Company Overview:

This company is a dynamic organization in the insurance sector. Over the past few years, the company encountered a growing concern regarding employee retention and regrettable turnover. This issue has not only impacted the overall productivity but has also led to increased recruitment costs, knowledge loss, and potential damage to their reputation in the industry.

Problem Statement:

The problem at hand is the high turnover rate and the significant number of valuable employees leaving the organization. I identified this as a critical issue that demanded immediate attention. Retaining and nurturing our top talent is crucial for our long-term success. Therefore, it was imperative that I developed an effective employee retention plan.

Objectives:

- To reduce regrettable turnover by identifying employees at risk of leaving.

- To align employees with a Retention Risk Identifier to evaluate the level of impact on the organization.

- To proactively mitigate potential issues with employees who are looking to leave or being lured to other organizations.

Analysis:

I analyzed the organization and observed patterns of high turnover in business units, departments, job levels and individual jobs. I met with the aligned HRBPs to gather additional information including exit information to determine trends. I pinpointed areas of the organization that held critical jobs and then worked with senior executives to classify employees with unique skill sets crucial to the organization. Once I had this information, I was able to formulate a plan of action which is detailed below.

Proposed Solution:

1. Retention Risk Identifier (RRI):

I implemented a Retention Risk Identifier to categorize employees into different risk levels based on their likelihood to leave the organization. The RRI will consider various factors such as job satisfaction, career development opportunities, compensation, and work-life balance. The categories will include:

- High Risk: Employees who are actively seeking new opportunities.

- Moderate Risk: Employees who are dissatisfied but not actively job-hunting.

- Low Risk: Satisfied employees with no immediate plans to leave.

2. Employee Alignment:

- Identify and categorize all employees based on the RRI.

- Regularly monitor the RRI for changes in employee sentiment.

- Develop customized retention strategies for each category.

3. Proactive Mitigation:

- Implement initiatives to address the root causes of dissatisfaction for each risk category.

- Improve communication, career development, and compensation programs.

- Regularly assess and refine the employee retention plan based on feedback and results.

Timeline:

- Phase 1 (Months 1-3): RRI development, data collection, and employee alignment.

- Phase 2 (Months 4-6): Initiate customized retention strategies.

- Phase 3 (Ongoing): Continuous monitoring and adjustment of the retention plan.

Expected Outcomes:

- Reduction in regrettable turnover by 8% in the first year.

- Decrease in unexpected recruitment costs by 12%.

- Improved employee satisfaction and engagement.Increased retention of top talent.

Budget:

The organization allotted monies to continue with conducting annual employee surveys to remain informed with the pulse of the organization. Additionally, other areas of the organization were able to operate from a positive budget perspective by saving on regretted turnover and not spending unnecessarily with start / stop hiring practices. Lastly, by following the implementation plan to identify key employees and jobs, all key stakeholders can review and make decisions that will prevent lost revenue and unexpected employee turnover.

Conclusion:

The implementation of an employee retention plan aligned with the Retention Risk Identifier is critical to address the high turnover rates and protect our organization's long-term success. I believe that by proactively identifying and mitigating retention risks, the company could significantly improve employee satisfaction, reduce turnover, and enhance our reputation as an employer of choice in the industry.

Recommendation:

I recommended the immediate approval and allocation of resources for the implementation of this employee retention plan. This is a vital step towards ensuring the continued growth and success of the organization.