Keys to Employee Retention
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A company’s efforts to retain employees begin as early as the application process. How a future employee is treated during the hiring process, as well as the effectiveness of the onboarding program, can help ensure a new employee feels that they made the right choice in joining your company.
This webinar will discuss different programs and initiatives that will help ensure that you retain you high performing employees. It costs anywhere from one-half to two times an annual salary to replace an employee, and even more for higher level roles. You will learn the reasons why employees may choose to stay or leave your company.
Most companies are struggling to retain employees. There is no evidence that turnover will slow down as more employees will leave for work environments and benefits that more support their desired work/life balance.
New employees typically decide within the first six months if they will stay. They may not leave right away, but they will not be engaged. With the tight labor market, it is worth investing time and resources in developing the company culture and benefits that will not only attract but retain qualified employees.
What we will cover:
- How to make a great first impression on candidates and new hires
- How to design an onboarding program that helps ensure employee retention
- Use realistic job previews to provide candidates with more information on the position
- Use behavioral based interviewing to select the best fit for the position
- Which benefits are employees looking for in a new company
- Design career ladders to provide employees opportunity for career growth and development
- How stay-interviews offer a proactive solution to retaining key employees
- The importance of total compensation statements so that employees understand the benefits you are providing
- The power of performance management to clarify expectations and motivate employees
- The key components of being a good coach and mentor
- How effective leadership and supervision impact retention
Handouts:
- Sample Total Compensation Statement
- Guide to Behavioral Based Interviewing
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Cynthia Keaton
Cynthia C. Keaton, SHRM-SCP is a senior human resources executive and consultant with extensive experience leading HR strategy, operations, and transformation across a range of industries including government, manufacturing, life sciences, and heavy equipment. As Founder and Chief Consultant of Keat [...]
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This webinar received a total of 7 survey responses. Attendees have given an average rating of 4.6 stars out of a possible 5, reflecting the quality and value of the content presented.
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Nicholas S.
January 19, 2024
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January 18, 2024
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Very nicely presented.
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January 18, 2024
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January 18, 2024
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January 18, 2024
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January 18, 2024
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Great presentation. Very useful prespective.
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January 18, 2024
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Frequently Asked Questions
Employee retention is a business imperative with direct financial consequences: replacing an employee costs anywhere from half to twice their annual salary, with costs escalating significantly for specialized or senior roles. Effective retention strategies operate across the entire employee lifecycle, beginning at the hiring stage. Realistic job previews set honest expectations that reduce early attrition from candidates who discover the role doesn't match what was described. Behavioral-based interviewing selects for cultural and performance fit more accurately than traditional interviews. A structured onboarding program—not just first-day logistics but a 90-day integration plan—significantly improves new hire retention. Career ladders that provide a visible path for growth address one of the most commonly cited reasons for leaving. Stay interviews—proactive one-on-ones with current employees exploring what keeps them engaged—identify flight risks and actionable retention issues before employees decide to leave. Organizations that address retention as a strategic, lifecycle-wide initiative rather than a reactive HR response to departures consistently outperform those that treat it as an exit survey exercise.
Research consistently shows that new employees make their decision about whether to stay with a company within the first six months—often well before that window closes. This early impression is shaped by whether reality matches what was communicated during hiring, the quality of onboarding, the relationship with the immediate supervisor, the clarity of performance expectations, and the degree to which the employee feels welcomed and valued. Companies that invest in structured onboarding programs extending beyond the first week—covering role clarity, team integration, cultural immersion, and early wins—see significantly better 12-month retention rates. Manager behavior during this period is particularly consequential: new hires who feel their manager is accessible, provides feedback, and advocates for their development are far more likely to become engaged, long-term employees. Organizations should monitor early engagement indicators—attendance patterns, goal completion, participation in optional activities—as warning signals that a new hire's commitment is wavering before they formally decide to leave. The most cost-effective retention investment a company can make is ensuring the first six months are exceptional.
Stay interviews are proactive conversations between managers and current employees designed to understand what keeps the employee engaged, what might prompt them to leave, and what changes would make their experience better—before those factors become resignation triggers. Unlike exit interviews, which collect feedback too late to retain the departing employee, stay interviews create the opportunity to act on retention-relevant information while it can still make a difference. Effective stay interviews are conducted by the direct manager, scheduled as a structured conversation rather than an informal check-in, and cover questions exploring what the employee enjoys most, what would make their job better, whether they feel they have the resources and growth opportunities they need, and what could cause them to consider leaving. The value of stay interviews is entirely dependent on acting on what is learned: employees who share concerns and see no response will experience the interview as performative, potentially accelerating their departure. Leaders who conduct stay interviews regularly and follow through on feasible requests build the trust and connection that is itself one of the strongest retention drivers available to any organization.
Total compensation statements are formal documents that communicate the full economic value of an employee's compensation package—including base salary, health and dental insurance, retirement plan contributions, paid time off value, and other benefits—in a single quantified summary. Many employees dramatically underestimate their total compensation because they see only take-home pay, not the significant employer contributions accompanying it. When an employee earning $65,000 sees a total compensation statement showing $90,000+ in total annual value (including employer health insurance contributions, retirement match, and paid time off), their perception of compensation competitiveness shifts meaningfully. Total compensation statements are most effective when presented during onboarding, during annual performance discussions to contextualize merit increases, and proactively when an employee may be entertaining outside offers. Organizations that use total compensation statements consistently report that employees develop more accurate and more favorable perceptions of their pay and benefits packages—directly improving the retention calculus when employees consider whether external opportunities are genuinely more valuable than their current situation.
Effective leadership and coaching are among the strongest predictors of employee retention—consistently ranking among the top reasons employees stay at or leave an organization. The direct manager relationship accounts for the majority of an employee's day-to-day experience at work: managers who provide clear expectations, regular feedback, genuine recognition, and active support for their team members' development create conditions where employees feel valued and want to stay. Conversely, managers who are unavailable, provide only critical feedback, take credit for team achievements, or show little interest in employees as individuals are the primary driver of voluntary turnover in most organizations. Coaching—giving employees access to leaders who invest in their development beyond immediate job requirements, ask powerful questions, and help them navigate their career growth—is consistently cited by retained employees as among the most valued aspects of their employment experience. Organizations that train managers in coaching skills and hold them accountable for team retention metrics see meaningfully better retention outcomes than those that treat management effectiveness as secondary to technical performance. Retention is ultimately a leadership problem as much as an HR problem.