The objective of this online employment training course is to understand the reasons for turnover and to discuss strategies to reduce turnover and increase retention. At the end of the training session, you will be able to identify the costs of excessive turnover, calculate and analyze your department’s turnover rate, determine causes of turnover among your employees, understand what your employees want from their jobs, and develop an effective turnover reduction strategy.
Why “Reducing Turnover and Increasing Retention” Matters:
Although a certain amount of turnover is to be expected, high levels of turnover can undermine the success of your department and the entire organization.
Excessive turnover may also be an indication of deeper problems within your department—problems you will need to identify and address.
National surveys show that, on the whole, American workers are not that satisfied with their current jobs. In fact, it’s estimated that as many as 30 percent to 50 percent of workers nationwide are dissatisfied with their current job.
When asked how long they planned to stay with their current employer, one-third of employees interviewed said that they planned to move on within 2 years.
Nationally, the voluntary turnover rate is currently running around 20 percent a year. The rate varies from region to region and is subject to change from year to year. However, this average figure provides a useful benchmark, as we’ll see in a few minutes.
The national monthly turnover rate is currently over 3 percent—another rate that varies but is helpful if you need to calculate your turnover rate on a monthly basis.
- Employee turnover is a costly problem.
- Remain as flexible as possible.
- A voluntary annual turnover rate in excess of 20% or above the company average may indicate a problem.
- You must identify the causes of turnover and develop strategies to retain employees.