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2. Beforewegetstarted IamnotanaDorney Thisisnotlegaladvice,norshouldthepresentaGonbesubsGtutedforexperiencedlegalcounsel 3. WhattoExpect Understandingemployeeturnover Calculateemployeeturnover StrategiesforemployeeretenGon 4. EmployeeTurnover-DefiniGon Employeeturnoveristhenumberorpercentageofemployeeswholeaveacompanyandarereplacedbynewemployees 5. EndofEmployment EmployeesleaveanorganizaGonformanyreasons,including: ResignaGon ReGrement Layoff Dismissal Leaveofabsence Death 6. TurnoverVoluntary&Involuntary VoluntaryWhenanemployeechoosestoleavethecompany InvoluntaryWhenthedecisionforanemployeetoleaveismadebythecompanyandnottheemployee 7. WhyisTurnoverImportanttoMeasure?Turnovercanindicate: EmployeesaGsfacGonwithintheorganizaGon EffecGvenessoftherecruiGngprocess InsightintohowwellmanagersareinteracGngwithemployees OrganizaGonalculture 8. WhatisEmployeeTurnover? TurnoverisnormallycalculatedusingaformulathattracksthenumberofseparaGonsandthetotalnumberofemployeespermeasurementperiod 9. EmployeeTurnover-CalculaGonTurnoverRate=#ofSeparaGonsX100Average#ofemployees 10. Turnover-Example#1 Forexample,acompanyhas98employeesatthestartoftheyearand102employeesattheendoftheyear.Duringtheyear,8employeesquitand6arelaidoffVoluntaryTurnover:8.0%=8X100(98+102)/2InvoluntaryTurnover:6.0%=6X100(98+102)/2TotalTurnover:14.0%=14X100(98+102)/2 11. Turnover-Example#2 Forexample,acompanyhas100employeesand17employeesquit.Assume5employeesleaveinFebruary,3leaveinJune,4leaveinAugustand5employeesleaveinNovemberMonthlyturnover:January0.0%May0.0%September0.0%February5.0%June3.0%October0.0%March0.0%July0.0%November5.0%April0.0%August4.0%December0.0%Annualturnover:17.0%=17X100100 12. NewEmployeeTurnover-Example Forexample,acompanyhas30employeeswholeaveduringthemeasurementperiodand12ofthemhadbeenwiththecompanyforlessthanoneyearEmployeeswithlessthan1yearX100Totalemployeeswhoterminated40.0%=12X10030 13. WhatistheCosttotheCompany? Turnoveriscostly,disrupGveandimpactsthemoraleoftheremainingemployees 14. TurnoverCostas%ofAnnualBaseSalaryPosi/on%ofAnnualSalaryEntryLevelNon-skilledWorker3050%Service/ProducGonWorker4070%SkilledHourly75100%Clerical/AdministraGve5080%Professional75125%Technical100150%Supervisor100150%Source:TaleoResearchWhitePaperProfitableTalentManagement 15. CostofTurnover SeparaGoncosts Replacementcosts ProducGvitylosses 16. SeparaGonCosts Severancepay BenefitsconGnuaGon Impactonunemploymentinsurance Exitinterviews AdministraGonforrecordkeeping,payroll,andbenefits Investmentinemployeefortraininganddevelopment 17. ReplacementCosts AdverGsing RecruiGng Interviewing Backgroundchecks/DrugtesGng OrientaGon Training 18. ProducGvityLosses Temporarylabor Replacementtraining LostproducGvity LostexperGse Lostrevenue 19. CombaGngTurnover 20. VariablesLeadingtoTurnover Whydoemployeesleaveorsaytheywouldleave? Lackofopportunityandcareerdevelopment CompensaGon Benefits Managementstyle WorkingcondiGons OthervariablesaffecGngjobsaGsfacGon 21. WaystoLearnWhyEmployeesareLeaving Askcurrentemployees Employeeaotudesurveys Focusgroups Structuredinterviews Informalfeedback Terminatedemployees-Exitinterviews 22. EmployeeRetenGon-DefiniGon EmployeeRetenGonistheabilitytoretaintalentedemployeesintheorganizaGon 23. EmployeeRetenGonStrategies GrowthandpotenGalopportuniGes EnsureyouareofferingacompeGGvecompensaGonandrewardspackage Fosteralearningenvironment Engageyouremployees Promotediversity 24. EmployeeRetenGonStrategiesContd ImplementrecogniGonand/orrewardprogramsatalllevelsoftheorganizaGon Ensurethattheperformancemanagementsystemisworking Havefunatwork 25. EmployeeRetenGonPlan Understandemployeeturnover Decidehowtoproceed ImplementaGon EvaluaGon 26. Summary Measuringandtrackingturnoverisvaluable ReducingthecostofturnoverthroughemployeeretenGonstrategiesisessenGal 27. QUESTIONS?G&[email protected](800)253-8562*This webinar has been recorded and will be posted on the G&A website by FridayHRCICer/fica/onCredits:"Thiswebinarhasbeenpre-cerGfiedfor1hourofgeneralrecerGficaGoncredittowardPHR,SPHRandGPHRrecerGficaGonthroughtheHRCerGficaGonInsGtute.Wewillsendoutaconfirma/one-mailtoallthosethatareconfirmedasaBendedwiththeprogramIDcodetonoteonyourHRCIrecer/fica/onapplica/onform.TheuseofthissealisnotanendorsementbytheHRCerGficaGonInsGtuteofthequalityoftheprogram.ItmeansthatthisprogramhasmettheHRCerGficaGonInsGtute'scriteriatobepre-approvedforrecerGficaGoncredit."
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