Executive Tools
- Executive Summary
- Self Assessment Checklist
Expert Practices Articles
- A Changing Work Force and Workplace
- Five Strategies for Retaining Employees
- Top Tips for Retaining Employees
- Retaining Key Employees
- Using Benefits as an Employee Retention Tool
- Creative Rewards and Recognition
Tools & Analysis
- Sample Employee Benefits Mission Statement
- Employee Retention Questionnaire
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the Entire Best Practice Module: Employee Retention
A Changing Work Force and Workplace
Fundamental changes are taking place in the work force and the
workplace that promise to radically alter the way companies relate
to their employees. Hiring and retaining good employees have become
the chief concerns of nearly every company in every industry. Companies
that understand what their employees want and need in the workplace
and make a strategic decision to proactively fulfill those needs
will become the dominant players in their respective markets.
The fierce competition for qualified workers results from a number
of workplace trends, including:
- A robust economy
- Shift in how people view their careers
- Changes in the unspoken "contract" between employer
and employee
- Corporate cocooning
- A new generation of workers
- Baby boomers striking out on their own after hitting corporate
ceilings
- Changes in social mores
- Life balance
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the Entire Best Practice Module: Employee Retention
Five Strategies for Retaining Employees
Employees leave jobs for five main reasons:
- Poor working conditions
- Lack of appreciation
- Lack of support
- Lack of opportunity for advancement
- Inadequate compensation
Overcoming these reasons requires the implementation of five distinct
categories of retention strategies:
- Environmental strategies create and maintain a workplace that
attracts, retains and nourishes good people.
- Relationship strategies focus on how you treat your people and
how they treat each other.
- Support strategies involve giving people the tools, equipment
and information to get the job done.
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the Entire Best Practice Module: Employee Retention
Top Tips for Retaining Employees
To retain their employees, companies should implement the following
best practices:
- Hire right to begin with. (See Best Practices: Staffing)
- Engage in longer orientations with new employees.
- Live the values.
- Use creative rewards and recognition. (See Best Practices: Compensation)
- Create annual personal growth plans for each employee.
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the Entire Best Practice Module: Employee Retention
Retaining Key Employees
By focusing on key players who truly make or break your business,
you can get the most leverage from your employee retention efforts.
Retaining key employees requires a five-step process:
- Identify key employees and positions.
- Know what motivates your key employees on an individual level.
- Provide a deferred compensation plan.
- Monitor and manage key employee performance.
- Review key employees annually.
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the Entire Best Practice Module: Employee Retention
Using Benefits as an Employee Retention
Tool
Employee benefits provide a powerful tool for attracting and retaining
top-notch employees. To design a retention-oriented benefits program,
use the following steps:
- Create a benefits mission statement.
- Identify your audience and their specific benefits wants and
needs.
- Define a benefits budget that fits within the financial constraints
of the company.
- Give employees as much control as possible over their benefits.
- Communicate the plan.
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the Entire Best Practice Module: Employee Retention
Creative Rewards and Recognition
- Reward people for specific behaviors/results.
- Make your rewards program simple and easy to understand.
- Get employees involved in designing and running the program.
- Make it fun!
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the Entire Best Practice Module: Employee Retention
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