Dear Critical Need:
The best way to justify retention initiatives is to place a dollar value on them. One way for doing this is to ask the job’s managers to list the obstacles created by turnover and place a dollar cost next to them.
Once your executives know turnover’s costs, you must then recommend solutions that actually work. The best way to cut turnover is to hold managers accountable for it. To do this, you must initiate a report that includes the manager’s name, goal, performance against goal and ideally the cost of turnover for each manager.
Then ask your CEO to read and distribute that report monthly. Over time, you will see turnover begin to fall.
One final offer: email me at DFinnegan@C-SuiteAnalytics.com and I will enable any of you to use our online turnover cost calculator to estimate your turnover costs for each position.
SOURCE : Dick Finnegan, C-Suite Analytics, Longwood, Florida, Aug. 6, 2014ASK A QUESTION
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