Maximizing employee retention
21
-
Upload
wong-yew-yip -
Category
Leadership & Management
-
view
155 -
download
0
Transcript of Maximizing employee retention
Employee Retention is a systematic effort to create and
foster an environment that encourages employees to remain
with the organization by having policies and practices that
address their diverse professional and personal needs 2
What is Employee Retention?
3
Why Employee Retention?
Employee retention will benefit an
organization as follows:
Reduce cost of staff turnover
Reduce loss of company
knowledge base
Reduce customer service
interruptions
Improve branding as employer of
choice
Maintain efficiency of operations
Enhance employee loyalty
4
10 Reasons why employees leave their jobs
Employer-employee
expectations not matched
Job responsibilities and
employee mismatch
Does not fit in with
company culture
Does not feel appreciated
and/or recognized
Lack of growth and
advancement
opportunities
5
10 Reasons why employees leave their jobs
Lack of trust and/or
support
Unable to work with
supervisor, colleagues
Stress from unfavorable
work environment
Lack of confidence in
company or leadership
Better job offer
6
Workforce Study on Employee Retention
The Towers Watson Global Workforce Study 2012 covers
more than 32,000 employees selected from research panels
that represent the populations of full-time employees working
in large and mid-size organizations across a range of
industries in 29 markets around the world.
7
Managing Employee Retention
Identify cost of employee turnover
1
Understand why employees leave
2
Implement retention strategies
3
A 3-Step Approach :
8
Role of Manager/Leader in Employee Retention
Create motivating work environment
Stand up for and support
employees
Provide mentoring and/or coaching
Delegate extra responsibilities
Ensure honesty, fairness and
equality in employee dealings
Provide opportunities for employee
learning, development and
advancement
9
10 Good Employee Retention Strategies
Hiring the right people - do it right the first time
This is one of the most important retention strategies. Someone
can be amazingly capable but if expectations are not in sync and
does not fit the company’s culture, the person is just not right
10
Provide an attractive compensation package
“If you pick the right people and give them the opportunity to
spread their wings and put compensation as a carrier behind
it you almost don't have to manage them” ~ Jack Welch
10 Good Employee Retention Strategies
11
Empower employees to get work done with
minimal bureaucracy
“Organizations that empower folks further down the chain or try to get
rid of the big hierarchal chains and allow decision making to happen on
a more local level end up being more adaptive and resilient because
there are more minds involved in the problem” ~ Steven Johnson
10 Good Employee Retention Strategies
12
Foster close relationship at all levels and promote
teamwork within teams and cross functionally
A pleasant working relationship with supervisors, peers
and colleagues, and working in harmony are strong
deterrents for employees to be lured away
10 Good Employee Retention Strategies
13
Build a culture of trust, respect and support
Build a culture where
employees demonstrate a
high level of trust for each
other, willingness to
respect the views of others
and support each other in
times of need. One key
reason people stay is
because they have formed
multiple connections with
others in the company.
10 Good Employee Retention Strategies
14
Communicate and keep them updated with
information about the organization
Keep employees motivated and engaged by communicating the
organization’s goals, strategies and performance, and allow
information to flow freely to make them feel as part of the team
10 Good Employee Retention Strategies
15
Provide career path with opportunities for
growth, development and advancement
In addition to an attractive compensation package, offer more in
the way of career development as employees care as much about
potential advancement as they do about financial compensation
10 Good Employee Retention Strategies
16
Value employees with recognition and
appreciation for their efforts and achievements
“Employees who believe that management is concerned about
them as a whole person - not just an employee - are more
productive, more satisfied, more fulfilled” ~ Anne M. Mulcahy
10 Good Employee Retention Strategies
17
Help employees to maintain a healthy work-life
balance
“The challenge of
work-life balance is
without question one
of the most significant
struggles faced by
modern man” ~
Stephen Covey
10 Good Employee Retention Strategies
18
Create an environment that is friendly and fun
to work
When employees are having fun in what they are doing at
work and with friendly people, do you think they want to
leave the organization?
10 Good Employee Retention Strategies
19
Becoming an Employer of Choice
An Employer of Choice is one with:
ability to attract and retain
quality talent
enhanced reputation or
branding in the marketplace
ability to impress customers,
clients, employees and industry
increased employee morale
World’s No. 1 Employer of Choice?
1 Lend a helping hand
2 Life is beautiful
3 Appreciation is the best motivation
4 Work and play are not mutually exclusive
5 We love our employees, and we want them to know it
6 Innovation is our bloodline
7 Good company everywhere you look
8 Uniting the world, one user at a time
9 Boldly go where no one has gone before
10 There is such a thing as a free lunch after all 20
Top 10
reasons
to work
at
Which of these
can your
organization
adopt as part
of your
Employee
Retention
Strategies?
