Data-driven Ways to Improve Retention
Our article about the most important turnover causes for employees in 2017 illustrated trends across all industries and drew out some interesting exceptions. ExitRight® now offers industry-specific norms to help our customers benchmark their organization’s turnover trends against peers in their industry. These norms, backed by interview data from 160 organizations ranging from 200 terms a year to 20,000 exits a year, and a database history of nearly 1.5 million exit names, offer unique insight that would be unavailable looking at an individual exit interview.
ExitRight norms exits for these industries: Retail, Manufacturing, Energy/Utilities, Building/Real Estate, Healthcare, Schools, Financial Services, Professional Services, Non-Profit, Distribution. Non-Specific Industry norms are also available.
Learn What Matters to Your Employees; the Benefit Myth
There are many myths as to why employees leave. The insights offered by ExitRight norms are interesting and useful when considering how your turnover causes are similar or different compared with other respondents in the same industry.
Employee benefits are a case study for this; our norms find that across all industries, benefits—often highlighted as a key motivator to bolster employee engagement, retain talent, and hire the best employees—are actually the least important reason employees leave their employer. Now, that isn’t to discount the value of offering competitive and high-quality benefits to employees. What this does tell us is that of our twelve core reasons for employer influenced, controllable turnover, benefits are rarely the tipping point. If benefits are absent and well below the competition, the norms will pinpoint such differences but rarely are benefits even a top 5 reason from 12 controllable turnover reasons for leaving.
As one client remarked, “This data just saved us nearly $12 million dollars in a healthcare benefit enhancement we budgeted in our business plan for next year.” In a tight labor market, perks/rewards are important but ExitRight® data shows there are items of far greater non-financial importance such as solutions when it comes to the supervisor, recognition, targeted extra mile effort rewards, competitive pay, and meaningful work.
Insights, Segmented by Industry
Our norms weigh industry trends against each other. While supervision is the single most important reason across all industries, norms do vary by somewhat by industries. For example, 24/7 operations such as healthcare, or retail stores with full days and long evenings, show the work schedules/hours of work as a top 3 reason for leaving. Our data shows that work schedules and shift considerations are nearly twice as important to a healthcare worker than a financial services worker.
The Qualitative and Quantitative Difference
ExitRight norms, coupled with insights from your exiting employees’ thoughts, needs and opinions, create a platform to improve your retention. Would you like to know how we can apply ExitRight norms to your organization and industry? Contact us to schedule a live demo or call us at 877-439-9315 to talk with an expert.