The chances (and statistics) indicate that turnover is one of your top priorities this year or even this quarter.
87% of talent professionals believe that retention (we prefer the term “loyalty”) is fundamental to their strategy.
Here’s another statistic: according to a study by the Work Institute involving 34,000 respondents, 75% of the causes of employee turnover are avoidable.
The question is, how?
Once you know how to calculate turnover in your company and have quantified the economic impact, you’ll realize even more that it’s not only avoidable but also highly beneficial to address.
We’ll explain how to reduce turnover through coaching. First, let’s understand the benefits of coaching, without any BS and with numbers to back it up:
Benefits of Coaching to Reduce Employee Turnover
Talent Loyalty
According to Deloitte, millennials who plan to stay with their employer for more than five years were twice as likely to have a coach (68%) compared to those who didn’t.
Workplace Wellness Trends reports that business coaching leads to a 65% reduction in turnover.
Thus, an effective coaching program increases the loyalty of participants in the short term and, in the medium term, the loyalty of their team members, with the effect being visible across the organization in the long term.
Motivation and Sense of Belonging
A 167% increase in eNPS (Employee Net Promoter Score) was reported by the Harvard Business Review for companies that foster a sense of belonging during and after a coaching program.
Additionally, people who receive constant recognition are five times more likely to stay with the company.
It’s not just about praising their qualities but knowing how to give constructive feedback as a manager at the right moments, thereby building trust within the team.
Trust in Team Leaders
One of the most revealing statistics is that people trust their team leader. This seems easy to achieve but is not, and yet it is easy to lose!
Trustworthiness is one of the skills we work on in our leadership programs. Being true to your promises, providing security to your team, and aligning company values with your actions are crucial.
Given these benefits, a structured coaching training program is essential for retention and overall company growth. To create a great coaching culture, follow these four steps:
How to Reduce Employee Turnover? 5 Steps to Prevent High Turnover with a Coaching Program
Step 1: Create a Baseline Assessment
Each company has its own culture and ways people are rewarded, both financially and through promotions or development programs. Understanding the current values of the company will help design a program that better integrates coaching and develops capable and trustworthy leaders.
In our onboarding process, we request information from the talent team to understand the tools, evaluations, and values of the company, among other variables. Additionally, each participant in the program completes several assessments during the process to evaluate and track progress.
Step 2: Choose Participants for the Program
We’ve encountered companies that offer coaching as a salary benefit as part of the employee experience, as well as those that select standout managers in their talent map to participate in the program.
At Mindbly, we have both types of programs.
Whether they are future leaders, rock stars, or rising stars (or any other name you use in your company), we can help.
It’s essential that participants are motivated and willing to undergo the process, so we advise against making it mandatory. Instead, embed it in the individual development program (IDP).
Ultimately, coaching has the greatest impact on managers a couple of levels below C-Level or those leading teams, maximizing the permeation of the coaching culture throughout the organization.
Step 3: Align with Stakeholders
Everyone needs to be on the same page. If C-Level executives are not aligned with the program’s objectives and potential outcomes, the impact will not reverberate throughout the organization, and the program may not even start.
Consider program costs, the time to be dedicated, and how to track progress. Stakeholders love to know the ROI of the program. Here’s a link that can help you calculate the ROI of your coaching program! 😉
Step 4: Communicate Effectively
It’s different to say, “We invite you to the coaching program” versus “85% of your colleagues have already signed up for the coaching program.” Use marketing techniques in communications to employees about the program, as well as any type of training. Clear, concise communication that is to the point and can create FOMO (fear of missing out) among participants is the winner. Clearly explain the objectives and value proposition, i.e., what they will gain from the program. It’s key to motivate and manage expectations.
At Mindbly, we provide a communication guide with a roadmap and templates tailored to your company. You have all the communications for the entire program just a copy and paste away!
Step 5: Follow Up and Measure
Once the program is launched, it’s vital to follow up to maximize its benefits. How do we pair coaches and coachees? How many sessions are being held? How satisfied are the participants? What goals are being set?
Tracking this is complex without a system.
Once the program is completed, reassess to gauge the improvements it has brought globally. A 180, 360, or an eNPS survey, among others, provides a benchmark for measuring the program’s global improvements. Our Self-Assessment system incorporated into the programs also helps.
Good luck with your coaching program! If we can assist in any way, you know where to find us.
