What if the answer to employee retention? The high employee turnover continues to waste company resources, create stagnation, and hinder growth.
An undergraduate student of DaVinci set out to solve this problem uniquely and built on the concept of high-performance culture to address the workplace performance “gaps.” They provided a compelling academic argument as well as business measurable value.
The Challenge
Most businesses are familiar with the retention problem. In certain ecosystems, staff turnover was abnormally high, there was perpetual onboarding, and output was minimal. One organisation, for example, spent approximately R26,000 on replacement and training for every existing employee.
The student noted that this problem underwent a culture shift that needed to promote accountability, engagement, and leadership at all organisational tiers to enhance retention rates.
The Solution
Based on external existing concepts of leadership and high performance, the student created and proposed a comprehensive guide for the development of high-performing employees. It involved redefining performance indicators, enhancement of feedback loops, and cascading leadership development programmes to all teams.
What was more powerful about the research was that it was anchored with business priorities.
The Impact Of Employee Retention
In the first half of the year after the implementation of changes, the company was able to improve their employee retention by 25%, which impacted churn and costs significantly. The company was saving R26,000 with every additional employee retained, which meant they were poised to save hundreds of thousands of rands every year.
Their effects were not just monetary however. Socially, the changes brought about marked improvements in the employees’ self-esteem and ability to lead and build a strong foundational workforce that the organisation was looking for. This social return on investment, or SROI, added even more value to the already financially beneficial project.
Personal Transformation
Apart from the changes to the business, the student reported enhanced self-esteem, leadership, and problem solving abilities, along with improved communication. Coupled with the ability to encounter real life business hurdles using academic strategies, this marked a turning point in the individual’s life.
Conclusion
The story serves as an example of the effects that targeted student research can have when they are paired with business needs. Not only is the research beneficial from a social and financial perspective, but it provides incredible outcomes when the students are thoughtfully guided and collaborated with businesses.
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