Thrivin-People Acuity Newsletter June 2022

6 Clues to Predict and Stop Turnover Before You Lose Hard-to-Replace Talent

Employee retention efforts today have taken on all new significance as we presently face the worst talent shortage in sixteen years. Check out this brief video clip to show you some of what’s happening today:

Your Today, 75% of all companies report serious difficulty hiring and one in eight jobs are currently open. Protecting your employees from jumping ship has never been more important, given how difficult it will be for you to replace them! Talent is your most important differentiator, and you may be surprised to know how fragile your relationship is.Goes Here

talent shortage graph

Current research with 60,000 employees suggests that 27% of your people are presently at a high risk of leaving (Peakon), and 25% have received enticing recruitment solicitations in the last three months (Gallup). This means that if your employees are even marginally disengaged, you could lose them in a heartbeat! And if you lose too many too quickly, your organization’s financial performance could be jeopardized due to lost revenue and the high cost of replacing employees (50-200% of an employee’s salary).

risk of leaving & risk of recruiting graph

The fact that talent shortages will result in 8.5 trillion dollars of unrealized revenue for businesses this year alone (Korn Ferry) means that predicting your “job-leavers” ahead of time is more important than it has ever been. If you predict turnover before it happens, you can intervene, as well as design data-driven strategies to increase retention – and thus, strengthen your company’s performance. This month’s newsletter and our June 29th “power” webinar (held from 11-11:30 a.m. ET) are focused on helping you do both of these things.

It’s easier (and cheaper) to retain employees than to recruit new ones!

Let’s give you a sneak peek of what you’ll discover in this month’s webinar. First, you will be introduced to these six statistically significant predictive drivers of retention:

what drives retention

We will tell you more about how each of these are defined, which one of these is the biggest predictive driver of retention, and how far in advance you can predict turnover so as to intervene before you lose valuable talent. We will also give you clues to what top-performing leaders are doing to proactively retain employees and to help them voluntarily and wholeheartedly bring their best efforts to work.