What is a Employee Retention Plan?
A Employee Retention Plan helps a company to reduce employee turnover. It’s a comprehensive approach that outlines the initiatives, tools, and activities that an organization can use to create an environment in which employees are encouraged to stay. The plan should also include a strategy for measuring the effectiveness of its components.
What's included in this Employee Retention Plan template?
- 3 focus areas
- 6 objectives
- 6 projects
- 6 KPIs
Each focus area has its own objectives, projects, and KPIs to ensure that the strategy is comprehensive and effective.
Who is the Employee Retention Plan template for?
The Employee Retention Plan template is designed for HR teams in organizations of all sizes and industries. The template offers a clear and structured way to create a plan that will help ensure that your employees remain loyal and productive. The template provides a step-by-step guide on how to define focus areas, set objectives, and develop measurable targets.
1. Define clear examples of your focus areas
Focus areas are the broad topics that you want to address in your Employee Retention Plan. Examples of focus areas include increasing employee engagement, improving employee benefits, and enhancing employee experience. For each focus area, you should identify the objectives, activities, and metrics that will help you achieve your goals.
2. Think about the objectives that could fall under that focus area
Objectives are the specific goals that you want to achieve. Examples of objectives could include increasing employee recognition, increasing paid time off, and improving employee relations.
3. Set measurable targets (KPIs) to tackle the objective
Key Performance Indicators (KPIs) are the metrics that you use to measure the success of your objectives. Examples of KPIs include employee-manager recognition rate, average number of interactions between managers and employees, and number of promotions. Set an initial and target value for each KPI and a unit of measurement that you will use to track progress.
4. Implement related projects to achieve the KPIs
Projects, also known as actions, are the steps or activities that you will take to achieve your objectives. Examples of projects could include increasing employee recognition, increasing paid time off, and increasing training hours. Outline the timeline, budget, and resources needed to successfully implement your projects.
5. Utilize Cascade Strategy Execution Platform to see faster results from your strategy
Cascade is the leading strategy execution platform used by organizations of all sizes. With Cascade, you can easily track progress on your objectives, KPIs, and projects in real-time. You can also collaborate with team members and quickly adjust course when needed to ensure success.