A retention plan is a strategy designed to increase the longevity of employees and decrease turnover. It involves using key performance indicators (KPIs) to measure employee engagement, satisfaction, and growth. The plan helps to identify and address issues related to recruitment, onboarding, training, and development as well as employee benefits, incentives, and recognition.
Each focus area has its own objectives, projects, and KPIs to ensure that the strategy is comprehensive and effective.
This retention plan template is designed for human resource teams who want to create a plan to retain employees and improve employee engagement. With this template, HR teams can define clear examples of focus areas, set measurable targets, and implement related projects to achieve their objectives.
When creating a retention plan, it's important to identify the focus areas that you want to address. These focus areas could include improving employee retention, enhancing employee benefits, and improving employee development. Each focus area should have a reason or goal associated with it.
Objectives are the goals that you are trying to achieve for each focus area. Each objective should have an actionable plan and measurable targets associated with it. Examples of some objectives for the focus area of Improve Employee Retention could be: Increase Employee Engagement, and Enhance Employee Benefits.
Once you have identified your objectives, you should set measurable targets, also known as Key Performance Indicators (KPIs). These KPIs should be specific, measurable, attainable, relevant, and time-bound. For example, if the objective is to ‘increase employee engagement’, a KPI could be to ‘increase the employee engagement score from 3.2 to 4’.
Once you have identified the KPIs, it's time to implement related projects to achieve those goals. Projects or actions could include implementing employee surveys, increasing paid time off, offering on-site training, and implementing mentorship programs.
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