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 and if all links are made live.
Since 1980, Hall of Fame speaker 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
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