Employee turnover costs companies millions of dollars in direct cost like recruitment, replacement and training. It also carries a heavy cost in indirect losses of productivity, team disruption, and quality problems.
Evaluate these 21 tactics for attracting the right job seeker and building a strong plan for employee retention.
Image. People want to work at a company with a positive public image. Make sure your organization has that reputation. Market Performance. Workers want to belong to a company with a solid future. Promote your company as such. Recruitment. Make sure your new hire is a good fit. When they understand and buy into the company culture and mission, they are more likely to stay. Selection. New employees want the selection process to be fair and timely. Support your new hires with equitable and prompt selection practices. Job Fit. Work to ensure your job meets the expectations and skills of … Continue reading Employee Retention tactics
Employees want to feel recognized, valued, and engaged. One way to insure you keep valuable employees is to promote them.
In a large company, there may be many places where employees can move up. In smaller companies it may take some planning to reward your employees with a promotion. Here are five steps to help you retain your choice workers by promoting them.
Assess. Who do you have working for you that’s doing a particularly good job? Who are your most vital employees? Take some time to assess their needs, goals and limitations.
Regular feedback will help you discern which employees might be considering leaving. Why would they move on? It could be things outside your control—like health or family. Or it might be factors you can influence—work environment, pay, work hours, or boring work. In addition, a strong and well publicized succession plan will help you avoid … Continue reading Employee Retention & Promotion
Businesses hand out retention bonuses to key employees at different times and for different reasons.
Mergers, Takeovers, or Hostile Takeovers.
Merging companies face having two employees for every one job. Who will stay and who will go? The company would like to decide, but smart employees see the handwriting on the wall and go off looking for a new job on their own.
This puts the company at risk that BOTH employees will leave and the gap in management will be detrimental to the company. So they offer retention bonuses.
In this case the bonus serves these purposes:
It’s a strategy to motivate the worker to stay with the company It’s a one-time deal. It’s a show of appreciation for the employee’s talents and experience. Often there is no written contract and no obligation that forces the employee to remain. Sometimes there is a contract that requires the … Continue reading Employee Retention Bonus
Traditions and myths about best work practices cloud the workforce. Some of these beliefs have influenced businesses for generations.
New studies, however, are showing some of the commonly understood methods of motivating and retaining employees are not based in facts. They are myths.
Check out these five areas where common wisdom will yield poorer results than unexpected actions.
More Pay Makes a More Satisfied Employee.
While pay can influence motivation and employee retention, it is not the magic bullet. Simply throwing money at your employees in the hopes of keeping them is ineffective. A McKinsey Quarterly survey showed that cash, bonuses, or options motivated only 35-60% of workers.
Workers were more motivated by praise from managers (67%), recognition from company leaders (63%) or opportunities to lead projects (62%).
While money can influence, other factors also play an important part in employee satisfaction.
Keeping Your Best Workers Gives Better … Continue reading Employee Motivation & Retention
You’re looking for a leadership development program and are prepared to part with your hard earned money for it. In exchange, you want viable skills that will immediately produce results.
As you examine the different choices you have for an executive leadership development program, keep these six key ingredients in mind. It may be that you will need a combination of scholastic and company specific training to master all of these key requirements.
Maintain a competitive advantage in a fast changing world.Training and developing employees demands a constant inflow of fresh ideas. The last thing you need in a leadership program is outdated ideas. There are some essential and evergreen ways of thinking and managing and there are fads and flash-in-the-pan theories that are promoted, then discarded when they fail. Make sure your program offers time-tested and fundamental strategies. And that they show you how to incorporate these … Continue reading Executive leadership development program
Accurate employee retention surveys can help companies in many ways. They can show them how many satisfied and unsatisfied workers they have. Or they may bring to light attitudes and the percentages of employees planning to stay or leave.
Surveys can discover what makes workers happy or unhappy so you can give your employees what they need to stay motivated and satisfied with their jobs. And they may build morale as employees have a chance to share their opinions in a confidential setting.
A recent survey on Workforce Retention by the American Psychological Association
60 % of working Americans remain with their current employers because of benefits 59 % stay because of pay 67 % stay because their jobs fit well with the other aspects of their lives 67% stay at their current jobs because they enjoy the work they do 39 % stayed because they didn’t … Continue reading Employee Retention Survey
In this day and age of high unemployment, some businesses think they have their employees in a headlock. That could not be further from the truth.
They may retain the average, or low achieving employees, but their stellar employees are not deterred by a slow job market. They know they can find work whenever they want.
What do you need to do to retain your prized employees? How can you can create a business environment that keeps them satisfied? Here are three ways to do that.
Nurture Strong Employee/Boss Relationships
Power corrupts. Sometimes the more power bosses have, the less well they use it. Watch managers and evaluate their management style.
In their book, First Break All the Rules: What The Worlds’ Greatest Managers Do Differently, authors Marcus Buckingham and Curt Coffman said people don’t leave jobs, they leave managers.
To insure employee retention in your company, … Continue reading Employee Retention