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E-Report:
Employee Retention Strategy:
Implementing a Retention
Strategy
24 pages pdf.
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Get Ready, Here It Comes
Again
In the next several years, this nation will face a mass exodus of
employees leaving their current employers for better jobs. As a business
management consultant, I have surveyed and consulted with hundreds of
organizations. One thing is clear--there is a
large chasm of discontentment. People always think the "grass is greener"
with another company. My surveys show voluntary turnover has increased by 30 percent.
What are you going to do? What
is your strategy in preventing valuable employees from leaving?
Consider the following
driving forces.
Job Defections – The Society of Human Resource Management (SHRM) and
the Wall Street Journal website completed the Job Recovery Survey in
September 2003. The key findings revealed 64 percent of employees said
they were extremely likely to begin or increase the intensity of their job
search. An additional 19 percent said they were somewhat likely to
increase their search.
Worker Shortage - As the economy improves, no longer is there a
bottom less pit of workers lined up knocking at employers’ doors.
According to the Bureau of Labor Statistics, by year 2010 there is going
to be a shortfall of 7-11 million workers. The shortage is partly due to
the retirement of the Baby Boom generation and lower birthrates.
"We employ 11 million people now, and we're going to need more," says
Steven Anderson, President and CEO of the National Restaurant Association.
"We're projecting a need for another two million by 2010. Our biggest
concern is where to find these folks."
Skill Shortage – Many industries already experience major shortages
of talent. For example, the healthcare industry suffers from a nurse
shortage, and now is importing nurses from other countries. This places a
burden on employers to provide the best place to work possible to attract
and retain key staff.
Importance of Job Satisfaction – Yes, people need jobs to pay their
bills, but a large segment of the workforce places job satisfaction as the
top reason for staying with or leaving companies. I interviewed one person
shortly after 911. He said, “If I die tomorrow, I want to make sure I am
doing a job that means something.” His comments are a reflection of a new
trend existing in the workforce today.
Our employee retention strategy is easy to implement and provides you the six steps you need
to adopt in establishing an effective retention strategy.
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Assess the organization.
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Hold people accountable.
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Measure what is important.
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Increase employee ownership and
involvement.
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Build relationships and create
a positive first impression.
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Devise intervention strategies.
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The
Retention Czar
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Who should
be held accountable
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Two types
of assessments to pinpoint problems
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How to
look for and accommodate life changes that lead to turnover
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Company
policies that affect retention
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What you
should measure and monitor
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What a
good employee orientation program should look like
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How to
design an Individual Retention Profile (IRP)
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Includes a
detailed employee orientation task list
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What to do
when an employee says they are leaving
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Case
studies
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How to
design a retention implementation team
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How to
hire for retention
