Employee turnover is reaching critical levels, with tech sector turnover averaging 15% or higher annually. This talent drain threatens productivity, institutional knowledge, manager effectiveness, and the bottom line. However, as a recent LinkedIn Live webinar by Rebecca Hastings and Andrew Bardsley, leaders can proactively employ key tactics to improve retention rates substantially.
Hire for Retention from Day 1
Incorporate retention KPIs directly into hiring scorecards rather than just skills. Assess candidate aspiration fit – validate ability to meet growth goals. Screen for culture/values fit using revealing questions about past job satisfaction. Structure interviews to predict retention likelihood beyond just technical qualifications.
Investing in tailored hiring processes with a retention focus helps set new hires up for engagement success. When recruits align with company culture and see routes for career growth, they are much more likely to stick around for the long term.
Invest in Management Coaching for Engagement
Managers directly influence 70% of drivers of retention and engagement. But 82% of managers are untrained and ill-equipped in leadership skills.
Training should focus on coaching mindset and crucial development conversations around:
- Career development guidance
- Performance and difficult feedback
- Identifying burnout risks
- Conflict management across generations
Manager coaching delivers massive ROI in retention and team stability. Enabling leaders to spot problems early and have caring yet courageous conversations fosters the trust and support employees need.
Listen and Respond to Retention Warning Signs
Pay attention for indicators like repeatedly raised but unaddressed employee problems, disengagement signs, sudden performance changes, exit interview insights, and more. Listening to feedback through engagement surveys and one-on-one check-ins allows you to respond before it’s too late.
Drive Retention Through Alignment
Turnover often stems from misalignment between employees and companies. Proactive communication, manager checks, and engagement initiatives provide alignment. They also allow for early intervention before turnover occurs.
Prioritizing these retention strategies delivers impressive ROI through improved productivity, internal mobility, knowledge retention, hiring cost reduction, and talent brand preservation. Implement these proven tactics from the LinkedIn webinar experts to U-turn turnover trends!
If you'd like to learn more, get in touch with us: Rebecca Hastings - rebecca@thelucentgroup.co.uk
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