Who Is Driving the Great Resignation? | Harvard Business Review

Talent Management

Many organizations are investing time in understanding the reasons employees are leaving / or considering leaving their company. And in this new article by Ian Cook, various insights are provided on how firms can take a more data-driven approach to retention. The insights are based on an analysis of over 9 million employee records at 4,000 global companies and offer a three-step plan to help employers address the issue: 1) Employers should quantify both the problem and its impact on key business metrics. For example, firms can calculate their retention rate using the formula: Number of Separations per Year ÷ Average Total Number of Employees = Turnover Rate. 2) Then, they should use a data-driven approach to identifying the root causes of turnover. This approach is superior to relying solely on anecdotal information that might lead to incorrect conclusions. For example, a McKinsey study I shared last week highlighted the gap between employers’ and employees’ perspectives on why employees leave their organizations.  3) Organizations should implement targeted retention campaigns designed to address drivers of retention that are specific to certain employee segments. In case you missed it, here is a guide by Gartner on conducting effective “stay interviews.”

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