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Employee Rentention Strategies

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Your organization has taken the time to recruit, onboard and train valued employees. Retaining them should also be a part of your human capital management strategy. By developing and prioritizing employee retention strategies and addressing turnover risks, you could see a significantly higher return on your human capital investment, reaping rewards like higher employee morale and engagement, cost savings and improved productivity and work quality.

“Keeping employees is extremely hard and making them feel part of the company will help tremendously.1"

 

Executive in Project Management

Small Technology Organization

A Strong Employee Retention Program Pays Off

By implementing robust employee retention strategies, your organization can benefit in several ways.

Improved productivity and work quality

Utilizing company-provided training and skills development, employees can perform newer or more complex tasks more readily because of the foundational skills they’ve already acquired and sharpened on the job. This internal skill building can result in more consistency in processes, systems and workflow.

Cost savings: Take a “build vs. buy” approach

The costs associated with hiring and training talent that is new to the company can be as much as 6 times more than building talent from within.3 Strong employee retention strategies that include upskilling, reskilling and talent succession planning can help you avoid spending the same recruit-hire-train dollars over and over again.

Purpose is the key to improved employee engagement, morale and loyalty

Purpose is a powerful motivator, and should be at the core of your employee retention program. When employees feel their purpose is aligned with that of your organization, the benefits include stronger employee engagement, heightened loyalty and a greater willingness to recommend the company to others. 

The results of a 2021 McKinsey survey indicate that most employees want more purpose from work than they’re getting. When asked if they were living their purpose at work, 85% of executives and upper-management employees said they were, while only 15% of frontline managers and employees expressed that opinion.4 

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Did You Know?

In a 2023 DeVry University study,

1 in 3 employees

reported they are more likely to stay with their current employer because of the upskilling support the employer provides.2

 Get the Retention Guide and build a plan for your team
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Your tuition benefits program as a retention tool

Does your company offer employee tuition benefits? That’s a good start, but there’s a good chance it’s been underutilized. According to reporting by The Wall Street Journal, 90% of large and midsized employers offer some type of tuition reimbursement,5 but less than 10% of workers use the benefit.1

Your program could be “skilled up” to become a powerful, cost-effective employee retention tool. With learning pathways that align with your skills requirements and your employees’ career goals, it’s an effective way to motivate and upskill your high-potential talent, avoid the high cost of recruiting and hiring new talent and keep roles from becoming obsolete.

Stay Interviews: At the Heart of Your Employee Retention Strategy

An effective employee retention strategy should include “stay conversations” with high-potential talent. These 15-minute talks aren’t about performance, but provide a space for connection between leaders and employees, and increase the probability of key employees and successors finding their purpose at work and staying with your company.

Stay conversations alone aren't  the solution, but they can reveal the insights to help you build meaningful and well-informed retention plans for those high-potential team members. 

Our new DeVryWorks Retention Guide features 15 conversation-starting Sample Questions. Here are a few:

#3: Do you believe your work here has meaning?

#6: What have you felt good about accomplishing in your role recently? 

#11: What motivates and demotivates you?  

Get Those “Stay Conversations” Started With Our New Retention Guide

Why hold the meeting? How long should it be? How to prepare and follow up after the discussion? Our new Retention Guide provides answers to these questions and more, along with a list of sample questions to make your employee stay conversations a breeze. Get your copy today with one click of the button below!

1 2023 Talent Outlook Study | DeVry University

2 Closing the Activation Gap | DeVry University (2023)

3 Build Vs. Buy: The Days Of Hiring Scarce Technical Skills Are Over | Josh Bersin (August 2022)

4 Help Your Employees Find Purpose or Watch Them Leave | McKinsey (April 2021) 

5 How Student-Loan Debt, or Not Having It, Shapes Lives | Wall Street Journal (November 2022)