“The Financial Impact of Turnover and Dis‐Engagement
Research tells us that employee turnover in the U.S. costs companies from 12 to 40% of pre-tax income, that the annual cost is $25 billion, and that turnover costs shareholders a full 38% of additional value in just 4 high‐turnover industries. Dis‐engagement costs are similarly striking as a one standard deviation improvement in engagement has been associated with $4,675 increase in revenue for each employee. For a typical S&P 500 organization, this amounts to $93.5 million.
These dollar values are staggering. And while they are command attention based on their scope, they are difficult to apply to one single company and therefore difficult to use when wanting to motivate CEOs to take the right actions to improve them.
The Role of Dollar Values in Retention
In 2010 I authored a book titled ‘Rethinking Retention in Good Times and Bad’. This book offered the first set of research‐based principles, strategies, and tactics for improving employee turnover. BusinessWeek excerpted a portion of the book and declared that it ‘offers fresh thinking for solving the turnover problem in any economy’. The book is based on the Rethinking Retention Model® which is below.”
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Agenda
Faculty
Richard P. Finnegan
C-Suite Analytics
- CEO of C-Suite Analytics, which helps organizations improve engagement and retention, including one solution that guarantees turnover will decrease 20% in the first year or funds are returned
- Experience includes solving turnover and engagement in Siberian banks, African gold mines, multinational corporations in China, and for the CIA
- Wrote, The Power of Stay Interviews for Engagement and Retention, which is the top-selling SHRM-published book in history; also wrote, Rethinking Retention in Good Times and Bad, which was excerpted by BusinessWeek which said “Finnegan offers fresh thinking for solving the turnover problem in any economy”
- His new books in the first quarter of 2015 include The Stay Interview: A Manager’s Guide to Keeping the Best and Brightest, to be published in over 20 languages, and HR’s Greatest Challenge: Driving the C-Suite to Improve Employee Engagement and Retention
- Humorous and insightful speaker for conference and corporate events
- Lives in Orlando, Florida, where The Orlando Sentinel newspaper published an editorial recognizing him for his extensive donations of professional services to nonprofit organizations
- Bachelor's and graduate degrees, The Pennsylvania State University
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