EMPLOYEE TURNOVER REDUCTION TOPICS:

“Selecting and training the best people in the world
is of little value if you can’t retain them.”

A certain amount of employee turnover in a company is natural and desirable. Desirable turnover occurs when, for instance, good candidates for managerial and leadership positions promote into higher positions of responsibility. Another example is when poorly performing employees leave or are let go, ideally to be replaced by more productive ones. Thus an acceptable amount of turnover prevents stagnation and brings in fresh talent.

Undesirable turnover is another matter. When good talent leaves, the replacement costs are often quite high, due to loss of productivity, recruitment costs to find and select new candidates, and training costs for the new replacements hired.

Reducing undesirable turnover, therefore, typically results in a significant improvement to a company's bottom line. To do that, leadership needs to find out why good employees are leaving. Then they need to use cost effective solutions for reducing it. Chally is highly effective at helping with both.

Causes of undesirable employee turnover:

• Job mismatch: the right people, but in the wrong job for their talents
• Poor job engagement
• Inadequate training in critical skills for the job
• Inadequate compensation plans, including incentive plans for salespeople

Solutions:

1. Estimate how much your present turnover is costing you, and how much you can save by reducing it - The Turnover Cost Calculator
2. Find out why employees are leaving - Employee Exit Interviews
3. Select the right people for the job - The Predictive Assessment System
4. Identify employees with talents suited to managerial and leadership development - The Talent Audit
5. Identify critical skill training needs to help keep employees engaged - The Talent Audit

NEXT: Estimating your organization's turnover cost (quickly and easily) using The Turnover Cost Calculator

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