21 May Tips for Communicating Turnover Insights to Leadership
Calculating turnover can be time-consuming, but to make it truly worth your while, you must find a compelling way to present your findings to leadership. To clearly communicate your company’s turnover metrics, be sure to relay the information in a way that executives will appreciate. In other words, speak their language. Be concise, explain the data set used, and present charts, graphs, and other easy-to-read visuals to illustrate your point. Remember that executives often need to analyze overall effects on the organization. Make the report an executive summary of your findings, but be prepared to back it up with supporting details or calculations when asked.
How to Use the Cost of Turnover Metric
After these findings have been made, the organization can begin a dialogue on how the cost of turnover metric should be used. Investing in employees helps companies manage turnover, and if you are able to present projected cost savings, you can justify these programs to garner support from the leadership team.
One area in which employers look to be competitive in this tight labor market is employee compensation. The digital age has empowered employees, so that they now have access to websites where they can gauge competitive wages. Pay is also shared openly with peers and friends, so it is now more critical than ever for employers to ensure they are offering competitive compensation.
Career advancement opportunities also play a role in supporting retention. According to Middlesex University’s Institute for Work Based Learning, 74% of employees don’t feel they are achieving their full potential at work due to lack of development options. Employers must clearly communicate all of the ways employees can thrive inside the organization. When possible, employers should present more career mobility options and ensure managers are providing their direct reports with new opportunities. Assuming your employees understand how they can progress within the company can be dangerous. Many employers have spent time creating career ladders; however, without proper communication of those programs, the efforts are wasted. Taking the time to define existing career opportunities can be a cost-effective way to increase employee awareness, thereby improving retention.
Investing more into direct learning expenditures for employees can also help companies stay competitive. Flexibility is also a primary interest for today’s employees. If possible, consider offering benefit options, flexible work schedules, or telecommuting to support work/life balance.
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