What is a Retention Strategy?

A Retention Strategy ensures that your people’s felt needs are met so that their valuable skills, knowledge, and abilities remain engaged to drive organizational goals. Initiatives may include systematically ensuring respect, competitive rewards, meaningful work, two-way communication, and work / life balance.

Why is a Retention Strategy important?

• Average turnover costs are estimated between 25% (Employment Policy Foundation) and 100% of an employee’s salary and benefits (The Saratoga Institute).

• Discussing your peoples’ perspective of your company before an exit interview offers an opportunity to benefit from this information during their employment.

• Strategies that increase engagement also tend to increase performance.

• High quality people have become an increasingly important competitive advantage.