Retention

1. Retention The ability to keep talented employees in the organization.

2. Why Retention Matters • Voluntary Turnover • Time, effort and monetary investment • Poor morale and lower productivity • Ability to sustain a diverse workforce • Involuntary Turnover • Dismissals due to performance • Job eliminations (merger or re-structuring)

3. Planning Retention Strategies • Clear and consistent job expectations • Clear and fair supervision • Training and development opportunities • Adequate resources • Growth and professional opportunities • Recognition • Respect • Perceived equity

4. Onboarding • Formal vs Informal • Onboarding programs help to acclimate an employee to the organization, their department, their colleagues and the job. • Provide a strategy for the employee to succeed. • Improve productivity, performance, engagement and retention. • Reduces employee stress and develops a stronger commitment to the organization faster

5. Succession Planning • A talent management strategy to help identify and foster the development of high-potential employees • Focuses on positions that are most critical to the future needs of the organization • Goal is to “keep people in the pipeline” and have people in place for future leadership roles

6. Succession Planning Process • Requires a clear vision of the future of the organization • Identifies roles eligible for succession planning • Creates a clear picture of the KSA’s necessary to perform certain key leadership functions • Prepares multiple individuals to potentially perform those functions • Evaluates the existing workforce’s KSA’s • Identifies current employees already positioned to move up in the system • Determines employees who need further development