insights

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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

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Developing a Retention Strategy

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Predictive

Power of Exit

Studies

AT-RISK

CURRENT EMPLOYEES

FORMER

EMPLOYEES

CURRENT

EMPLOYEES

and long-term?

______________________________________________________

AVERAGE ANNUAL

your organization.

recommends using an

turnover.

Average

Number of

Departures X________________

Total Cost of

ANNUAL

TURNOVER

=$________________

______________________________________________________

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Case Study

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Reduced

1st Year Nurse

Turnover

by +34%

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Recommendations

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Recommendations

Build the Business Case

Understand

Plan and Implement

Seek Expert Guidance

Evaluate

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Six Steps to Becoming a Destination Workplace · 3 in 4 Reasons for Leaving Are More Preventable...

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