As we turn over the calendar to 2024, our last issue of the year features two stories that focus on turnover. (Sorry, I couldn’t help myself.) But employee attrition has been plaguing organizations since the rise of The Great Resignation a few years ago. What’s a better way to tackle it than by learning some strategies from two case studies that have produced measurable results?
Texans Credit Union
Chief People Officer Jenni Short says pre-pandemic, the company faced a 63% attrition rate among member-facing roles. They first addressed compensation—a historically key factor in attracting talent. By raising rates, the financial institution ensured they were competitive in the marketplace for new hires and increased existing employee satisfaction as well. But that was just the beginning.
“The most transformative efforts to reduce turnover rates revolved around redefining the organizational culture and elevating employee engagement. The goal was to create a culture of empowering people and forming meaningful connections between team members,” she explains.
Learn specific strategies that helped decrease attrition to an impressive 25% for member-facing roles in Transforming Turnover.
Chief People Officer Lisa Lesko says Bristlecone was no different than the many other IT companies that found themselves facing higher attrition rates than normal. With this in mind, the company sought to retain talent while bolstering employee engagement through its program “HiNgage,” which is driven by data, intentionality, and innovation.
“The framework needed to address not just the issue of the moment, but also account for any issues the company may face moving forward,” says Lesko. “This required instituting a culture of listening, where the employees both felt heard and saw action being taken.”
Find out more about the changes they made—as well as the critical impact of managers—that led the way to dropping its attrition rate to 13% in Turning Turnover on its Head.
Ahh, another good play on words—and a good way to close out the year for this editor.
Until next time,