The topic was chosen by survey of existing business customers in the DaNang area. A quick survey of participants shows;
- 20% General Directors
- 30% HR Leaders (Directors)
- 40% HR Professionals
- 10% Admin roles
The most common company represented was a private firm with 100 to 200 employees. Several participants came from companies with over 1000 employees.
What gets measured gets managed. The group discussed standard ways to measure the following key retention indicators;
- Retention rate
- Turnover rate
- Voluntary turnover rate
- Average LOS of current employees
- Average LOS of Leavers
- Special characteristics Leavers
- Vacancy rate.
The way to a General Directors heart is through money. This section looked at cost and how to use the following types of costs to get influence for your retention arguments;
- Direct Costs
- Opportunity Costs
Tom Vovers handed out a checklist of all the possible costs associated with turnover to help decision makers when planning to reduce turnover.
5 Actions to Take
After discussing "Natural" turnover, that companies cannot control, the group considered 5 actions to deal with voluntary unexpected turnover. For each item the group contributed real life stories from their experience.
- Employee Value Proposition - focused recruitment
- Onboarding - introducing people to the company correctly
- Performance Management - having good open conversations
- Employee Engagement - getting people's heart involved in their work
- Career Paths for Top Talent - treating the best talent differently from the rest
The session ended with a lively question and answer section.