As one of the Top #10 Best Places to Work, competitors were poaching this company’s talent. In the span of 2 years, turnover increased from 6% to nearly 11%. Exit interviews revealed that people were not leaving for more money, but rather due to their perception that growth, learning opportunities, career development and solid employee/manager relationships were limited.
A $2 million initiative was launched to engage, retain and develop employees globally. The three-fold strategy included CSI’s retention and engagement sessions for managers, our career development sessions for employees (with a CSI-tailored delivery to solidify the link) and InsideOut Coaching™.
Within the first 12 months following the launch of their strategy, they saw a 3% reduction in turnover. Assuming a conservative replacement cost of 50% of average annual salary, the company estimated their cost savings at $12 million, a 600% return on investment.