Retain Scores 11% Win over National Employee Turnover in Pandemic [Case Study]
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CHALLENGE: Fight employee turnover despite sky-high rates induced by the pandemic
SOLUTION: Implement Retain software in conjunction with training and leadership development
OUTCOME: Beat national senior care turnover rate by 11%
The pandemic had a devastating effect on long-term and post-acute care employment. A key challenge was staff retention, as employees were quitting at record rates. Employee turnover in the senior care sector increased by 40% in 2020.
Company Y came to Pinnacle Quality Insight in January 2020 looking for a solution to employee turnover for its 5,000 workers. We recommended Retain by Pinnacle, simple software that surveys employees, flags potential separations, and prompts managers to check in with employees. Since research shows that employee turnover at senior care centers is highest in the first 100 days of work, the software particularly targets new hires.
In the previous year, 2019, Company Y’s turnover rate was slightly higher than the national senior care sector benchmark of 52%. COVID-19 changed everything, jacking up national turnover to 73%. Because Company Y invested in Retain alongside its training and leadership development efforts, though, it kept turnover under control: in 2020 Company Y’s turnover rate was only 62%.
Beating the national turnover rate by 11% took work, but efforts were divided into a few simple daily tasks spread out over hundreds of staff managers. Retain collected periodic new hire surveys and prompted managers to respond. It also reminded managers to celebrate milestones like birthdays and work anniversaries. Finally, Retain conducted an annual all-staff engagement survey and a 6-month follow-up. Additionally, Company Y increased its focus on training and employee engagement.
“Even though 2020 brought unforeseen challenges, we are able to offer better continuity of care to seniors at the same time we save money on hiring and training employees.”
The numbers are impressive, but they represent more than percentages. It costs $4,000 to recruit, hire, and train a single employee, so every employee retained represents thousands of dollars in operational costs. Comparing forecasted with actual job separations yields a savings of 600 jobs, or $2.4 million. Since the Retain price tag for 5,000 employees was right around $100,000, Company Y netted $2.3 million in savings.
For Company Y, Retain was a clear win. Download the case study to find out more or fill out this form to get in touch with us about how your organization can reduce turnover and save money with Retain.