Employee Turnover And Retention Briefings Abstract: 55
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Companies Lower Employee Turnover and Training Costs [The Shreveport Times] Thursday 12/30/04 1:05 AM
A three year study funded by the Hitachi Foundation has resulted in the development of a model for small and midsized firms to improve employee retention.
Eagle Distributors followed a similar model and reduced employee turnover by 50%. Some of the things they implemented include:
- improving new hire orientation and initial training
- having new employees spend a day in each department
- having employees create an annual development plan that documents their goals for the coming years
- broadcasting of daily interactive training on a variety of subjects
- bringing in instructors to teach computer literacy classes
Another participant in the study, Bossier Federal Credit Union reduced turnover among tellers from 70% to about 30%. They did so by improving communication and incentives. Specifically they:
- developed a new orientation for tellers which introduces tellers to staff, allows tellers to spend a week training on software before being placed in front of customers and assigns them a mentor
- introduced an incentive program that awards tellers up to $1400 annually for error-free transactions and financially rewards top performers monthly
- listened to their employees and learned that they rather be rewarded with time off to spend with family than be given an offsite celebratory weekend party
The study was overseen by North Louisiana Goodwill Industries and the Greater Shreveport Chamber of Commerce. It included 22 small and medium sized businesses in Louisiana, West Virginia and Kentucky.
The resulting report can be found at the US Chamber of Commerce's website at:
http://www.uschamber.com/cwp/strategies/makingwork/default.htm
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