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New Employee Retention
Having recruited and inducted your new employee into your company, it's
now time to make sure that they want to remain with you. New employee
retention is very important, especially if you consider the cost of
replacing an employee. At the same time, it's important to recognize
that if there are behavioral problems with an employee, you should
immediately deal with those concerns.
New Employee Retention
In the past, the search for talent ended with the signing of the offer
letter. In the current environment, the mission of finding and keeping
the best employees only begins with hiring. The psyche of today's
employee has changed as well. Gone are the days of the gold watch after
40 years. The traditional covenant between employer and employee has
been broken, and too many employees feel the company no longer has
their best interests in mind. With fewer promotional opportunities
available due to fewer organizational layers, upward career growth is
no longer a guarantee. Therefore today's workers are reluctant to make
future personal sacrifices for the company.
The average turnover rate for U.S. businesses is hovering around 15
percent. The cost associated with that turnover can be high - generally
25 percent of the individual's annual salary. Clearly finding ways to
attract and retain high quality staff can be a boon to any
organization. The job market is still competitive for the "best and the
brightest," which means that employers are more and more frequently
vying for the same candidates.
So, what do employees want? The same things they have always wanted -
challenging and stimulating work, fair pay, the tools and resources
needed to do their jobs, recognition for work well done and involvement
in the decisions that impact their day-to-day lives at work. The
problem is that competition among employers is fierce, especially in a
labor market where it is increasingly difficult to attract and retain
quality workers. Suddenly just addressing the basic needs of employees
isn't enough.
The Five-Step PRIDE Model
A work environment that attracts, keeps and motivates its workforce is
one that gives workers a sense of pride and purpose in what they do.
Managers have the sole responsibility for creating this work
environment. They have to provide the leadership that holds everything
together. Leaders can improve motivation within organizations by
following the PRIDE model:
- Provide a positive working environment
- Recognize, reinforce and reward everyone's efforts
- Involve everyone
- Develop skills and potential
- Evaluate and measure continuously
Provide a Positive Working Environment
Happy employees make productive employees. One of the most important
factors is the work environment itself…how employees "feel" about the
company. Sears conducted an 800-store survey that showed the impact of
employee attitudes on the bottom line. If employee attitudes improved
by 5 percent, customer satisfaction jumped 1.3 percent, consequently
increasing revenue by one-half a percentage point. Seeking ways to
motivate and build worker morale pays dividends to any business or
organization. The motivated worker is more committed to the job and to
the customer. On the other hand, workers who are unmotivated vote with
their feet.
Recognize, Reinforce and Reward Everyone's Efforts
Mark Twain once said, "I can live for two months on a good compliment."
Money may attract people to the front door, but something else has to
keep them from going out the back. Another survey showed the number one
reason people quit their jobs was for a lack of recognition and praise.
Compensation fell well down on the list.
Nothing can replace personal recognition and sincere appreciation.
Building a motivating reward and recognition system should follow the
FAST-FUN formula:
- Focus on the behavior you want to reward
- Avoid bureaucratic judging and committees
- Simplicity: do not make your program too complicated or formal
- Team ownership: let the employees run it and own it
- FUN: make it fun, entertaining and as spontaneous as possible
Involve Everyone
Studies show that having workers involved at all levels has a major
impact on improving profit and productivity. A good example is Guardian
Industries, an 800-person glass plant in Indiana. They decided to start
listening to their employees to find their opinion on how to staff the
plant's 24-hour work shifts. The employees decided that instead of
working rotating day and evening shifts, they would rather work
permanent 12 hour shifts. The result - turnover fell by 50 percent.
Many companies do an inadequate job of listening to and involving their
employees. A recent Towers Perrin survey of 3,300 employees showed an
increase in the number of employees who report their supervisors
ignored their interests when making decisions that affect them. If
you're looking for that competitive advantage, turn to your employees,
unleash their potential and benefit from their contributions.
Develop the Potential of Your Workforce
The German poet, Goethe, said, "Treat people as though they were what
they ought to be and you will help them become what they are capable of
being." This notion is never more critical than during the first year
when new employees try to meet the expectations of their new job, learn
about the company's services and customers and adjust to working with
new people. They need the guidance of their manager more during their
first year than at any other time in their career. Therefore it is
important to meet with a new employee frequently during their first
year. These meetings don't have to be lengthy, but must demonstrate
that you care about them and their performance and to show that you
want to help them be successful. From a business perspective, coaching
sessions drive improvements in retention, as well as the performance of
your organization.
Coaching is an ongoing process designed to help the employee gain
greater competence and overcome barriers to improving performance.
Coaching is appropriate when an employee has the ability to succeed,
but performance is not at the expected level. The goal of coaching is
to create a change in behavior, to move employees from where they are
to where you want them to be. Coaching encourages people to do more
than they imagined they could. Investing time in employees, through
coaching, shows that we care and are interested in seeing them develop.
Evaluate and Measure Continuously
Continuous evaluation and never-ending improvement are the final steps
of the PRIDE model. Establish accurate benchmarks to measure the
effectiveness of your strategies. Determine your goals: Do you want to
decrease turnover or increase employee morale? Make sure you include
financial measures to really evaluate your performance. You may wish to
measure your team's effectiveness in the following areas:
- Hiring processes: How accurately does your screening process
predict future success? What is the turnover rate of employees with
less than 6 months of experience? How quickly does it take for an
employee to be productive?
- Compensation/Benefits: How competitive is your compensation and
benefits plan? How many of the employees that leave your company leave
for higher pay or better benefits? How many of your employees feel that
they are not receiving adequate compensation for their contributions?
- Employee psyche: The need to explore the psyche of your employees
and gain an understanding of what a satisfying work environment means
to them cannot be underestimated.
Still searching for a star performer? An Sales Consultants of Brookfield recruiter can help.