Managers often prioritize metrics that drive revenue and have a direct impact on the bottom line. But what are some of the not-so-obvious metrics that can help you keep retention rates high and turnover rates low?
In this episode, Tonya Ladipo talks with The Ladipo Group’s COO Constanzia Churn and Atwater Martin’s Senior Consultant and HR Business Partner Chris Brown about how to measure what matters.
- The most effective metrics are the ones that are easy to measure and get referenced on a regular basis.
- Metrics should be created with the end in mind.
- Define success beyond revenue as employees are human first. The revenue will come when you focus on the human experience of working.
- Tips for keeping retention rates high and turnover low include measuring:
- employee satisfaction
- employee engagement
- regrettable vs non-regrettable attrition (loss of valuable employees you wish stayed vs loss of employees that benefits the company/team)
- Employee satisfaction measures the employee’s level of happiness at work. Employee engagement measures the interdependency and balance of the employee’s contribution to the company (e.g. excelling within the role) and the company’s contribution to the employee (e.g. professional development, opportunities for advancement).
- Be clear about job roles and responsibilities, provide people the resources they need to succeed, and allow people to make and learn from their mistakes.
After the episode, download our worksheet for tips on how to be a better people manager and leader in your organization. Also, if you have management-related questions (that you’re too scared to ask HR), email us at firstname.lastname@example.org, so we can discuss them on the show.
In the Managing Well podcast, host Tonya Ladipo talks about wellness in the workplace with people leaders, mental health professionals, HR experts, and more. Click the link to subscribe to the podcast and get the latest episodes.