Proven Ways to Retain Your Best Employees

Finders Keepers, Losers Weepers:
Proven Ways to Retain Your Best Employees

Gregory P. Smith

Imagine–you have been working late to finish an important project when
your project manager walks into your office and tells you she has been
offered a better job. This is the same person you handpicked, trained,
and recently gave a pay raise. As she turns to depart she says, "There
are others thinking about leaving too."

What went wrong? How are you going to finish this project? Who will be
next to leave? The dread is starting to sink in.

Employers face enormous challenges when they consider the increasing
difficulty of finding skilled people, a more demanding younger workforce,
and a growing population of older workers heading toward retirement. In
the next 10 years, HR professionals expect three out of 10 employees in
their organization's workforce to retire.

The difficulty in finding and keeping talented people is having a
catastrophic impact on many businesses and industries throughout the
world. In addition to those retiring, surveys show one out of every three
people plan on quitting their jobs this year. The greatest threat
employers face is losing their best and brightest to the competition.
That's a lot of talent leaving organizations and just the beginning of
what many people have described as the "perfect storm."

Here Comes the "Plug and Play" Generation

A new generation of workers is transforming the landscape. There are
several reasons why. On one end of the workforce, the Baby Boomer
generation is retiring, leaving fewer skilled people to choose from. On
the other end, a smaller group of younger workers is entering the
workforce who place their needs for instant gratification first and
foremost. The average tenure of a 20-something is less than 18 months,
creating a swinging door and a cycle of misery for employers.

The Cost of Turnover

Each year businesses spend billions of dollars recruiting and replacing
their employees. They assume turnover is unavoidable and think there is
very little they can do to prevent it. For the most part, organizations
focus on retention after they start experiencing a turnover problem.

Few businesses consider the impact of turnover on their bottom line. It
takes $7,000 – $14,000 to replace a typical employee, and to replace a
key manager costs the same as buying a Lexus. To replace a critical care
nurse can run up to $185,000; and when a top talented individual in a key
role departs, it can cost millions. In spite of the staggering cost, the
majority of businesses do not have a formal retention program.

Money and benefits are important, but studies show most employees leave
for other reasons. Obviously, a certain degree of turnover is
unavoidable, but with a small amount of effort organizations can make a
major difference. Your retention plan should address the following key
components.

Hire the best and avoid the rest. Cisco CEO John Chambers said, "A
world-class engineer with five peers can out produce 200 regular
engineers." At Yahoo they would rather leave a position open than hire
the wrong person. Instead of waiting for people to apply for jobs, top
organizations spend time looking for high-caliber people whether they
have a job opening or not.
Redesign your orientation program for new employees. The old saying, "You
don't get a second chance to make a good first impression" is true in
this case. Organizations experience the highest level of turnover during
the first 90 days on the job. The purpose of onboarding is to quickly
assimilate the new person into the organization, so make the first
critical days stand out as a positive experience. This is a great
opportunity to make new hires feel proud to have chosen your
organization.

Provide flexible work schedules adapted to the needs of the individual.
In today's workplace, flexibility rules. A one-size-fits-all approach
has long since lost its effectiveness. Workers will migrate to a company
whose benefit packages and schedules help them meet the demands of their
lives, whether they are single parents, adults who care for aging
parents, older workers, younger workers, part-time workers, or
telecommuters.

Get rid of the slackers and whiners. Employee retention does not mean
you keep everyone. Employees say one of the main reasons they stay is
because they like the people they work with. No one wants to work with
people who do not pull their weight. Those businesses that tolerate poor
performance will drive off the good employees and be stuck with the bad
ones.

Soft skills are becoming the hard skills. Interpersonal skills are a
critical element of the high-retention culture. People want to feel
management cares and is concerned for them as individuals. Yet, poor
"soft skills" are one of the biggest factors driving people away. To
build stronger bonds between the top management and employees, one
corporate office practices something called the 'Employee Scavenger
Hunt.' Once or twice a year, they give every executive or manager five
names of employees. They find each person, meet them, and learn about
them as individuals. The process builds a better bond, improves
communication, and increases trust within the organization.

If they can't "move up" they will "move out." For many people, learning
new skills and advancing their career is just as important as the money
they make. In a study by Linkage, Inc. more than 40 percent of the
respondents said they would consider leaving their present employer for
another job with the same benefits if that job provided better career
development and greater challenges.

Create an early warning detection system. Ask employees to let you know
if they hear of people who are thinking about quitting. Advance notice
will give you an opportunity to try to prevent the departure. One
practice Applebee's put in place is the "Turnover Alert Form." It is
designed to identify and prevent discontented managers from quitting. In
those situations, Applebee's brings the managers in to meet with the CEO
and possibly other executives. They want to identify and repair anything
that might be causing job dissatisfaction.

Create an alumni program. No matter how good you think your company is,
your employees always think they can find a better job elsewhere. "The
grass is greener" mentality is alive and well in organizations across the
country. So keep the doors open for the good ones to come back. Keep in
contact with previous employees, send them newsletters, keep recruiting
and talking to them until they return. Who knows, they may refer other
employees to you.

Look for triggers. Focus on individuals going through some form of change
such as marriage, pregnancy, divorce, a child's graduation, mergers, or
other important events that could influence job satisfaction and/or
persuade or force employees to leave the organization prematurely.

Re-hire your employees. An emphasis on hiring new people can cause
"older" employees to dis-engage, feel ignored, or forgotten. To combat
this situation, consider reinterviewing all of your employees
periodically. During the interview, review their training and
development, ideas and suggestions, identify new skills acquired, and
review their pay and benefits.

Take the temperature of your workforce. High-retention workplaces use
employee climate assessments to measure the attitudes and feelings of
their workforce. Every organization should conduct some form of climate
assessment periodically during the year.

Complete an Individual Retention Plan on your best employees. You must
manage retention one employee at a time. Focus on the key jobs that have
the most impact on profitability and productivity. Everyone has a
different set of needs and expectations about their jobs. By conducting
an individual retention profile, managers can quickly identify the
employee's unique motivations, goals, level of job satisfaction, as well
as other expectations.

Focus on the family. One small company gives their employees' children a
$50 Savings Bond twice a year when they get straight A's on their report
cards. Another survey of 1,000 companies showed half of them let workers
stay home with mildly ill children without using vacation or sick days.
Two-thirds permit flextime defined as allowing employees to adjust work
hours on a daily basis.

Identify and weed out poor managers. The relationship with the employee's
front-line manager is the most common reason people leave. As part of
LaRosa's employee retention strategy, all workers evaluate their bosses
twice a year using a special report card. It asks the employees to give
their managers a letter grade from A to D in four categories. Any score
less than a "B" requires a specific comment from the employee. After it's
completed, they tabulate the comments and design action plans for
improvement.

Adopt your employees. Starting employees off on the right track is
incredibly important, and maintaining your hiring initiatives and keeping
strategies fresh and creative is the key. One organization goes a step
further than most-they ADOPT their employees. After they are hired and
complete the orientation program, the new employee is brought into a
conference room and presented with a set of "Adoption Papers." The
certificate is printed on parchment paper. The employee also receives a
cupcake and with a lit candle commemorating this important event.

Visit our website to download a free employee retention organizational
assessment and a Cost of Turnover Calculator to determine how much
turnover is actually costing your business. Please go to:
http://www.highretention.com/cost-of-turnover.html

Greg Smith's cutting-edge keynotes, consulting, and training programs
have helped businesses reduce turnover, increase sales, hire better
people and deliver better customer service. As President of Chart Your
Course International he has designed and implemented professional
development programs for hundreds of organizations globally. He is a
former examiner for the Malcolm Baldrige National Quality Award, the
nation's highest award for business excellence. He has authored eight
books including his latest, 401 Proven Ways to Retain Your Best
Employees. For more information, visit www.chartcourse.com or call (800)
821-2487 or (770) 860-9464.

The book is available on Amazon.com and http://www.401ProvenWays.com

FW: Google Alert – employee retention

 


From: Google Alerts [mailto:googlealerts-noreply@google.com]
Sent: Monday, May 14, 2007 8:17 PM
To: greg@chartcourse.com
Subject: Google Alert – employee retention

Google News Alert for: employee retention

Employee Wellness Is Employee Motivation
About – News & Issues – New York,NY,USA
I am also a fan of wellness programs because I believe they are positive factors for employee motivation and retention. They have the potential to lower an
See all stories on this topic

Employee-employer partnership changing
Ocala.com – Ocala,FL,USA
Recovery could dramatically increase the need for retention strategies if a better-than-expected recovery occurs. Human resource professionals must champion
See all stories on this topic

Is Attrition Bad? Top HR Mangers Answer at Rai Foundation
Business Wire India (press release) – New Delhi,India
Employee retention and motivation is a tightrope walk for HR managers in today’s job swarmed market. Rai Foundation organized the conference “Retention
See all stories on this topic

EdgeOhio Offers New Employee Engagement Course
PR Web (press release) – Ferndale,WA,USA
It also helps to greatly improve both employee motivation and retention by targeting individual attitudes, beliefs, expectations and behavior patterns in
See all stories on this topic

Retaining Employees
Associated Construction Publications – Norcross,GA,USA
But by taking a proactive approach to developing an effective employee retention program, the anxiety of high turnover can be reduced.
See all stories on this topic

Kenexa Research Institute Uncovers Contrasting Perceptions of US
Web Services Journal – Montvale,NJ,USA
In contrast, the US workers were more favorable with employee benefits, a category in which there was a variance of 41 percentage points.
See all stories on this topic

United States: Alternative Risk Financing: Non-Trading Options
Mondaq News Alerts (subcription) – London,UK
Known as alternative risk financing, these arrangements combine risk transfer and risk retention techniques with self-insurance to provide alternative (or
See all stories on this topic

Small-biz employees value retirement plans, study says
InvestmentNews – New York,NY,USA
In talking to small-business owners about such plans, it is important to highlight the employee retention, or recruitment, benefits, Mr. Holtzman said.
See all stories on this topic

E-mail checks at work increase
Frederick News Post (subscription) – Frederick,MD,USA
When it comes to retention of records, she said businesses are free to come up with a policy —but they must follow the policy completely.
See all stories on this topic

Google Blogs Alert for: employee retention

A series of annual appointments as an educator may not result in
By Harvey Randall, Esq.(Harvey Randall, Esq.)
Seniority is one of the critical elements in determining the retention of an employee in layoff situations. Such seniority, however, is a function of having tenure with the individual’s employer, as the Mohr case demonstrates.
New York Public Personnel Law – http://publicpersonnellaw.blogspot.com/

5/12/07 Hour 2 – The Tim Knox Radio Show Instant Replay
By Tim Knox
This hour includes a discussion on employee perks and retention, the lack of customer service at Wal-Mart, and an overview of affiliate marketing. “The Tim Knox Show” features common sense business advice with a side order of fun!
The Tim Knox Show – http://timknox.podOmatic.com

Swamp Sunrise
By Newsdesk
EMPLOYEE STOCK OWNERSHIP — The ESOP Association of America (the national trade association for companies with employee stock ownership plans) holds its 30th annual conference. Highlights: 7 pm The 16th Annual AACE Awards Banquet.
The Swamp – http://newsblogs.chicagotribune.com/news_theswamp/

Mobile Marketing – Nokia – ShowPressRelease : Business mobility
By Fabrice Jacquet
making headway into organizations and more advanced applications and processes are mobilized, the reasons behind companies’ mobility adoption can vary from hard core ROI benefits to softer values such as employee retention.
…… MOBILE ALLEY …… – http://mobilealley.wordpress.com

Google Web Alert for: employee retention

Focus – employee retention – CareerOne
Includes listings of jobs in Australia like accounting jobs, administration jobs, HR jobs, hospitality jobs, IT jobs, customer service jobs and many more


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401 Proven Ways to Retain Your Best Employees

FOR IMMEDIATE RELEASE

Contact: Jan King
E-mail: jan@chartcourse.com
Website: www.chartcourse.com
Phone: (800) 821-2487 (770) 860-9464

BUSINESSES WASTE BILLIONS REPLACING TOP PERFORMERS
Author and management consultant, Greg Smith says, "This country is
facing a growing labor shortage and most businesses do not have a formal
employee retention program."

Atlanta, GA (May 1, 2007) Imagine–you have been working late to finish
an important project when your project manager walks into your office and
tells you she has been offered a better job. As she turns to depart she
says, "There are others thinking about leaving too."

What went wrong? How are you going to finish this project? Who will be
next to leave? The dread is starting to sink in. Surveys show one out of
every three people plan on quitting their jobs this year. Employee
turnover is having a catastrophic impact on many businesses and
industries across the country. The greatest risk employers face is losing
their best and brightest.

International business consultant and author Gregory P. Smith is making
waves as one of the nation's top employee retention experts. His new
book, 401 Proven Ways to Retain Your Best Employees, provides practical
solutions to promote high employee retention in your workplace.

Executives say employee retention is one of the top issues keeping them
up at night. There are several reasons why. On one end of the workforce,
the Baby Boomer generation is retiring leaving fewer skilled people to
choose from. On the other end, a smaller group of younger workers is
entering the workforce whose loyalties and priorities lie within
themselves first and foremost. The average tenure of a 20-something is
only 18 months creating a swinging door and a cycle of misery for
employers.

Few businesses consider the impact of turnover on their bottom line. It
takes $7,000 – $17,000 to replace a typical employee; to replace a key
manager costs the same as buying a Lexus. To replace a critical care
nurse can run up to $185,000. And when a top talented individual in a key
role departs, it can run into the millions.

Smith states, "Most employee turnover issues can be prevented." Many
organizations are clueless and do little to prevent good people from
leaving prematurely. For example, one CEO rewards outstanding employees
by allowing them to drive his BMW M3 convertible for a week.

401 Proven Ways to Retain Your Best Employees provides a wealth of
information, tips, advice, and case studies that allow for quick
reference and practical application. Ten years of research has gone into
this book. Smith says, "It is a great tool for busy managers who don't
have time to read dozens of books on theory. It is all here in one small
book."

He is the CEO and founder of Chart Your Course International, a
performance management consulting firm located in Atlanta, GA. Greg has
provided advice to many of the "Top 100 Best Places to Work" and served
as an advisor to the U.S. Army Surgeon General. His message is
international as he has traveled to and worked with businesses in 22
countries. He is a former Examiner for the Malcolm Baldrige National
Quality Award, which is awarded each year by the President of the United
States. He also was selected by the Human Resource Executive Magazine as
one of the nation's "Top-Ten Rising Stars" in Human Resource Management.
He has authored eight books including Here Today, Here Tomorrow:
Transforming Your Workforce from High-Turnover to High-Retention. When
Greg is not working, he loves to sail and raise orchids.

XXX

Greg

Gregory P. Smith
President & CEO
Chart Your Course International
Voice: 770-860-9464
Fax: 770-760-0581
http://www.ChartCourse.com
http://www.HighRetention.com
http://www.BehaviorProfile.com

We help businesses identify, hire, develop, and retain top employees

Don't miss Greg's latest book!

401 Proven Ways to Retain Your Best Employees
http://www.401-provenways.html

FW: [Employee Retention] FW: Google Alert – employee turnover

 


From: Greg Smith [mailto:greg@chartcourse.com]
Sent: Tuesday, May 15, 2007 1:46 AM
To: greg@chartcourse.com
Subject: [Employee Retention] FW: Google Alert – employee turnover
 


From: Google Alerts [mailto:googlealerts-noreply@google.com]
Sent: Tuesday, May 15, 2007 1:32 AM
To: greg@chartcourse.com
Subject: Google Alert – employee turnover

Google News Alert for: employee turnover

Top Restaurants Implement Kronos ® Solutions to Deliver Ultimate
QSR magazine – Durham,NC,USA
Talent management solutions not only impact the end customer experience but also tackle recurring industry problems such as employee turnover by eliminating
See all stories on this topic

What to Make of Shake n Shake?
Motley Fool – USA
The recently published annual report touts a reduction in employee turnover last year. While this is important in the restaurant business, Steak n Shake
See all stories on this topic

Zero Employee Turnover At Casinos Is Not Desirable Because New
Emediawire (press release) – Ferndale,WA,USA
Casinos struggling to reduce their employee turnover should keep in mind that zero turnover is probably impossible and not particularly desirable.
See all stories on this topic

Research Shows That the Cost of Replacing A Departing Casino
Emediawire (press release) – Ferndale,WA,USA
Employee turnover is so deep rooted in the casino industry that one major university has identified five areas associated with the cost of replacing a
See all stories on this topic

Morale booster: Making employees part of the team
American Medical News (subscription) – USA
Experts say Spring Road and other practices are right to pay such close attention to employee morale. Poor morale can lead to high employee turnover,
See all stories on this topic

Google Blogs Alert for: employee turnover

Q&A with Tata Consultancy Services
By Alan Zeichick(Alan Zeichick)
There’sa lot of turnover for the first few years after an employee is hired, but once someone has been onboard for seven or eight years, they’re like to stay at TCS. What about wage inflation, which is running at 12-15 percent in India
Z Trek: The Alan Zeichick Weblog – http://ztrek.blogspot.com/

Assessing Cultures Before A Merger or Acquisition
By Velvet Hammer
But he (Debes) acknowledges that employee turnover, at 18 percent, has been higher than he had wanted, and above the 12 to 15 percent that is average for the information technology industry. Acquisitions are often made by first by
The Hire Sense – http://selectmetrix.com/blogs

Say Yes To Corporate Alumni
By admin
By Mike Myatt, Chief Strategy Officer, N2growth No company is immune to the perils of employee turnover. But what if I told you that there was a way to recoup some of the investments made into former employees?
mike myatt, n2growth, CEO Blogs,… – http://www.n2growth.com/blog

Chain Reaction
By ccoffman
Whether they listen or not is another issue, but if employee turnover happens too much or too fast they will need to change policies. Or, look for another job. I know that is not easy, but it is an option.
octoberland – http://www.octoberland.com


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Posted By Greg Smith to Employee Retention at 5/14/2007 10:43:00 PM

FW: [Chart Your Course International] FW: Google Alert – employee turnover

 


From: Greg Smith [mailto:greg@chartcourse.com]
Sent: Tuesday, May 15, 2007 1:39 AM
To: greg@chartcourse.com
Subject: [Chart Your Course International] FW: Google Alert – employee turnover
 


From: Google Alerts [mailto:googlealerts-noreply@google.com]
Sent: Tuesday, May 15, 2007 1:32 AM
To: greg@chartcourse.com
Subject: Google Alert – employee turnover

Google News Alert for: employee turnover

Top Restaurants Implement Kronos ® Solutions to Deliver Ultimate
QSR magazine – Durham,NC,USA
Talent management solutions not only impact the end customer experience but also tackle recurring industry problems such as employee turnover by eliminating
See all stories on this topic

What to Make of Shake n Shake?
Motley Fool – USA
The recently published annual report touts a reduction in employee turnover last year. While this is important in the restaurant business, Steak n Shake
See all stories on this topic

Zero Employee Turnover At Casinos Is Not Desirable Because New
Emediawire (press release) – Ferndale,WA,USA
Casinos struggling to reduce their employee turnover should keep in mind that zero turnover is probably impossible and not particularly desirable.
See all stories on this topic

Research Shows That the Cost of Replacing A Departing Casino
Emediawire (press release) – Ferndale,WA,USA
Employee turnover is so deep rooted in the casino industry that one major university has identified five areas associated with the cost of replacing a
See all stories on this topic

Morale booster: Making employees part of the team
American Medical News (subscription) – USA
Experts say Spring Road and other practices are right to pay such close attention to employee morale. Poor morale can lead to high employee turnover,
See all stories on this topic

Google Blogs Alert for: employee turnover

Q&A with Tata Consultancy Services
By Alan Zeichick(Alan Zeichick)
There’sa lot of turnover for the first few years after an employee is hired, but once someone has been onboard for seven or eight years, they’re like to stay at TCS. What about wage inflation, which is running at 12-15 percent in India
Z Trek: The Alan Zeichick Weblog – http://ztrek.blogspot.com/

Assessing Cultures Before A Merger or Acquisition
By Velvet Hammer
But he (Debes) acknowledges that employee turnover, at 18 percent, has been higher than he had wanted, and above the 12 to 15 percent that is average for the information technology industry. Acquisitions are often made by first by
The Hire Sense – http://selectmetrix.com/blogs

Say Yes To Corporate Alumni
By admin
By Mike Myatt, Chief Strategy Officer, N2growth No company is immune to the perils of employee turnover. But what if I told you that there was a way to recoup some of the investments made into former employees?
mike myatt, n2growth, CEO Blogs,… – http://www.n2growth.com/blog

Chain Reaction
By ccoffman
Whether they listen or not is another issue, but if employee turnover happens too much or too fast they will need to change policies. Or, look for another job. I know that is not easy, but it is an option.
octoberland – http://www.octoberland.com


 This as-it-happens Google Alert is brought to you by Google.

Remove this alert.
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Posted By Greg Smith to Chart Your Course International at 5/15/2007 01:43:00 AM

FW: Google Alert – employee turnover

 


From: Google Alerts [mailto:googlealerts-noreply@google.com]
Sent: Tuesday, May 15, 2007 1:32 AM
To: greg@chartcourse.com
Subject: Google Alert – employee turnover

Google News Alert for: employee turnover

Top Restaurants Implement Kronos ® Solutions to Deliver Ultimate
QSR magazine – Durham,NC,USA
Talent management solutions not only impact the end customer experience but also tackle recurring industry problems such as employee turnover by eliminating
See all stories on this topic

What to Make of Shake n Shake?
Motley Fool – USA
The recently published annual report touts a reduction in employee turnover last year. While this is important in the restaurant business, Steak n Shake
See all stories on this topic

Zero Employee Turnover At Casinos Is Not Desirable Because New
Emediawire (press release) – Ferndale,WA,USA
Casinos struggling to reduce their employee turnover should keep in mind that zero turnover is probably impossible and not particularly desirable.
See all stories on this topic

Research Shows That the Cost of Replacing A Departing Casino
Emediawire (press release) – Ferndale,WA,USA
Employee turnover is so deep rooted in the casino industry that one major university has identified five areas associated with the cost of replacing a
See all stories on this topic

Morale booster: Making employees part of the team
American Medical News (subscription) – USA
Experts say Spring Road and other practices are right to pay such close attention to employee morale. Poor morale can lead to high employee turnover,
See all stories on this topic

Google Blogs Alert for: employee turnover

Q&A with Tata Consultancy Services
By Alan Zeichick(Alan Zeichick)
There’sa lot of turnover for the first few years after an employee is hired, but once someone has been onboard for seven or eight years, they’re like to stay at TCS. What about wage inflation, which is running at 12-15 percent in India
Z Trek: The Alan Zeichick Weblog – http://ztrek.blogspot.com/

Assessing Cultures Before A Merger or Acquisition
By Velvet Hammer
But he (Debes) acknowledges that employee turnover, at 18 percent, has been higher than he had wanted, and above the 12 to 15 percent that is average for the information technology industry. Acquisitions are often made by first by
The Hire Sense – http://selectmetrix.com/blogs

Say Yes To Corporate Alumni
By admin
By Mike Myatt, Chief Strategy Officer, N2growth No company is immune to the perils of employee turnover. But what if I told you that there was a way to recoup some of the investments made into former employees?
mike myatt, n2growth, CEO Blogs,… – http://www.n2growth.com/blog

Chain Reaction
By ccoffman
Whether they listen or not is another issue, but if employee turnover happens too much or too fast they will need to change policies. Or, look for another job. I know that is not easy, but it is an option.
octoberland – http://www.octoberland.com


 This as-it-happens Google Alert is brought to you by Google.

Remove this alert.
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Question from Greg Smith

Hello,

Happy Friday to you.

I have a new article on employee retention coming out in the next week or two as well as a press release on the same topic.  This coincides with the release of my new book, 401 Proven Ways to Retain Your Best Employees.

Can I send the article and press release to you?

Best,

Greg

==========================
Gregory P. Smith
President
Chart Your Course International

"We show managers how to create high performance
organizations that attract, keep, and motivate their workforce"

Author of:
401 Proven Ways to Retain Your Best Employees.

www.401ProvenWays.com

Phone: (770) 860-9464
http://www.ChartCourse.com
http://www.HighRetention.com
http://www.BehaviorProfile.com