Retention Management

An organization's ability to retain its key employees is a critical competitive advantage in today's economy. But not every company or employee group has the same cost of turnover or reasons for turnover. That is why cookie cutter solutions for turnover either don't work or have a poor return on investment.

To improve retention, you need to identify the real costs and causes of turnover and then design and implement cures that have a positive return on investment. Sibson uses three steps to help clients solve turnover problems:

  • Quantify the costs of turnover associated with each employee segment by:
    • Developing a comprehensive model of the actual rates and costs of turnover and how they vary by tenure, division and region
    • Determining the high cost of turnover areas for further focus
    • Identifying potential return on investment (ROI) to make the business case for change
  • Identify the real causes for employee turnover for each segment  both the internal "push" factors and the external "pull" factors. Sibson uses multiple diagnostic tools to develop an accurate understanding of turnover root causes. These include:
    • Analyzing surveys
    • Conducting interviews to validate the survey and provide context (may include post employment interviews)
    • Performing analysis to identify turnover drivers
  • Determine and apply the appropriate cures for turnover that will impact the causes of turnover and have a positive return on investment. To determine if a cure will have a positive ROI, Sibson estimates and tracks the investment required and the potential cost savings. This process includes:
    • Validating the turnover cures and suggested implementation approach with the project team
    • Prioritizing recommendations and reviewing them with the client