Employee Retention Strategies

Employees don’t care about company swag, happy hours, or discounted gym memberships like you think they do. Those are great to have. But those are just perks. Here’s what people actually care about: ☑ Fair pay. Getting what they're worth. ☑ Transparency from the top. No misleading. ☑ Flexible schedules. Work-life balance matters. ☑ Managers who help them grow. ☑ Work that means something. ☑ Basic respect. Treated like humans, not machines. Leaders, take note. Happy teams don't come from fancy perks. They come from meeting real needs. What else would you add to the list? Share ♻ with others if this resonates. And follow me for more posts like this.

HR: Employees are leaving jobs. CFO: Do we have data on why they’re leaving? HR: Yes. 70% of our turnover is tied to unmet needs like growth, recognition, and flexibility. CEO: But how much does it actually cost us when they leave? HR: Each lost employee costs 1.5x their salary to replace, not to mention the productivity gap. CEO: We need to reduce spending. We can't spend on engagement programs. CFO: What’s the impact of these engagement programs on retention? HR: Programs focused on growth and recognition have reduced turnover by 25%, saving us $3M annually. CEO: Are there other benefits to meeting employee needs? HR: Absolutely. Employees who feel valued are 30% more productive and report higher satisfaction. CFO: What about profitability? CHRO: Engaged teams generate 21% higher profitability. It’s not just about keeping them. It’s about keeping them productive and motivated. CEO: So cutting back on programs that meet employee needs could cost us more? CFO: The data shows there’s a significant financial impact. HR: Meeting employee needs isn’t just an expense. It’s an investment in retention, productivity, and profit. The lesson? Employees quit when their needs go unmet, whether it’s for growth, recognition, or flexibility. Invest in your employees.

I don't know who needs to hear this but the best thing you can do for your employer brand is: - pay really well and give people regular increases - give your employees remote or flexible hybrid work - offer great PTO - foster a culture where people are treated like actual humans at work - create pathways for growth and internal mobility Believe me, if you're doing this then your employees will naturally tell their friends and talk about it online and leave you great reviews, and people will want to work for your company. So many companies will build teams for employer branding and spend hours crafting the exact posts about how "authentic" their culture is that employees all need to post at the same time, or paying hundreds of thousands of dollars to get ranked on a pay-to-play list, or posting pictures of foosball tables and fancy happy hours. But I promise you, what top talent wants is money, flexibility, respect, recognition, and growth. Give them that, and they will brand your company as the best place to work without you needing to spend a dime or lift a finger.

Happy Employee Appreciation Week (EAW for short)! At Chase, we know that appreciation is more than just a yearly event—it’s a daily commitment. It means acknowledging the small, often unnoticed efforts that contribute to our success and expressing gratitude for the hard work that might not always be visible but is crucial to our achievements. In our fast-paced environment, recognition is essential. It fuels motivation, engagement, and a sense of belonging. As we kick off EAW this year, I want to highlight the importance of recognizing and valuing our incredible team members every day and share how I show appreciation – emojis and exclamation marks (and the occasional BOOM)! I love getting updates on achievements via email and use it as an opportunity to quickly thank our team and celebrate their success. Our jobs are hard! We’re breaking down big, complex challenges, at incredible scale and a positive and upbeat attitude supports and inspires people. I bring that to every interaction I have – particularly those that are in the thick of this work – as I know it inspires me when I experience the same. Here are some ways I do that: 1. Be Timely and Specific: Recognize achievements as they happen. Specific feedback is more impactful than generic praise (e.g., “You’re doing a great job” vs. sharing specifically what is great about the work that’s being done). 2. Personalize Your Approach: Understand what forms of recognition resonate with each team member. Tailor your appreciation to their preferences. Some folks prefer to be recognized privately vs. sharing praise in a big group setting and vice versa. I’ve also found some folks appreciate a written thank you more than saying it in a meeting. 3. Encourage Peer Recognition and Lead by Example: Foster a culture where colleagues appreciate and recognize each other by doing it yourself. Celebrate other peoples’ wins. Peer recognition can be incredibly powerful (and it helps boost morale and motivation, too). On that note, thank you to all my amazing Chase (and JPMorganChase) colleagues for your hard work, dedication, and passion. You inspire me every day, and I am grateful for everything you do. Let’s celebrate you this week and every week! 🎉 #EmployeeAppreciationWeek #Gratitude #Recognition

If there’s one thing I’ve learned about work-life balance, it’s this: It’s impossible to expect peak performance when employees are treated like machines. At first, you might think pushing harder or working longer hours is the key to success. But here’s the reality: Companies that treat employees like robots miss out on the potential of a truly engaged, productive workforce. Here’s what that looks like: ➔ Work hours with no room for flexibility. When people are pushed to their limits, burnout quickly follows. ➔ A "no-switch" mentality. Employees don’t have an on/off button; they need rest to be their best. ➔ Expectations without understanding. Productivity isn’t about more hours; it’s about balance, trust, and respect. A truly successful workplace recognizes that employees need more than just deadlines—they need the freedom to thrive. So, ask yourself: → Are you creating an environment that values balance? → Are your employees empowered to function at their best? → Are you treating people as people, not machines? If not, it’s time to rethink how you support your team.

The "war for talent" continues, but many companies are stuck using the same hiring and retention strategies they've relied on for decades. These methods might keep employees a bit longer, but they still leave. Why? Because it's not just about perks or compensation—it's about the experience. A recent, thought-provoking Harvard Business Review article by Ethan Bernstein, Michael Horn and Bob Moesta suggests that employees crave meaningful work, to feel valued, trusted, and have room to grow. After studying job switchers for 15 years, they identified four key reasons for why employees leave: 1. Get out: They're in a toxic environment or feel stuck in a role that doesn’t align with their strengths. 2. Regain control: They need more flexibility or predictability in their work-life balance. 3. Regain alignment: They’re seeking a job where their skills and talents are fully utilized and appreciated. 4. Take the next step: They’re ready for growth and new responsibilities after reaching a milestone. So what can leaders do to create the experiences people actually need? Here are three specific strategies the article suggests: (a) Interview people early: Don't wait until employees are leaving. Have regular, meaningful conversations about their career goals and motivations. (b) Develop “shadow” job descriptions: Go beyond vague or outdated job descriptions—focus on the real day-to-day tasks and experiences that make the role fulfilling. (c) Collaborate with HR: Work with HR to design roles that align both the organization's needs and the employee's personal growth goals. By addressing these deeper factors, companies can reduce costly turnover and build workplaces where people thrive and want to stay. How is your organization aligning employee experience with retention strategies? #leadership #talentdevelopment #employeeexperience #retention #growth #workplaceculture https://lnkd.in/dJzU2aTm

Flexibility in where people work isn't restricted to office workers: increasingly, frontline employees can work from a variety of locations. Given the costs of turnover in frontline employees, investing in flex can pay off. A combination of technology investments and thinking about the types of work people do can allow store associates and managers, plant technicians, doctors and nurses to work from anywhere. HBS Prof. Prithwiraj Choudhury talked with me about his work on "digital twins" at Unilever and a Turkish power company and new work in the UK with caregivers. "This is a really new, exciting frontier because it gives flexibility and work from anywhere options and is going to kick up a new wave of work from anywhere." 👉 My interview with Prithwiraj Choudhury: https://lnkd.in/gAJ3-pia Eric Severson shared the story of how at Gap and NMG he led efforts to give frontline workers more schedule flexibility (where people work, what shifts) as well as location flexibility. Those investments led to massive upticks in retention -- industry-leading numbers for store associates and operations people. Higher retention means lower costs and higher productivity leading to real bottom-line results. 👉 Eric's case study on results-focused work: https://lnkd.in/gAdK4487 While you're at it, go grab a copy of Raj's new book, out today! 👉 "The World is Your Office" https://lnkd.in/gFVAapCZ #Flexibility #Frontline #FutureOfWork

Your team isn't lazy. They're confused. You need a culture of accountability that's automatic: When accountability breaks down, it's not because people don't care. It's because your system is upside down. Most leaders think accountability means "holding people responsible." Wrong. Real accountability? Creating conditions where people hold themselves responsible. Here's your playbook: 📌 Build the Base Start with a formal meeting to identify the real issues. Don't sugarcoat. Document everything. Set a clear date when things will change. 📌 Connect to Their Pain Help your team understand the cost of weak accountability: • Stalled career growth • Broken trust between teammates • Mediocre results that hurt everyone 📌 Clarify the Mission Create a mission statement so clear that everyone can recite it. If your team can't connect their role to it in one sentence, They can't make good decisions. 📌 Set Clear Rules Establish 3-5 non-negotiable behaviors. Examples:  • We deliver what we commit to  • We surface problems early  • We help teammates succeed 📌 Point to Exits Give underperformers a no-fault, 2-week exit window. This isn't cruelty. It's clarity. 📌 Guard the Entrance Build ownership expectations into every job description. Hire people who already act like owners. 📌 Make Accountability Visible Create expectations contracts for each role. Define what excellence looks like. Get signed commitments. 📌 Make It Public Use weekly scorecards with clear metric ownership. When everyone can see who owns what. Accountability becomes peer-driven. 📌 Design Intervention Create escalation triggers: Level 1: Self-correction Level 2: Peer feedback Level 3: Manager coaching Level 4: Formal improvement plan 📌 Reward the Right Behaviors Reward people who identify problems early. (not those who create heroic rescues) 📌 Establish Rituals Conduct regular reviews, retrospectives, and quarterly deep dives. 📌 Live It Yourself Share your commitments publicly. Acknowledge your mistakes quickly. Your team watches what you do, not what you say. Remember: The goal isn't to catch people failing. It's to create conditions where:  • Failure becomes obvious  • And improvement becomes inevitable. New managers struggle most with accountability:  • Some hide and let performance drop  • Some overcompensate and micromanage We can help you build the playbook for your team. Join our last MGMT Fundamentals program for 2025 next week. Enroll today: https://lnkd.in/ewTRApB5 In an hour a day over two weeks, you'll get:  • Skills to beat the 60% failure rate  • Systems to make management sustainable  • Live coaching from leaders with 30+ years experience If this playbook was helpful... Please ♻️ repost and follow 🔔 Dave Kline for more.

Ever walked into a room and felt like you didn't belong? Now imagine feeling that way at work. Every. Single. Day. This is why diversity and inclusion in recruitment isn't just a buzzword – it's a business imperative. As someone who's spent years in executive research and recruitment, I've seen firsthand the power of diverse teams. But here's the truth: attracting diverse talent is just the beginning. I remember when a client came to me, frustrated. "We're trying to hire diversely," they said, "but it's not working." Their mistake? They were fishing in the same old ponds. So, how do we shake things up? Here's what I've learned: 1. Cast a wider net: Look beyond your usual talent pools. Partner with diverse professional organizations. 2. Check your job descriptions: Are they truly inclusive? Words matter more than you think. 3. Diverse interview panels: Candidates should see themselves reflected in your team. 4. Blind resume reviews: Remove bias-triggering information like names and schools. 5. Showcase your commitment: Make your diversity initiatives visible on your website and social media. And hiring diverse talent means nothing if you can't retain them. Inclusion is where the real work begins. I once worked with a company that hired a diverse workforce but couldn't figure out why turnover was so high. The problem? They expected new hires to "fit in" rather than creating a culture where everyone could belong. To foster true inclusion: -> Mentor programs: Pair diverse employees with senior leaders. -> Employee resource groups: Give people a place to connect and be heard. -> Inclusive leadership training: Help managers understand and mitigate unconscious bias. -> Regular feedback: Create safe spaces for honest conversations about inclusion. -> Celebrate differences: Don't just tolerate diversity – embrace it! You should focus on creating a workplace where everyone can thrive, contribute, and feel valued. As leaders, it's on us to make this happen. It's not always easy, but it's always worth it. What's your experience with diversity and inclusion initiatives? #DiversityAndInclusion #RecruitmentBestPractices #InclusiveLeadership #WorkplaceCulture

Employees with more tenured managers have lower attrition rates Last week, we looked at how large of an impact “manager thrash” has on employee attrition rates. In short, employees who get assigned 3 or more different managers in a year are ~75% more likely to leave your company. What about tenured managers vs new managers? _______________ 𝗗𝗮𝘁𝗮 𝗙𝗶𝗻𝗱𝗶𝗻𝗴𝘀: Tenured managers tend to retain their employees with higher success rates across Pave’s dataset. ✅ Managers with less than 1 year tenure ⇒ 30% annual turnover rate for their reports ✅ 1 year ⇒ 27% annual turnover rate ✅ 2 years ⇒ 25% annual turnover rate ✅ 3 years ⇒ 24% annual turnover rate ✅ 4 years ⇒ 23% annual turnover rate ✅ 5 years ⇒ 22% annual turnover rate ✅ 6 years ⇒ 21% annual turnover rate ✅ 7 years ⇒ 20% annual turnover rate ✅ 8 years ⇒ 20% annual turnover rate ✅ 9+ years ⇒ 19% annual turnover rate Note that the mentioned turnover rates include both voluntary and involuntary attrition (including layoffs). _______________ 𝗔𝗰𝘁𝗶𝗼𝗻𝗮𝗯𝗹𝗲 𝗧𝗮𝗸𝗲𝗮𝘄𝗮𝘆 𝗳𝗼𝗿 𝗧𝗼𝘁𝗮𝗹 𝗥𝗲𝘄𝗮𝗿𝗱𝘀 𝗮𝗻𝗱 𝗛𝗥 𝗟𝗲𝗮𝗱𝗲𝗿𝘀: 1️⃣ 𝗣𝗿𝗼𝗺𝗼𝘁𝗶𝗻𝗴 𝗳𝗿𝗼𝗺 𝘄𝗶𝘁𝗵𝗶𝗻. Promoting managers from within often translates to some degree of risk, because you’re pushing an employee into a new role with heightened responsibility levels. However, this promote-from-within playbook is perhaps somewhat de-risked by virtue of the employee’s tenure and accrued context of how your company operates. Not to mention mutual trust with existing employees at your company. As demonstrated from the attached chart, tenured managers tend to have more success with employee retention. 2️⃣ 𝗥𝘂𝗻𝗻𝗶𝗻𝗴 𝘆𝗼𝘂𝗿 𝗼𝘄𝗻 𝗺𝗮𝗻𝗮𝗴𝗲𝗿 𝘁𝗲𝗻𝘂𝗿𝗲 𝗮𝗻𝗮𝗹𝘆𝘀𝗶𝘀. It is prudent to run an analysis on the tenure distribution of all managers at your company and track the median over time to get a sense of your org chart stability. This analysis can perhaps inform or act as a leading indicator of future employee retention rate trends. #pave #orgchart #benchmarks