SAMPLE Develop an Effective Talent Retention Strategy Take preventative measures to ensure your talent doesn’t walk out the door. McLean & Company is a research and advisory firm providing practical solutions to human resources challenges via executable research, tools and advice that have a clear and measurable impact on your business. © 1997-2016 McLean & Company. McLean & Company is a division of Info-Tech Research Group SAMPLE Learn about becoming a member

Our understanding of the problem HR leaders who want to take action to increase overall employee retention in their organization. HR leaders and executives who want to take action to retain top and core talent. Leverage best practice retention tactics. Analyze current areas of unhealthy turnover within the organization. Identify common themes as to why employees leave your organization. Create a high-level strategy to improve organizational retention. Managers who are struggling to retain top and critical talent. Familiarize managers with commonly cited reasons for leaving an organization. Understand key retention tactics, which managers can use to impact turnover. SAMPLE

Executive Summary  ? SAMPLE Situation Complication Resolution ! McLean & Co. Insight Today’s business environment is increasingly competitive and complex, making talent attraction and retention critically important. For organizations facing a critical skills shortage, a focus on these areas is an even more pressing business need. Most organizations recognize the importance of retention and attempt to address it through ad hoc tactics – often focused on fad interest areas or on feedback from exit surveys or exit interviews alone. Make a compelling case for a talent retention strategy using evidence- based reasoning rooted in thorough data analysis. Retention is often considered an HR issue. In reality, it must be a partnership between HR, the executive team, and management. Do not wait until your top talent is leaving to try to retain them; at this point it is too late. Take proactive measures to improve turnover. Complication ? Retention data should be gathered from multiple sources. These sources are often housed in different databases, presented in different formats, and use different methods of categorization. As a result, it is seldom easy to combine disparate data sources into consistent “turnover driver” classifications. Resolution  Analyze and integrate data from many sources. Although a piecemeal approach can improve retention, it will never have the impact of an integrated approach that targets all phases in the employee lifecycle. Don’t focus on information from only one source, as each comes with its own inherent biases and limitations. Organizations must perform rigorous analysis of information from several sources to uncover key departure drivers. Leverage your current talent. Don’t wait until employees leave the organization to understand what would have kept them. Instead, perform stay interviews with your current employees to understand why they enjoy working for your organization. Design a holistic, integrated talent retention strategy. When analyzing retention and designing tactics to address deficiencies, be sure to focus on the entire employee lifecycle. You can’t expect a focus on one or two tactics to produce a strong, long-term result. SAMPLE

Guided Implementation McLean & Company offers various levels of support to best suit your needs Guided Implementation “Our team knows that we need to fix a process, but we need assistance to determine where to focus. Some check-ins along the way would help keep us on track.” DIY Toolkit “Our team has already made this critical project a priority, and we have the time and capability, but some guidance along the way would be helpful.” Workshop “We need to hit the ground running and get this project kicked off immediately. Our team has the ability to take this over once we get a framework and strategy in place.” Consulting “Our team does not have the time or the knowledge to take this project on. We need assistance through the entirety of this project.” Diagnostics and consistent frameworks used throughout all four options SAMPLE

Use McLean & Company’s framework to develop a comprehensive, focused retention strategy An integrated retention strategy is not common. Most organizations approach retention in an ad hoc manner. Provide a competitive advantage to your organization by retaining top and core talent. Raise awareness Diagnose retention issues Identify areas of unhealthy turnover and pinpoint top talent Classify turnover themes Design a talent retention strategy Day-to-Day Job Elements Working Conditions Compensation & Benefits Organizational Elements Train managers Develop leaders IDP Job shadowing Career paths Job expectations Flexible work arrangements Employee value proposition Recognition Perks Stay interviews Alumni network Employee empowerment Communicate company potential SAMPLE

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Organizations are struggling to hire individuals with critical skills High demand combined with low supply has created a talent shortage – often referred to as a “global skills shortage.” This means that it is difficult for organizations to attract and retain top and core talent. To begin to retain these critical employees, identify what aspects of the organization attracts top and core talent. Effective talent retention is increasing in significance as a result of: A Talent Shortage McLean & Company’s Trends & Priorities for 2015 found that strategically addressing the looming skills gap was the third most frequently selected trend to be implemented in the next two years. In tandem with this data, a SHRM study found that 62% of respondents are finding it difficult to hire employees with critical skills. Increased Employee Mobility Right Management found that 60% of employees do not intend to be at their current job within the next year. Another 21% are taking action to move. An Improving Economy An improving economy will result in an increase in the number of jobs available, resulting in a greater number of employee departures as other opportunities become available. Source: Zumbrun, Josh, “Job Turnover Climbs While Hiring Remains Near Fastest Pace Since 2007” Even if you are not experiencing a skills shortage, it is important to implement a talent retention strategy. High turnover can have substantial, and often unexpected, costs even when there is a line of individuals waiting to fill empty positions. These costs will be explored shortly. McLean & Co. Insight The war for talent is alive and well – if we expect to survive and thrive as an organization, failing to make progress in retention is going to have extremely severe consequences. - Michelle M. Smith, CPIM, CRP SAMPLE

Understand engagement across the employee lifecycle to anticipate a retention issue Employee engagement has been shown to drop between point of hire and 3-5 years of tenure with an organization. Do not panic if employee engagement levels differ between employees at different points of tenure. Instead, harness this information, and pay attention to those who are less engaged and, therefore, might leave. Take preventative measures, and prepare for a drop in engagement to reduce an impact on retention and decrease turnover. Source: McLean & Company, N=16,962 SAMPLE

McLean & Company Helps HR Professionals To: Empower management to apply HR best practices Develop effective talent acquisition & retention strategies Build a high performance culture Maintain a progressive set of HR policies & procedures Demonstrate the business impact of HR Stay abreast of HR trends & technologies  Sign up to have access to our extensive selection of practical solutions for your HR challenges Learn About Becoming a Member "Now, more than ever, HR leaders need to help their organizations maximize the value of their people. McLean & Company offers the tools, diagnostics and programs to drive measurable results." – Jennifer Rozon, Vice President, McLean & Company Toll Free: 1-877-281-0480 hr.mcleanco.com SAMPLE