Cut Turnover, Keep Your Best People | 2-Minute Video

Can you cut turnover in a way that you keep your very best people?

Yes, it’s possible. And it’s important because the national turnover rate isn’t exactly declining. It’s hovered around 4% for some time.

The biggest factor in reducing turnover, especially among your best employees: Make your workplace where they want to be.

“So what kinds of value are we talking about that organizations can create value for people as human beings? Things like greater skills and employability, and putting them into good jobs with opportunities for advancement,” Deloitte’s Human Capital Eminence Leader Sue Cantrell tells us at HRMorning. “Things like greater health and well-being — physical, mental, social, financial. Plus, progress toward equity and belonging. And heightened connection to purpose. Because when we create value for people as human beings, business outcomes ensue, and it creates better business, work, and lives for everyone.”

Cut Turnover Where it Matters

We don’t advocate that you only focus retention efforts on your best people — and hope to get rid of the other performers. In fact, you need steady performers. They keep departments and companies afloat by doing what needs to be done.

And the bottom line is those underperformers only make up about 5% of the working population, according to Culture Amp data. So there’s not much sense in spending more than 5% of anyone’s time trying to keep them happy and loyal.

Instead, HR and front-line managers are better off spending more time doing what’s necessary to keep the best people happy and on the job.

What’s Up in This Episode

And we have help with that in this episode of HRMorning’s 3-Point. Cantrell walks us through their research on recruiting, promoting, turnover and retention — and best practices in those areas. Plus, she gives us three solid solutions — all within the abilities of HR departments of one or 100 — to keep more good employees in the fold.

Click, watch and listen for more details on how you can improve retention within your organization.

Transcript (edited for clarity):

Can you keep your best people from walking out the door?

Shy of barricading the door, probably not. But you can create a workplace where your best people want to stay.

The national turnover rates hover around 4%, according to the Labor Department. So you don’t want to see good people leave – and run the risk of less qualified people coming in.

So take these tips from our expert at Deloitte.

No. 1: Promote internal mobility.

Sue Cantrell: That demonstrates the company’s investment in its workforce, but it also fosters a kind of a pull-through effect where high potentials can ascend to higher levels, setting examples for others. And it can also be done through an internal talent marketplace where workers can try out internal gigs anywhere in the organization, trying new skills, and new opportunities to explore and grow not only based on their existing skills, but based on those adjacent or near skills. 

From there, help people help themselves.

Cantrell: Point two, I think, would be preparing employees for promotion. I just think it’s essential. Everybody wants to grow and be promoted. So recruiters and hiring managers should collaborate to identify potential candidates for future positions and prepare them for advancement.

Finally, get aligned with employees.

Cantrell: And then just simply understand the ambitions of your employees and support them in them. That can go a long way to helping turnover.

So to prevent turnover, engage employees in three ways.

• Internal mobility. Show them how they can move up, over or around within your company.
• Prepare for promotion. Don’t just offer new opportunities. Find good candidates and prepare them to move ahead.
• Understand. Learn about people’s ambitions – and support where they want to go.

Helping employees grow within your organization will curb turnover and build a better workplace.