State Street Corporation
Retaining Top Talent
The concept of employee engagement – “bringing discretionary effort to work in the form of extra time, brain power, and energy” – has received much attention due to its strong correlation with retention (Towers Perrin,2007). With a talent shortage looming and turnover costs rising (over $10,000 per employee for nearly 50% of com panies), engaging employees is a top priority. However,only 21% of employees are engaged (Towers Perrin,2003). Companies are seeking innovative approaches to connect with their employees’ values and form authentic com m unities across organizational silos.
Common Impact helps companies engage in team-based projects that provide employees with a sense of purpose and opportunities to learn and develop. While Towers Perrin cites only 36% of employees feel their organizations provide excellent career opportunities (Towers Perrin,2007), Deloitte finds 74% of community participants believe volunteering has positively impacted their careers (Deloitte,2006).
Through Common Impact, employees work in “virtual teams” for 1-3 hours a week to implement tangible solutions for local nonprofits, forming lasting relationships with their peers and positively affecting their communities. 100% of participants report meeting new colleagues and 92% cite feeling they made a difference.
“It was nice to have the support of the Common Impact team throughout the project. They helped coordinate and communicate with the non-profit where needed. ”