Download to read offline
Uploaded byQualtrics
Turnover Reduction: A Complex (but Achievable) Goal
The document presents strategies for reducing employee turnover, emphasizing its significant costs and underlying drivers—both individual and organizational. It highlights case studies demonstrating the importance of a multifaceted approach to tackle turnover through assessments and organizational improvements. Achieving low turnover rates is complex but attainable with thorough investigation and targeted interventions.
More Related Content
Similar to Turnover Reduction: A Complex (but Achievable) Goal
Turnover Reduction: A Complex (but Achievable) Goal
- 1. Turnover Reduction: A Complex(But Achievable) Goal Presented by: Ted Kinney, Ph.D. Tracey Tafero, Ph.D. Select International, Inc.
- 2. 2 ©2015QUALTRICSLLC. The recording fortoday’s presentation will be available on-demand at talentweek.com. Along with other content and webinars from Talentweek. Join the conversation on twitter by tweeting @qualtrics using #Talentweek and #HumanCapital. It’s not too late to register! Make sure your team and network register for Talentweek. Housekeeping
- 3. Introductions Tracey Tafero, Ph.D.- Director of Consulting • I/O Psychologist, Clemson University • Leads a team of consultants developing and implementing talent solutions, spanning all industries and levels within organizations Ted Kinney, Ph.D. - Director of R&D • I/O Psychologist, Pennsylvania State University • Extensive Turnover Consultation experience • 15+ years implementing talent solutions in organizations
- 4. Topics for ourtime together today • The presenters’ unique perspectives • Why do we care about turnover? – The consequences of turnover • What are your turnover drivers? – The antecedents of turnover – Some solutions for your consideration • A few case studies from our experience • Conclusion and Discussion
- 5. Our Unique Perspective •We have a unique position on which to view what is happening in our labor markets • Turnover has become a more important pain point than ever before • Ted’s and Tracey’s unique experiences have led us to the same conclusion . . .
- 6. Why do wecare about turnover? • Consequences – the no brainers . . . – Separation costs » HR staff time for exit interviews » Temporary coverage – Replacement costs » HR staff time to review resumes & conduct interviews » Advertising » Training of new employee(s) » Productivity loss
- 7. Why do wecare about turnover? • Consequences – the not so obvious . . . – Well being of workforce – Stress – Safety – Teamwork – Cultural impact – Client loss – Snowball effect • SO what is the real cost? 1.5x to 2.5x total comp! – . . . AT LEAST!!
- 8. So, yeah, youknow it’s a problem . . . • . . . What is the solution? – Well, let’s start here
- 9. Individual Difference Drivers Causesof turnover due to the person • Impulsivity • Locus of Control • Adaptability • Self Esteem • Integrity • Growth Need Strength • Fit Strategies to combat these challenges • Implement an assessment • Collect biographical information • Provide an accurate RJP • Alternative recruitment strategies
- 10. Internal Drivers Causes ofturnover internal to the organization • Culture • Pay & benefits • Job design • Workload • Autonomy • Growth opportunities • Training opportunities • Leadership • Communication • Job related shocks • Relationships Strategies to combat these challenges • Socialization practices • Training & development • Justice & fairness • Tie rewards to retention • Train leaders • Remove abusive supervisors • Set challenging, but achievable goals
- 11. External Drivers Causes ofturnover external to the organization • Unemployment rate • Competition • Reputation • Local applicant pool • Industry & occupational trends • Industry stability • Location • Size Strategies to combat these challenges • Conduct a market analysis • Determine the areas where you can excel • Recruitment strategies
- 12. Individual Intervention CaseStudies • Most of our research outcomes focus on individual interventions . . . – An illustrative series of Healthcare Individual Differences Interventions in different situations • CASE 1 - Focusing only on the assessment • CASE 2 - Focusing on everything • CASE 3 - Plugging in an assessment at a strong EOC
- 13. Focusing only onassessment • . . . Ignoring labor market and culture • These are nice returns, but 31% is not where they want to be . . .
- 14. Focusing on everything •Taking seriously the journey to become EOC with best-in-class talent systems • Original overall turnover was 24% – Post implementation • Along with other critical outcomes . . . – 16 percentile point improvement in patient satisfaction – Reduced time to fill by 44% – Improved staff perception of focus on safety by 10% – Improved staff perception of involvement in patient experience initiatives by 18% 3 months or less <1% 6 months 4.0% 1 year 6.3%
- 15. When an establishedEOC . . . • . . . Implements an assessment – When you focus on all three drivers, amazing results are possible
- 16. Summary • Achieving TurnoverGoals is possible, but . . . – It is complex – Requires serious investigation into all drivers – Unless you are lucky, focusing on one driver won’t get you there • If you focus on all three sources through detailed investigation . . . – SINGLE DIGIT TURNOVER IS POSSIBLE!
- 17. Select can helpyou understand your turnover • We have developed a process to help organizations understand turnover – Multifaceted approach to investigate all three drivers – Tools to collect data on key turnover antecedents – Provide detailed insight on turnover reduction strategies – Provide recommendations and likely returns from suggested interventions • This process can be deployed at varying levels of resource expenditure – Feel free to contact us to discuss our approach to turnover diagnosis
- 18.
- 19.