Employee Turnover And Retention Briefings Abstract: 7
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Employee Retention Strategies [Harvard Business School] Tuesday 12/16/03 5:10 PM
Many people are predicting an upcoming severe employee shortage due to the retirement of baby boomers and a decrease in workers in the prime 25-34 year old age range. Others believe that the increase in globalism and technology will lessen that impact. Either way, it's important to note that recent studies show that employees are restless to switch jobs when the economy and job market improve.
So what to do about it? Employers need to focus on retention now before the impending crisis. Companies that wait too long may be seen as creating initiatives for self-service purposes rather than out of genuine care for the employees. Employers need to work today on creating a culture that values employees by creating an environment that allows for flexibility, growth and development.
Some strategies that employee focused companies are employing are:
- Train managers on their people management and motivation skills and help them with providing meaningful and fulfilling work experiences for their employees
- Be honest about what you can't give to employees right now and ask what kinds of things they would like that you might be able to provide them
- Understand the preferences and interests of employees and work to meet those preferences
- Allow employees to use their creativity and contribute to the company by soliciting their ideas for ways to improve the bottom line
- Give employees the room to take risks and allow them to be accountable in using their own judgement in decisions making areas
- Keep open lines of communication and make sure Managers are available when employees have questions, ideas and concerns
- Tie Managers compensation to retention rates
- Reward Managers who help good employees grow within the company instead of leaving for other firms
- Conduct one-on-one meetings with employees to communicate the future of the company and the employee's role
- Improve top-down communication and information sharing
- Consider flexible working schedules
- Provide cash bonuses tied into meeting specific earnings targets
- Conduct employee surveys to give employees a voice and allow them to state what would help make them stay with the company
- Act swiftly and openly on the results of employee surveys addressing the issues of concern and ideas that employees raise
The real key in creating a retention oriented environment is in creating a culture that values and sustains employees. What keeps employees committed during good and bad times is the feeling that they are treated with integrity.
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