Ideas For Employee
Retention
by Eileen McDargh
A recent survey of 350 human resources managers shows that
employee
turnover is becoming one of the most critical workplace
issues.
Sixty percent say that skilled-person power is "scarce".
Forty
six percent say that worker retention is a "very serious"
issue
and another 28 percent believe it to be "serious".
Companies that take the problem seriously and implement
programs
to ensure employee satisfaction have the highest retention
rates.
"Show me the money" is not the singular solution. While
bonuses,
stock-options, and flextime are appreciated, what employees
really
want is some assurance of continued employability. Here are
the
most popular worker retention strategies:
78% conferences and seminars
67% tuition reimbursement
67% managerial training
58% pay for performance
57% flextime
57% interpersonal skills training
55% technical training
Five of the top seven areas are all related to learning.
Today's
workforce recognizes the value of continual personal
improvement
as a way to assure steady employability. Yet many companies
still
find it easier to throw pay increases at the problem rather
than
take a long term view.
A recent study of 4000 professional and clerical workers
found that
job satisfaction keeps more workers than pay levels alone.
The survey
found that only 6% of people who were satisfied with their
jobs
but unhappy with their pay plan to quit. The percentage
jumps to
27% when they were dissatisfied with their jobs but happy
with their
pay! If they were unhappy with both their pay and job
situation,
the percentage of those ready to bail jumped to 41%!
The challenge: what makes for satisfaction? The answer:
opportunity
for career development through education, meaningful work
and appreciation,
360 degrees of communication, consistent performance
expectations
and consistent accountability, and work/life balance.
Pay is easier and quicker. Creating a culture for
satisfaction takes
time, prompts internal analysis, and leaves long-term
positive results
on the bottom line. Don't tie pay increases to only rank
and power.
Work at getting away from the notion that you have to move
up to
make more. Remember that front line people hold customers
in their
hands. Shouldn't they be among the most well-trained and
well-paid
people on your staff? Reward people for what they know and
do, not
how long they've been on the job or how many people they
supervise.
© Eileen McDargh, McDargh Communications. All rights reserved.
You may reprint this article so long as it remains intact with the byline
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Since 1980, professional speaker and Hall of Fame member
Eileen McDargh has helped Fortune 100 companies as well as individuals
create connections that count and conversations that matter. Her latest
book is Gifts from the Mountain-Simple Truths for Life's Complexities. Her
other books include Talk Ain't
Cheap...It's Priceless and Work for a Living and Still Be
Free to Live, one of the first books to address the notion of balance and
authentic work. A 59 year-old grandmother, she recently returned from
climbing among the highest mountains in the world. Find out more about
this compelling
and effective professional speaker and join her free
newsletter by visiting http://www.EileenMcDargh.com.
McDargh
Communications
(949) 496-8640
Eileen@EileenMcDargh.com
www.EileenMcDargh.com
© 2008 McDargh Communications, All rights
reserved
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