An Employee Retention Problem
When you have invested a lot of time to train and develop someone, and you find out that they are thinking of leaving your organization, it can be very disappointing, costly, and frustrating. In this case study we explore this problem, and provide 4 actionable, low-cost strategies for employee retention.
Drew is a senior VP at a mid-size insurance firm. Every year, his company hires a handful of the best and brightest from area business schools to infuse the talent pool with new blood. Each recruit is mentored by an executive such as Drew. Becca joined the company three years ago, and was paired with Drew. While Drew isn’t Becca’s boss, he does help facilitate her career development at the firm.
Drew meets with Becca regularly, always asking about her work, and their sessions generally have been pleasant. That’s why Drew was shocked when Becca’s boss told him that Becca is considering working for a competing firm. Drew feels that Becca is being ungrateful — after all, his firm gave her a foot in the door!
Employee Retention Strategies
Drew may be disappointed by what he sees as ingratitude. However, he and his firm might consider learning from this and approaching young talent in a more Q4 collaborative manner. What should they do to have better success? In particular, let’s focus on low-cost employee retention strategies that won’t break the bank.
Low-Cost Strategies for Employee Retention
Here’s Your Q4 Answer to the Question of Employee Retention Strategies!
1. Let the Employee Do Most of the Talking
In meetings like this, mentors tend to do most of the talking. Instead, they should use their Q4 coaching and listening skills and lots of opened ended probes to encourage teams to express their goals, dreams, or even their frustrations. Its possible Becca was bored by her work or didn’t feel valued. If Drew had asked the right questions, maybe Becca would have confided her feelings and together they could have developed a strategy to keep her engaged.
2. Create a Development Plan for Your Employees
It’s smart to explore promising positions and opportunities together. Don’t keep future assignments in your back pocket as a bargaining chip down the road.
3. Give Frequent Feedback
Also, give regular Q4 feedback to recognize the good job your mentees are doing. Be genuine and specific with your feedback so they feel appreciated and acknowledged.
4. Do Career Pathing. Show Your Employee a Future
Finally, work together to develop and action plan for career goals. Put a timetable to the process and start immediately. Of course, people sometimes change jobs because of tangible benefits, like bigger salary, or better title, but meaningful commitment is a key element of employee satisfaction and retention. The Q4 mentor works to promote maximum engagement with high potentials. When you prove your investment in their future with your organization, they are much more likely to stick around.
Thank you for watching.
Now that You Have Employee Retention Strategies, What Are the Next Steps?
We hope you can implement some or all of these low-cost employee retention strategies.
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