When the COVID-19 pandemic hit, national senior care employee turnover rates spiked to 75.3%. Many within the sector grappled with employee retention, particularly among new hires. New Hire Turnover (NHT) during the pandemic reached an alarming 38.6%. Retaining quality employees beyond the first 100 days was a constant struggle.
One provider, we’ll call them Company X, was experiencing a turnover rate 2% higher and an NHT 1% higher than the national averages at the time. Company X realized they needed to change their retention strategy and turned to Pinnacle Quality Insight for the answer.
Retain was that answer.
After carefully reviewing the platform, Company X implemented Retain. Over the next year, the company sent out over 18k new hire employee surveys through Retain. Throughout the year, Company X noticed that new hires who responded to a survey were approximately 50% less likely to leave the company than those who didn’t engage.
Managers took action.
Notification without reaction is like hearing a fire alarm going off in your house but staying put on the couch. Company X acted on flagged surveys, actively commenting, and responding to feedback directly in the platform, in real-time.
And the more they responded, the lower the NHT dropped. Surveys with no manager interaction resulted in NHT of 40%. With each comment, that percentage dropped, reaching an impressive 21% improvement by the time the number of manager comments reached seven or higher.
A year later, Company X had unlocked the secret sauce. By implementing a proven retention process, identifying ‘at-risk’ employees through Retain’s real-time alerts, and encouraging managers to take proactive steps, they successfully lowered their NHT rate by 13%.
The impact of this achievement was not limited to retention alone. Company X experienced a reduction of over 400 new hire separations. With nearly 40% of new hires leaving within the first 100 days, and at an average cost of $4,000 to replace them, organizations, like Company X, are spending hundreds of thousands of dollars on recruitment, training, and onboarding. Based on projections, Company X saw 895 less separations than expected in 2022, saving them over $3.5M in related expenses.
By leveraging the power of onboarding surveys and manager engagement, Retain equips organizations, like Company X, with real-time insights to identify ‘at-risk’ employees, and take proactive measures that improve overall engagement and retention.
Experience results like Company X by using Retain.