When it comes to running an efficient and profitable company – no matter what the size, big or small – one of the most important aspects of success is employee retention, as high turnover rates can not only stave off progress, but bleed valuable resources in a variety of ways that one may not even first realize.
That’s where Retensa Retention Strategies comes in; according to Founder and CEO Chason Hecht, the company first opened their doors for business in 2000 and specializes in consulting employers on employee turnover; or, more importantly, how to avoid it utilizing cutting edge technology and a human touch. And with clients spread out across a whopping 59 countries – and across 22 languages – it’s easy to see that Retensa’s approach works.
“We help employers predict which employees will join, who will stay, and when they will quit with 91 percent accuracy,” Hecht said. “High employee turnover actually puts a very large strain across the scale of an organization, as they all have a cost to rehire, retrain, and replace…that ranges from 25 to 250 percent of an employee’s annual salary.”
Hecht elaborated upon the multitude of costs – there are over 150 variables – companies bleed out via turnover, noting that they all have a very real cumulative effect on their bottom line.
“They have to write a check for the background check, the drug test, the posting of the job. They write a check to the people who have to interview and then retrain,” he said. “And if you’re in retail, we know that people who quit walk out the door with things in their pocket, right? If you’re in construction, we know that people who just start, they make more mistakes, and so you have materials lost. All of these things end up getting rolled up into this cost of turnover that actually can be for an organization in the millions of dollars.”
And when it comes to employee retention – getting the best people for your company that will want to work hard for you and who will be less likely to leave for other opportunities – the main aspect should be getting away from a phenomenon that Hecht said is literally “infecting” the modern concept of work- the act of merely monotonously punching a clock, day-by-day.
“The infection is the idea that we, as a people, should be ‘unhappy’ at work. The ‘disease’ is that we shouldn’t be engaged by what we do and inspired by who we work for,” he said. “It’s not normal. It’s not healthy, it’s not serving us. It’s the default, but just consider that if everyone everywhere liked their job – even if it’s not the best job in the world – but they liked getting up every day while doing what they do for half of their waking life, the world would be unrecognizable from what it is today.”
“And, do you think that might affect their home life? Their health?” Hecht added. “It would affect every aspect of their life. And so, what manifests as discontent starts as a disease in the work that one does every day.”
Retensa, Hecht said, addresses this malady that leads to employee turnover by proactively addressing the issues causing it, as opposed to simply providing the equivalent of a bucket under the leaky roof.
“Turnover is a symptom, it’s the manifestation of the problem that sits between the relationship between the employee and the employer,” he said. “If we can identify the root cause, then we can cure it. Then we can address it. We can ease this discontent in ways that will make an employee say, ‘This is pretty good. I like this place. I’m going to tell other people how good this place is to work at’ and all of a sudden that organization has more reliable people, not less.”
Retensa’s method of employee retention works by identifying exactly what an employer and employee want out of their relationship, and seeing what factors align that will ensure their tenure together will be a harmonious one.
“A company has to know what they’re great at, and they have to make sure that they present that to everyone walking in the door,” Hecht said. “Make a promise. Say, ‘We’re good at this. And if you’re looking for it, I can give it to you. And if you’re looking something we’re not offering, here’s what we can give you in lieu of that.’ And if that isn’t what they’re looking for, there are other employers out there that may provide that.”
When you match the right employees with the right employers, the result is always beneficial for both parties, because when there’s appreciation, there’s loyalty, engagement, trust, and – most importantly – productivity. And to that end, Retensa integrates organizational science, AI, and cloud technology with an employer’s unique culture to create real-world talent management solutions with impact.
“At the end of the day, the company with the best talent wins. If I can get the best people to do their best work, then I can solve any problem,” Hecht said. “We are a fervent supporter of AI technologies, and certainly not without guardrails. Anything unrestrained, anything without limits is a danger to itself and others, but the idea is that at the end of the day if you have people who want to do what they’re doing, you’re going to win. They’re going to make a better product; they’re going to provide a better service. They’re going to save more.”
“It involves a series of algorithms, formulas, and combinations of factors, even as something as simple as how far someone needs to commute to work,” he continued. “There are 21 categories that represent 95 percent of reasons why people join a company. These 21 categories, basically, are almost everything. Flexibility, fast money, career advancement, guidance, support, and more.”
Retensa’s results speak for themselves- they boast an impressive 98 percent success rate at reducing turnover over the course of the past 25 years, numbers that are impossible to argue with. Clearly, Retensa’s approach works, and can have a considerable impact on your company’s bottom line.
“The main way to reduce turnover is to capture changes across the employee lifecycle. When commitment drops, close the gap in the area that’s missing for your staff, instead of what other companies do for their staff.” Hecht noted. “And your people will go the extra mile, and be more creative, more innovative, maybe even excited? Those that are engaged by what they do and inspired by who they work for, they’re going to be loyal even through the hard times, because the company has been there for them.”
To find out more about Retensa’s retention services, please call 212-545-1280 or visit their website at https://retensa.com and follow them on X/Twitter and LinkedIn.
