Turning around Employee Retention Rates Through Effective Onboarding Surveys and Manager Engagement
About Retain
Retain is the ultimate solution for reducing employee turnover rates, especially during the first 100 days when the risk is at its peak. By completing just one survey, your employees’ likelihood of separation is cut in half. When coupled with proactive engagement from post-acute care managers, individual turnover rates drop by an impressive 65%.
A Rocky Start.
When the COVID-19 pandemic hit, national senior care employee turnover rates spiked to 75.3%. Many within the sector grappled with employee retention, particularly among new hires. New Hire Turnover (NHT) during the pandemic reached an alarming 38.6%. Retaining quality employees beyond the first 100 days was a constant struggle.
One provider, we’ll call them Company X, was experiencing a turnover rate 2% higher and an NHT 1% higher than the national averages at the time. Company X realized they needed to change their retention strategy and turned to Pinnacle Quality Insight for the answer.
Retain was that answer.
After carefully reviewing the platform, Company X implemented Retain. Over the next year, the company sent out over 18k new hire employee surveys through Retain. Throughout the year, Company X noticed that new hires who responded to a survey were approximately 50% less likely to leave the company than those who didn’t engage.
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Managers took action.
Notification without reaction is like hearing a fire alarm going off in your house but staying put on the couch. Company X acted on flagged surveys, actively commenting, and responding to feedback directly in the platform, in real-time.
And the more they responded, the lower the NHT dropped. Surveys with no manager interaction resulted in NHT of 40%. With each comment, that percentage dropped, reaching an impressive 21% improvement by the time the number of manager comments reached seven or higher.
The turnaround.
A year later, Company X had unlocked the secret sauce. By implementing a proven retention process, identifying 'at-risk' employees through Retain’s real-time alerts, and encouraging managers to take proactive steps, they successfully lowered their NHT rate by 13%.
The impact of this achievement was not limited to retention alone. Company X experienced a reduction of over 400 new hire separations. With nearly 40% of new hires leaving within the first 100 days, and at an average cost of $4,000 to replace them, organizations, like Company X, are spending hundreds of thousands of dollars on recruitment, training, and onboarding. Based on projections, Company X saw 895 less separations than expected in 2022, saving them over $3.5M in related expenses.
By leveraging the power of onboarding surveys and manager engagement, Retain equips organizations, like Company X, with real-time insights to identify ‘at-risk’ employees, and take proactive measures that improve overall engagement and retention.
Experience results like Company X by using Retain.
Keep your people
Senior living and care providers know they face an employee turnover crisis. What they don’t know is that it’s during the first 100 days after hire that they’re losing 40% of their staff. Retain zeros in on engaging employees in their first three months on the job.