There is certainly no lack of advice on how to decrease employee turnover. However, implementing solutions without careful customization can be just as costly as the turnover itself. Most managers will tell you that they "know" what to do about employee turnover but, because of the wealth of retention strategies, they are less confident about knowing which strategy is right for their organization.
This caution is warranted. Any employee turnover strategy should be carefully considered before implementation. To determine if a strategy is right for you ask:
- Is the strategy feasible within my particular organizational setting (e.g., does it align with your culture and values)?
- Is there an adequate return on investment (ROI)? That is, when you project the savings on turnover and subtract the cost of implementing the solution, is there adequate ROI to convince leadership to proceed?
- Will the specific strategy be effective in reducing the specific reason for turnover or negating the specific consequences of turnover (i.e., have you aligned the solution to the problem or are you using a "hopeful" shotgun approach)?
The most important place to start is understanding your turnover - the reasons for it, the negative consequences of it, and what it is costing your organization. Based on that knowledge your team can take a list of possible strategies and assess their feasibility. Because your turnover situation is unique, your solution must be unique as well.