Fight High Turnover Rates
Keep Your Strongest Employees From Walking Out The Door
Not only does identifying, recruiting, hiring, developing, and retaining the right talent require significant time and resources, it is one of the key differentiators found in high-performing teams and organizations.
Teams with reduced employee turnover develop a deep familiarity with the goals and objectives of the organization. They often become personally invested in the success of the team and company. By focusing on the skills and practices that maximize hiring efficiency and minimize employee turnover, managers promote employee retention and build stronger teams.
Reducing Employee Turnover Can Benefit Your Company in the Following Ways:
Reducing financial strain
Hiring and onboarding a replacement can cost up to 150% the yearly salary of the employee who is being replaced. In addition to these costs, the work that other team members need to take on increases, which slows growth, and decreases quality of performance.
Increase commitment vs. compliance
It takes time to get new team members on board with the ultimate goals and objectives of the organization. This is far easier with long-standing teams who hold each other accountable. Decreasing employee turnover helps employees increase their trust with one another, and also decreases miscommunication due to unfamiliarity.
Reduces loss of connections, information, and experience
When someone leaves an organization, these things leave with them. When you lose an employee who has been around for a long time, you are also losing their relationships, built-up skills, and depth of knowledge pertaining to the position. These are important assets that can never be fully replaced, and can be preserved through high employee retention.
How Do Our Solutions Increase Employee Retention?
We believe low-turnover starts with managers. After all, 70% of employee engagement is based on the quality of that employee’s manager, and the number 1 reason people leave their job is because of their direct supervisor. By using proven methods such as skill practice and role-playing scenarios, Vital Learning empowers managers to make sure their team members are engaged, committed, and stick around for the long haul.
The Vital Learning Recipe for Increased Retention
If you hire the right people in the first place, then give your managers the tools they need to make sure that team members are motivated, empowered, and productive, you’ll likely improve your employee retention over time. The following three Vital Learning solutions build the framework for reducing turnover at your organization:
- Hiring Winning Talent
- This course allows leaders to define what they’re looking for in a candidate, plan for and conduct successful interviews, and make effective personnel selections. Hiring winning Talent is the first step in creating a culture of retention.
- Retaining winning Talent
- This course gives leaders the tools they need to deter employee turnover by planning for attrition, identifying motivating factors of different team members, and using those to their advantage in increasing engagement and performance.
- Leadership Essentials Series
- The effectiveness of a company’s managers can determine whether it falls victim to high employee turnover or whether it achieves lasting employee retention. The Leadership Essentials series helps managers develop practical skills, such as delegating, communicating, resolving conflicts, coaching, providing feedback, etc. These fundamental skills help managers maintain a high-performing team.
Commit to improving employee retention rates. Setting goals with the guidance of Vital Learning is the first step toward a better future.