BusinessWeek features Retensa on Mentor Programs

FOR IMMEDIATE RELEASE

“People seldom improve when they have no other model but themselves to copy.” – Oliver Goldsmith

New York, NY, March, 2008 – BusinessWeek features Chason Hecht, President of Retensa, in a case study highlighting the challenges and goals associated with Mentor Programs. A great Mentor Program can give any company a significant advantage over their competition. Good Mentors create the strong, enduring relationships and organizational links essential to effective retention and succession planning. Engaged and “connected” employees do not want to leave your organization. Yet, the most common, and arguably debilitating, mistake you can make is poor implementation of such programs, contrary to the intent, they can cause increased attrition and lower engagement.

Mentor Programs facilitate opportunities for development and growth of both the organization and individual employees. They are a useful tool in recruiting and retention since your reputation as an “employer of choice,” with a culture that promotes opportunities for personal and professional advancement, is critical to attract the most talented staff. Effective Mentor Programs also quickly orient new employees’ by establishing relationships vital to their success in the workplace and, in the latter stages of the Employee Life Cycle (ELC), lead to improved teamwork and leadership development. Finally, these programs can aide in addressing diversity issues and ensuring a level playing field for all of your employees.

 

About BusinessWeek

BusinessWeek is an international magazine that inspires today’s present and tomorrow’s future leaders. With over 4.9 million readers, BusinessWeek is a major source for the latest news in growth trends, information technology, and market competition providing insight for senior leaders and management in decision making.

About Retensa:

Understanding your People is what our People do.
Retensa is the leader and innovator of Employee Retention Strategies.  They combine experience and web-based technology to develop, motivate, and retain a company’s best employees.  Retensa customizes solutions to help organizations achieve significant cost-savings and performance improvements.

Through the creation of a “Retention Environment,” Retensa provides additional expertise in Leadership Development, Human Capital ROI, HR Metrics, EmployeeSurveys, Exit Interviews, and Mentoring, with a cutting-edge focus on workforce technology.

Contact Retensa

212.545.1280 or email requests@retensa.com for more information about the solutions you can receive.

Build the Perfect Exit Interview, Build a Better Workplace

Done right, an intelligent exit interview strategy can offer you a wealth of information on your staffing needs.

I know…you don’t do exit interviews.  Well, despite the escalating cost of employee turnover, most companies don’t. The common reasons are:

  1. I already know why people leave
  2. People don’t give honest answers
  3. We don’t have the time
  4. I am not sure what to ask, or
  5. Who needs them? The people are gone anyway.

Exit Interview Return on Investment

“By constantly evaluating and renewing the workplace, you’ll decrease hiring and training costs and reduce employee turnover.” –  Chason Hecht, President, Retensa

None of the aforementioned reasons equate to the tens, or even hundreds of thousands of dollars, a company can save on employee turnover, absenteeism, and productivity from performing exit interviews. Losing 1 employee can cost a company a minimum of 50% up to 300% of an employee’s annual salary.  So exit interviews, which cost $30 to $150 each, provide one of the highest sources of Return on Investment (ROI) you can get from an employee program.

Done right, you can gather new solutions to recruitment, management, orientation, as well as how to best meet the needs of the person filling their position.  By constantly evaluating and renewing the workplace you’ll decrease hiring and training costs, and reduce employee turnover.

What Makes a Good Exit Interview Strategy?

Exit interviews are a formal set of questions asked of departing employees that serve as a barometer for the current work environment.  The best information will be from soon-to-depart employees who feel comfortable expressing how they feel, and trust those they are speaking with to listen confidentially. Whoever administers the exit interview, they should query five key areas:

  1. Reasons they joined/liked working there (e.g. questions about salary, work environment, administration, what did they like most about their job, etc.).
  2. Reasons they are leaving (same as above, plus management relationship and what they liked least).
  3. Suggestions for future changes (e.g. questions about training a replacement, challenges, improving communication, different reward system, etc.).
  4. Verifying the understanding between employer and employee (e.g. concerning insurance, materials/supplies, confidentiality agreements, keys, etc.).
  5. Open Ended Opportunity.  Let employees be expressive, it provides closure.  People don’t quit a firm to play in the NFL.  Ex-employees stay in the industry after leaving to be a potential client, vendor, partner, or competitor.  In every case, it’s a good investment to part on good terms.  You can always use a strategic partner and you don’t want to add emotional fuel to your competition.

Upon receiving the information, the provider should organize it into a format you can easily use to make real-world changes.  Once several departures have provided similar responses, it is time to make a change. Implementing the change is where a company reaps the benefits of exit interviews.  It shows your existing employees the company values their opinions and works to provide solutions.  Exit interviews provide suggestions and propel change, and that gives the business the feedback needed to move forward.

Exit Interview Outsourcing

Finally, a word about outsourcing…During in-person interviews, especially with the boss, employees will dodge an honest response to keep a good reference. As a result, a company will not receive helpful insights on how to improve, and may be falsely led to believe their company has no areas to improve upon.  For this reason anonymity in exit interviews is crucial.  Outsourcing exit interviews ensures honesty and saves money. A good third party can get your employee to open up, which is much harder to achieve if conducted within the business.

For more information about how Retensa can assist your organization to build the perfect exit interview and boost employee retention, email requests@retensa.com.