Develop an Effective Talent Retention Plan | McLean & Company

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Regrettable turnover is impacting organizational productivity and leading to significant costs associated with employee departures and the recruitment required to replace them.
Many organizations focus on increasing engagement to improve retention, but this approach doesn’t address the entire problem.

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Our Advice

Critical Insight

Engagement surveys mask the volatility of the employee experience and hide the reason why individual employees leave. You must also talk to employees to understand the moments that matter and engage managers to understand turnover triggers.

Impact and Result

Build the case for creating retention plans by leveraging employee data and feedback to identify the key reasons for turnover that need to be addressed.
Target employee segments and work with management to develop solutions to retain top talent.

Develop an Effective Talent Retention Plan Research & Tools

1. Analyze the cost and impact of turnover

Assess turnover data, prioritize employee segments, and engage stakeholders to establish goals and metrics.

2. Identify reasons for regrettable turnover

Analyze why employees join, stay, and leave your organization to identify common themes and employee needs.

3. Select solutions and create an action plan

Select and prioritize solutions to address employee needs and plan to launch stay interviews and implement solutions.

About McLean & Company

McLean & Company is an HR research and advisory firm providing practical solutions to human resources challenges via executable research, tools, diagnostics, and advisory services that have a clear and measurable impact on your business.

What Is a Blueprint?

A blueprint is designed to be a roadmap, containing a methodology and the tools and templates you need to solve your HR problems.

Each blueprint can be accompanied by a Guided Implementation that provides you access to our world-class analysts to help you get through the project.

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Get the help you need in this 3-phase advisory process. You'll receive 9 touchpoints with our researchers, all included in your membership.

Guided Implementation 1: Analyze the cost and impact of turnover

Call 1: Discuss turnover metrics, healthy turnover, environmental scan, benchmarks, and how to collect and analyze turnover data.
Call 2: Review results of the turnover analysis and discuss how to prioritize employee segments.
Call 3: Develop plan to engage stakeholders.

Guided Implementation 2: Identify reasons for regrettable turnover

Call 1: Discuss how to gather, analyze, and identify themes and trends in employee data to understand why they join, stay, and leave.
Call 2: Review themes from the employee data and prepare for focus groups.
Call 3: Review focus group feedback and identify priority issues.

Guided Implementation 3: Select solutions and create an action plan

Call 1: Discuss retention solutions and identify most appropriate options for the organization.
Call 2: Discuss the stay interview approach and customize the Stay Interview Guide.
Call 3: Review selected retention solutions and develop an action plan for implementation.

Contributors

Gregory P. Smith, CEO, Chart Your Course
Dr. Iris Ware, Chief Learning Officer, City of Detroit
Jane Moughon, Specialist in increasing profits, reducing turnover and maximizing human potential in manufacturing companies
Jeff Bonnell, CHRO, Info-Tech Research Group
Linda Goldblatt, Independent Consultant
Lisa Kaste, Former HR Director, Citco
Michael McGuire, Talent Management and Senior HRBP Lead, Shopify
Phillip Kotanidis, CHRO, Michael Garron Hospital
Piyush Mathur, Head of Workforce Analytics, Johnson & Johnson
Richard P. Finnegan, CEO, C-Suite Analytics
Thomas W. Lee, Professor of Management, University of Washington

Search Code: 76240
Last Revised: July 16, 2021

TAGS:

retention, turnover, voluntary turnover, involuntary turnover, retention strategy, retention action plan, high-potential retention, turnover metrics, turnover calculations, retention strategy for employees, employee retention plan, retain employees in organization, regrettable turnover, stay interviews, exit survey