Links to Articles About Employee Retention
Following our objective to be a broad and deep resource for anyone seeking information and resources about employee retention, we offer this growing list of links to a vast array of articles that have been published in the media about this topic. We regret that copyright laws do not permit us to post the entire articles for your convenience, but at least you have a focused resource available for your education and research. New items will be added almost every day.
These articles provide insight into much of what is happening around the world to build employee retention and workforce stability. Reducing uncontrolled employee turnover is a major strategic challenge for practically every employer in the developed world. As the pioneering leaders in the field of employee retention (our founder, Roger Herman, wrote the book that opened the field in 1990), we offer a wide range of tools and services to support employers. Our website, www.hermangroup.com, is designed to be a one-stop resource center for anyone interested in retention. Here you can learn about our work, some of what our colleagues are doing, and more. We invite your comments... and an opportunity to be of service.
||Training is not enough, Saipan Tribune|
There is a direct link between training and employee retention. Employees involved in ongoing training feel that their employer is interested in them doing a better job, and the employer cares enough about them to make an investment in their development. Training can also be the means for positive change in any organization; however, training is not enough to create lasting change without a vital link that will help your employees transfer what they learned into real-life application. That vital link is a strong coaching program.
||Screening program reduces worker turnover, Wichita Eagle|
In a world of high turnover rates costing employers hundreds of thousands of dollars, one Wichita-based health care organization may have a tool to help combat the problem.
Officials at Via Christi Senior Services are lauding a simple but effective employee screening computer program for reducing employee turnover at one facility by 35 percent and saving the organization nearly a quarter-million dollars this year.
"The only thing we did different was adding this screening tool," said John Buselt, who directs Via Christi Health System's absence management programs. Buselt researched a number of solutions to the employee retention problem before deciding to tackle it pre-employment.
||Time for business to do more with more, TechWorld, Netherlands|
The outlook on the strength of the economy over the next 12 months is upbeat, with 73 percent of executives and managers saying the economy would gain at least some amount of strength.
With business growth moving to the forefront, people issues can become even more critical as companies seek more people to handle that growth.
"Focused, motivated and engaged employees are the key to sustainable growth," said one survey respondent.
"Skilled and unskilled labor shortages are and will have major ripple effects on costs and productivity (including customer service) within our markets," said another.
Business leaders should take steps now to increase employee retention, since competitors may soon be raiding their ranks.
"With aging demographics and a strong job market in the West, it is challenging to find qualified applicants and to retain good employees," said one survey respondent.
||Balancng Agriculture and Industry, Delta Farm Press|
For those who land the coveted jobs, there are attractive salaries, plus benefits worth 40 percent of salary, including continuing education.
In a region where employee attendance can be somewhat lackadaisical and retention somewhat iffy, Viking’s story is different: “Our worker attendance rate averages 99 percent, among the highest in U.S. manufacturing,” Crump said. “Our employee retention rate is in the high 90 percent range.”
While good pay/benefits and good working conditions are drawing cards, he said, “Work force training is the key to getting and keeping good employees.”
||New Employee Opinion Study Shows U.S. Healthcare Companies Stumble in Providing Strong Leadership an, Market Wire|
Leading global employee research and consulting firm ISR today announced the findings of an employee opinion study revealing that U.S. healthcare companies are facing the need to drastically improve leadership and employee supervision.
The findings reveal that healthcare companies may be responsible for an increasingly poor work-life balance for employees, even as sectors of the U.S. healthcare market face shortfalls in talent. Through June 2006, the health services sector has the highest job openings rate among all major U.S. industries at 3.7 percent, according to the U.S. Bureau of Labor Statistics.
The study results come from an analysis of ISR's U.S. Healthcare Norm, ISR's U.S. National Norm, and ISR's Global High Performance Companies Norm, which collectively comprise survey scores gathered from more than 200,000 U.S. employees.
When comparing the strength of U.S. healthcare companies' leadership and staff supervision to both the U.S. National Norm, and to ISR's Global High Performance Companies Norm (which comprises survey scores from companies that both perform financially at the highest levels for their industry and demonstrate excellent people practices), there was a statistically significant decline.
||The `Disney of the fashion world', Toronto Star|
It should be no surprise to learn that employees at Holt Renfrew & Co. Ltd. love working there. More than four of every five employees are female at the high-end department store operator, which also happens to offer one of the best discount programs in the business.
The program, applicable on merchandise such as high-end fashions and cosmetics, has proven to be one of its most powerful employee retention tools. Dubbed the "50-33" program, it offers staff 50 per cent discounts off most full-priced merchandise and 33 per cent off sale items and cosmetics.
||Survey Tracks Trends In Salaries, Incentives, Multichannel News|
Viacom chairman Sumner Redstone may be taking a cut in pay and bonuses this year, tied to the company's recent lackluster performance on Wall Street. But the majority of programming workers in the cable industry are enjoying larger raises in 2006 than in years past, as the industry expands its product lines and business rebounds.
The latest compensation survey from the Cable Television Human Resources Association, released exclusively to Multichannel News in advance of the group's Oct. 18 “Achieving Excellence” symposium, reveals that the average raise for cable programming-network employees in 2005-06 was 5.9%. That's substantially higher than the previous year's average raise of 1.9%.
At the same time, the average salary increase for multiple-system operator employees was 3.2%, off from the average 4.1% workers got in 2004-2005 and the average 4.3% in 2003-2004. However, it is slightly above the projected national average of 3.7%, according to Salary.com, a Web site that provides employee compensation data, software, and services to enterprises, small businesses and individuals.
Of all the job categories, technical workers at the networks received the highest salary increases in 2006,
||Many Health Care Organizations Have Employee Retention Issues, Survey Finds, KaiserNetwork.org|
Sixty-nine percent of health care organizations report having moderate to great trouble retaining employees with critical skills, compared with 43% of organizations across all industries, according to a report released Wednesday by Watson Wyatt Worldwide and the American Society for Healthcare Human Resources Administration, the AP/Arizona Republic reports. Jamie Hale of Watson Wyatt said the high-stress environment in hospitals explains why some workers choose to leave. Chronic shortages of nurses and physical therapists needed at hospitals and clinics exacerbate employee retention problems, Hale added. Health care workers almost always have job opportunities elsewhere. For example, a pharmacist could work at a retailer instead of a hospital and a nurse could work for a health insurer. In addition, the report -- which is based on survey responses from 110 health organizations -- finds that 42% of health care organizations offer total reward strategies, such as retirement plans and vacations, compared with 70% of other industries. Hale said that instead of simply raising salaries to quickly fill positions, employers in the health care industry should consider adding more perks to help improve retention, the AP/Republic reports (Agovino, AP/Arizona Republic, 10/12).
||‘The Yukon is poised to advance on the pathway of growth’, Whitehorse Daily Star|
John Witham, president of the Yukon Chamber of Mines, also says streamlining the Yukon’s regulatory requirements must be at the forefront of the government’s mind as it begins its second term in office.
Witham would also like to see a continued focus on skills training to help address the shortage of trained miners.
It is a commitment that was made by the Yukon Party during the election, stating if re-elected it would implement a comprehensive skills and trades training strategy, as well as, looking at ways to address the labour shortage and promote employee retention.
Having skilled workers on hand in the Yukon will only help enhance the ability of mining operations, says Witham.
||Corporate Mentoring Programs on the Upswing, Society for Industrial and Org|
Perhaps the most compelling reason to establish a formal mentoring program is that mentored employees have stronger commitment to the organization and are less likely to leave. “A key benefit of mentoring is retention. Turnover costs can be staggering. That’s one reason why organizations include mentoring programs as part of their business objectives,” Eby says.
||A New Breed of Broker, Health insurance & Protection|
The medical insurance industry is undergoing an evolution. The products, the focus and the nature of the business are all changing rapidly. While change may be necessary and good, is the industry reacting as quickly as it needs to in order to recruit, educate and retain the right calibre of intermediary?
According to research by Norwich Union Healthcare, unfortunately the answer is no.
In a survey of the intermediary industry, it found that 100% of new recruits – the respondents aged 18 to 24 – admitted that they had considered leaving the industry altogether within the last 12 months. The comprehensive study, Intermediary Health of the Nation , found that the sector is failing to attract and retain younger workers, and that it will remain older and male-dominated if this trend continues.
While a shortage of new people may be great for those already working – by driving up demand and therefore pay and choice – a lack of new faces could be detrimental to the industry as a whole, especially when the industry turns in on itself and poaches from the same labour pool.
||Medical clinics are popping up in workplaces, Orlando Sentinel|
At a time when fewer U.S. workers are covered by an employer-supplied group health plan -- fewer than 60 percent last year, compared with 64 percent in 2000 -- a counter-trend is emerging, at least among large employers.
More are offering on-site medical clinics for their workers, in some cases extending access to employees' dependents and to retirees. According to a recent survey by the global consulting firm Watson Wyatt, 22 percent of large companies -- those with 2,000 workers or more -- have health clinics for their employees either at or near the workplace. The same survey found that, based on current plans, the portion of large companies with on-site clinics will rise to 27 percent by the end of next year.
||`People don`t change jobs for more money`, Business Standard, India|
These are interesting times for the Indian HR industry. Attrition is high, but so are job opportunities. Salaries are skyrocketing, but responsibilities and work profiles are expanding, too.
The Manpower Employment Outlook Survey for Q4 2006 recognises these trends — almost half of the over-4,700 Indian employers interviewed by the international HR consultancy for the survey say they expect their staffing needs to increase in the next three months. Clearly, the churn will continue....So what CEOs need to do is focus not just on their corporate brands or their consumer brands, they also need to focus on building their people brands. Going forward, building “employer” brands that stand for something specific will be critical in the search for key talent.
||Creating Win-Win Flexible Work Arrangements, law.com|
Factors such as the growing number of dual-career couples, child and elder care responsibilities, changing demographics and pressures in the marketplace have contributed to the increased demand for more inclusive flexible work options. The traditional view that flextime is only for working mothers is an anachronism, as employers are expanding their flexible work programs to include all employees, regardless of age, gender or parental status.
The reason is not purely altruistic. Employers recognize that giving employees the flexibility to balance work and personal obligations can help increase the retention of experienced and valuable staff, assist in recruiting and diversity efforts, boost employee loyalty, productivity and collegiality, and enhance overall corporate image.
||Survey: Employers Underestimate Role of Benefits in Retention, Business and Legal Reports|
Employers underestimate the role that healthcare benefits play in retaining top employees, according to two new surveys.
According to Watson Wyatt's 2006 Strategic Rewards study, none of the employers surveyed believe healthcare coverage is a key reason why top-performing employees leave. Twenty-two percent of top-performing employees surveyed in the same study, however, cited healthcare benefits as one of the top three reasons they would leave an employer.
||Talent Spotting, ITP Business, Dubai|
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The logistics industry is currently suffering from a skills shortage throughout the Middle East, with companies often complaining about problems in attracting talented logisticians....Retaining talented employees begins in the recruitment phase. Spending time on hiring the best candidate will benefit your company over the long-term. “Employee retention is a big issue in the West and it should become a big issue in the Middle East too,” says Moore. “This starts with selling the right story to the candidates. They need to have a clear idea about the company, with no surprises. Companies should pay attention to the driving factors of each employee, which could be opportunities to progress in the company, being provided with training, or receiving appraisals on a regular basis.”
||Companies compete to please moms, Delaware online|
When Stacy Hamilton contemplated returning to work at JPMorgan Chase & Co. after the birth of her daughter Mairin, she worried about how both of them would handle the separation.
A Chase program that lets the bank's employees bring their newborns to an on-site infant-care center for as long as eight weeks -- the first four for free and the next four at reduced cost -- eased Hamilton's concerns.
Extensive article on benefits for working mothers.
||Delicate balance between success and burnout, The Wichita Eagle|
A new study says that 47 percent of high-performing workers are actively looking for jobs elsewhere.
And one of the reasons they're looking is because they are feeling burned out.
Mark Murphy, chief executive of Leadership IQ, a Washington, D.C.-based leadership training and research firm that did the study, said the loss of a high-performing employee affects a company not only in terms of hiring and training someone new, but also its bottom line.
"When your best people quit, revenue drops, quality suffers and snafus increase," Murphy said. "Even large companies can take a big hit with the departure of just a few key employees."
||Good to see city promoting safety at the workplace, Clinton Herald (Iowa)|
Job safety has many benefits: Increased productivity, reduced absences, lowered stress levels and, hopefully, a higher employee retention rate owing to a more stable work environment.
||Salaries rise in tight labour market, Nine News, Sydney, Australia|
Salaries climbed higher this past year across the nation as employers fought to attract and retain staff in the tightest labour market in 30 years, a new survey shows.
Mercer Human Resources Consulting's latest survey on remuneration trends shows salaries have risen 4.1 per cent in the year to the end of July.
But the survey also found that salaries had stabilised in the final six months, indicating that employers are finally finding a balance between retaining existing employees and attracting new talent.
"In 2005, we saw pay rises favouring the total workforce, which includes new staff over same incumbents or existing employees, suggesting that companies were paying more to lure new talent," Head of Mercer's Broad Based Rewards group Ken Gilbert said.
||European Total Rewards Conference, Management Issues, UK|
"Think Global, Act Local" has never been more relevant and Europe presents a special set of challenges for international employers who can face widely differing approaches to delivering executive pay, rewarding performance and retention strategies in each European market. How can you create and implement an internationally consistent approach to total rewards without losing the keen edge of locally managed programmes? Successful companies follow a disciplined approach in creating total rewards strategies that improve the ROI by integrating three competing perspectives: what the employer needs in terms of skills and behaviours to run the business, what employees value in each culture and what the company can afford to spend and sustain over time.
||Firms scramble for tech workers, Maryland Gazette|
It’s not like the late ’90s, but the pinch is starting to be felt....The tighter labor pool is seen across the United States, where the unemployment rate dropped to 4.8 percent in July from 5 percent a year ago. There were job gains in tech fields across the nation during 2005 to 5.6 million, though the total is well below the 2000 peak of 6.6 million, Kazmierczak said....‘It’s a very competitive market,” said Todd Johnson, principal with Intact Technology, a Landover IT business founded in 1994. ‘‘It’s not where it was in the late ’90s, but it’s probably about where it should be ... We are looking at improving what we offer employees in salaries and benefits to keep up.”....Another factor complicating the situation is an apparent lack of specialists, Letow said.
||New Research Shows Personalized Education Dramatically Increases Employees' Perceived Value of Stock, Business Wire|
Ameriprise Financial (NYSE:AMP) announced today that personalized stock plan education programs, such as the company's StockOpter(R) Corporate Services, have been shown to dramatically increase the value employees attribute about their employee stock option awards. Preliminary results released in a report(a) from researchers at the University of Illinois at Urbana-Champaign and Michigan State University showed that employees, on average, double the perceived value of their stock option awards following participation in a personalized education program.
||Truly drug-free workforces costly at first, but pay off, Press & Sun-Bulletin, Binghamt|
Bonventre said companies who are dedicated to employing a truly drug-free work force will see the benefits pay off in the long run, especially when taking into account federally funded research that shows that 48 percent of workforce disabilities are in some way related to drug use.
Some 40 percent of those who make appointments for drug tests don't show up, and when a company schedules random screenings, half don't show up. Bonventre said the average employer of 200 workers may lose 50 employees if it were to suddenly switch to a drug-free environment.
Long-term, companies who refuse to employ drug-abusing employees see higher rates of employee retention, and less kidney and liver damage results in lower health-insurance premiums.
||Does employee volunteering cut down on ‘sickies’?, Work Place Law|
Nearly half (42%) of companies who allow their staff time off work to volunteer say it helps reduce staff sick days, new research has claimed.
The survey of companies, who cumulatively employ over 230,000 staff, also reveals that one in six employees feel healthier and take fewer days off sick since taking part in employee volunteering programmes.
The research, from voluntering and training organisation Community Service Volunteers (CSV) and Barclays, also looks at how employee volunteering helps with recruitment, retention and staff morale.
||Older Workers More Loyal to Employers, Inc Magazine|
mployers who are looking to reduce turnover might want to consider hiring older workers, not recent college graduates, according to a new study.
The study, released Friday by the Bureau of Labor Statistics, shows that workers ages 55 to 64 have been with their current employers a median of 9.3 years, while workers ages 25 to 34 have a median tenure of only 2.9 years.
||How to pick a benefits plan, Canadian Business|
It doesn't take an entrepreneurial genius to understand the value of investing in a group insurance plan for your employees. Attracting and retaining employees is a challenge, and employee benefits are an attractive part of any compensation scheme. Providing them shows that your organization cares about its employees; conversely, not providing them can say a lot about the philosophy and working environment of your firm. You may be apprehensive about the cost, or unsure of where to start, but selecting a benefits plan need not be a daunting task.
||Great part-time jobs for discounts, cnn.com|
Employee discounts are all but expected in some industries -- retail being a prime example. According to a poll by Maritz Research, 89 percent of people looking for retail employment want their companies to offer discounts on its products or services.
Employers have even started offering employee discounts to the general public. In 2005, Ford, Chrysler and GM all offered all of America the chance to cash in on the discounted automobile rates paid by their employees.
"(Offering employee discounts) definitely improves retention," says Bob Schiff, senior vice president of YouDecide, a company that helps employers provide voluntary benefits and discounts for their workers. Schiff says that after his company puts all of an employer's benefits on one portal on its HR intranet, "it increases intranet traffic by 300 to 400 percent."
||UTC backs its purchasing professionals with educational resources, Purchasing.com|
UTC believes not only in manufacturing products that propel people—elevators, escalators, engines for aircraft—it also provides programs that propel employees in their personal and professional growth as well.
“We give employees the tools to take charge of their careers,” says Danny Cronin, manager of leadership development, UTC supply management operation. “We have a drive within our corporation that wants people to keep moving, keep learning, keep developing.”
One program the company offers is the Employee Scholar Program (ESP) that pays for employees to pursue any degree at any time. Since its inception in 1996, the company has invested $529 million in educating its employees and seen more than 18,000 of them in 45 countries receive degrees. Another incentive for employees is that when they complete a degree they receive 10,000 shares of UTC stock.
||Staff Retention in China, ACN Newswire (Australia)|
Companies in China are struggling to retain their professional and support staff, and face having to pay higher salaries or excessive recruitment costs, according to research by Mercer Human Resource Consulting, a global leader for HR and related financial advice and services.
A survey of over 100 organisations in China, many of which are multinationals, shows that 54% have experienced an increase in turnover for professional staff since last year, while 42% have reported higher turnover for support staff.
The survey also reveals that the average tenure for 25-35 year olds - the age group targeted most by multinational companies - fell from an average of 3 to 5 years in 2004 to just 1 to 2 years in 2005.
"The employment market in China has ignited in recent years, as more multinational organisations set up operations there and local companies expand. Individuals with transferable skills have become a valuable commodity, and companies are battling to keep hold of them," National Business Leader of Human Capital at Mercer Aus/NZ, Mr Fermin Diez, said.
||Counter-offers - a slippery slope, The Lawyer|
We all remember the last boom in the mid to late 1990s, with its demand for the highest-quality individuals. People moved jobs more readily than before, but few resigned without their employer trying to persuade them to stay. Employers knew the problems they would face seeking replacements.
However, the downturn in 2000 meant that buybacks and counter-offers instead became borne more out of courtesy than necessity. This is about to change.
Law firms are again hiring across most sectors. The resurgent M&A market is a driver, but there are other factors. Finance and private equity are obvious 'hot' areas, but more esoteric disciplines such as competition, pensions, tax and life sciences are also figuring in firms' strategic plans. There are simply not enough lawyers to go around. Retention is therefore once again at the top of the agenda.
||Top 10 Business Mistakes Search Marketing Firms Make, WebProNews|
Many search marketing agencies could kill two birds with one stone - client success and employee retention - if they would just make sure that every employee understands the goals of the client and how their work makes a difference in the campaign. Client goals and desires should not be kept to just one team member. Instead, make sure everyone on the team has a chance to hear firsthand from the client. You'll find their work quality improves and their satisfaction with their job increases.
||The 5 Firsts of Hourly Employee Retention, Convenience Store Decisions|
First impressions are lasting. Newly hired, hourly employees are not. Before they’ve been on the job just six months, more than 50% are gone. Some were probably not a good fit for the job in the first place, but some productive, dependable, hard-to-replace employees bolt as well. And contrary to what they may tell you, they didn’t really leave for more money.
“More money” is just a polite way of saying they were unhappy and went looking elsewhere for what we all want from our jobs—a sense of accomplishment, some personal recognition and the “can do” teamwork environment that makes us look forward to getting out of bed in the morning.
||Dysart committee wants data on open enrollment of employee children, the Arizona Republic|
A Dysart community committee has decided to table the issue of open enrollment of employees' children until the fall.
Committee members want more information from attendance figures about how the enrollment of employees' children has affected each school, the impact on employee retention and the impact on families in the community.
The Dysart Unified School District governing board approved a committee recommendation in August to allow all current employees to enroll their children at the schools in which they work while the committee continues to study the issue.
||It's in Their Interest, Too, Chronicle of Higher Education|
Business-school literature documents what we all already know: Employees who are more committed to the institution have higher levels of productivity, and happy employees lead to happy customers. For example, when First Tennessee Bank offered flexible work arrangements to its employees, it saw a 50 jump in its employee retention rate, which contributed to a 7 percent increase in its customer retention rate, which translated into $106-million in additional profit over two years.
So, morale matters. We all know of dysfunctional departments that sap everyone of energy. What is perhaps less widely recognized is the demoralization, stress, and burnout produced by the long hours that most faculty members work.
A report based on a survey of faculty members at Ohio State University found that two-thirds of female faculty members -- and half of men -- thought their jobs required too much time and only one in three faculty members saw their employer as supportive of their attempts to balance personal and professional responsibilities. About a third of female faculty members in the survey delayed starting families because of professional responsibilities; they reported lower satisfaction with their jobs than men.
Clearly, faculty members' inability to balance their work and family responsibilities corrodes morale -- which corrodes productivity and commitment.
||Businesses not so optimistic any more, Honolulu Star Bulletin|
Businesses predict performance will level off after the robust results of the last few years. Some 51 percent of those surveyed in the second quarter of this year said they expect business to remain the same.
This is despite 54 percent of those surveyed saying that their gross revenue had increased, with 48 percent reporting that their profits before taxes had gone up. Some 22 percent of businesses polled said they had more employees than a year ago.
When it comes to employee retention, most businesses are promoting internally or offering more job training. Some are increasing incentives to reduce turnover, and others are increasing compensation.
||Digital Imaging Technology Now Reaching the Smaller Companies Who Need It Most, Yahoo Finance|
accessibility of digital imaging technology will have very important implications for companies of all sizes with respect to space needs, use of man hours, efficiency in retrieving information and even employee retention," Brunner said. "Scanning and digitizing one's files doesn't usually seem like a high priority to a company until they start doing it. That's when they start recognizing how many positive changes it creates for them."
||China companies see staff turnover rise, paying more for retention - survey, Forbes|
Companies in China are struggling to retain professional and support staff and must pay higher salaries or high recruitments costs, Mercer Human Resource Consulting said.
The human resources and financial consulting firm surveyed 114 companies in China and found that 54 pct have experienced higher turnover for professional staff since last year, while 42 pct experienced increased turnover for support staff in the same period.
The average tenure for employees aged between 25-35 years - the age bracket targeted by most multinational firms - fell to just 1-2 years in 2005 from 3-5 years in 2004, Mercer said in a statement.
'The employment market in China has ignited in recent years, as more multinational organizations set up operations there and local companies expand. Individuals with transferable skills have become a valuable commodity and companies are battling to keep hold of them,' Mercer said.
||Study: Skills Shortage Boosts Salaries, Channel Insider|
An annual study on hiring and compensation trends revealed that IT professionals may have more negotiating power than they think, and VARs may soon be paying more for their services.
According to the study, conducted by IT staffing consultant Robert Half International and online job site CareerBuilder.com, 81 percent of hiring managers said it is equally or more difficult to find qualified candidates than it was 12 months ago.
The report surmises that a skills shortage is paying off for workers, as 52 percent of hiring managers who were having trouble recruiting cited a shortage of qualified professionals as the primary culprit.
Nearly two-fifths of hiring managers said they planned to increase starting salaries in the next year to attract new talent.
||Deployment: A Bigger Challenge than Attrition or Retention, Global Services|
Management of human capital, traditionally, has remained a support function — more often than not, under a centralized corporate back office. However, companies realized that fitting this model into the technology outsourcing industry — that is both knowledge-intensive and labor-intensive — would be like trying to fit square pegs in a round hole. Considerable amount of time has been spent by the C-level executives to better manage human resources — the prime raw material of the industry.
In offshoring, where the growth has been sudden, the daunting task for organizations has been ramping up quickly while not compromising on quality of people. This has led to the management of human capital being unduly skewed towards hiring, retaining, and training people in large scales.
But, corporations are graduating to asking the next level of question: If we call it human capital, don’t the first principles of capitalism apply to it? Shouldn’t the capital be managed so as to deliver optimum business value,
That means, attracting and retaining the best talent, though necessary, are by themselves, hardly enough. The talent must be deployed rightly to maximize value creation.
That, precisely, is the next challenge for organizations.
||Listen up Employers; Employees Know What They Want, Business Wire|
The findings of the "Working in America: What Employees Want" survey, conducted by Harris Interactive(R) and sponsored by Kronos(R) Incorporated (Nasdaq: KRON), found that in today's knowledge economy many organizations still do not recognize the link between their workforce and business performance. The study found that only 36 percent of employed adults work for organizations that invest in programs or activities that create a satisfied workforce. Yet, of the more than 1,000 U.S. employed adults surveyed, more than 80 percent responded that these programs were important to them.
||Businesses perking up to retain hourly help, Denver Post|
As the labor market tightens, hotels, fast-food restaurants and other customer-service businesses are pampering hourly workers to keep them on the job and away from competitors.
Among the benefits are language classes, transit passes, bonuses for recruiting other workers, free meals and gift cards.
Perks once reserved for salaried workers are now more commonplace, said Patty Goodwin, a spokeswoman for the Mountain States Employers Council, an industry trade group based in Denver with more than 2,500 members.
Maria Lusia Mabero, 34, started six years ago as a housekeeper at the Westin Westminster Hotel and Conference Center. She made $7.50 an hour then and makes $9.30 an hour now. She shares the cost of health-insurance coverage with her employer.
She also gets a range of perks: a $300 "signing bonus" for recruiting a friend to a hotel job; discounted room rates at Westin's sister hotels; a free meal at the employee cafeteria every shift; and up to five weeks of paid time from a pool of sick days, holidays and vacation days.
"I like the vacation time, because when I request days off, they give me the ones I want," Mabero said in Spanish, speaking through a translator.
Similarly, Denver-based Sage Hospitality offers a range of perks to its 5,000 employees at 50 hotels nationwide, 15 of them in Colorado, including the Oxford Hotel in Denver. Starting wages range from $7.25 to $8 an hour, with up to 90 percent employer-paid health care, English-language classes, up to $2,000 a year in tuition reimbursement and a transit pass.
That helps Sage "maintain a turnover rate that is 30 percent below the industry average" of 100 percent, said Walter Isenberg, the company's chief executive and co-founder.
||Survey Reveals Employers Boosting Work-Life Balance Benefits This Year, ere.net|
More than half of private and public companies have increased their employee benefits for recruiting and retention purposes over the last six months, according to a recent nationwide survey of hiring managers, recruiters, and human resource professionals. But unlike the flashy perks and glitzy giveaways some offered in the frenetic late 1990's, companies are now increasingly focused on 'bennies' that support their employees' sense of work-life balance.
"In the late 90's, it was commonplace to hear about companies with recruiting campaigns that included extreme employee perks such as company cars, game rooms with foosball tables, huge sign-on bonuses, and chef-prepared lunches," says Heather Galler, CEO of JobKite.com. "That ship has sailed."
The JobKite survey revealed that 56 percent of the 263 responding companies have made some significant enhancements to the employee benefits they are offering for retention or recruiting purposes, with most geared toward improving the quality of employees' work and home lives.
||Edmonton gains, Edmonton Journal|
Kevin Flynn, manager of the GE Capital call centre in Edmonton, said about 90 per cent of his 660 employees now work full time. "We find that is a more attractive option for employee retention."
In today's tight job market, employees have more bargaining power and "everybody wants full-time work," said a store manager who asked not to be identified....
||Workforce Instability is Number One Fear for Human Resources Professionals, St. Tammany.com|
More than two-thirds of human resource (HR) professionals feel that attracting and retaining workers is the biggest threat to bottom-line profitability, according to a survey released today by Oklahoma City-based Express Personnel Services, an international staffing and human resource company with nearly 600 offices in 47 states and three other countries (Canada, South Africa and Australia).
As the economy continues to grow and the Baby Boomers retire, companies are facing stiffer competition for top talent. That doesn’t bode well for employers. Nearly half (47%) of the responses from HR professionals indicated employee retention was their No. 1 concern.
Organizations that step up and boost their retention strategies will come out ahead, increasing productivity, profitability and employee loyalty, according to Melissa Elliott, Franchise Owner of Express Personnel Services in Hammond, the North Shore and New Orleans. In addition, companies that do a good job of retaining workers will become preferred places to work, resulting in people wanting to stay and a line of people wanting to come on board.
||Call Center Furniture: Set-up for the Future, TMCnet|
Have you noticed an increase in the need to offer comfort and ergonomics with the newly designed work areas?
Most definitely. A growing realization is that the investment in employee comfort “more than pays for itself” through employee retention and a reduction in worker’s comp claims (and hence premiums). It’s truly the old cliché of “you can pay now or you can pay later”. We should add however that equipping stations with the proper ergonomic accessories is only a job half done. The remaining half is in the agent training and being sure, the accessories are being adjusted/used properly. Some centers have even incorporated “ergonomic exercises” into their daily regimen to help prevent repetitive motion injuries.
||Corporate culture of support, Greater Knoxville Business Jou|
The company found its most profitable branches had not only the highest customer retention rate but also the highest employee retention rates.
"In the early '90s, we started to align our corporate goals around employee satisfaction," said Sarah Meyerrose, executive vice president of operations and technology for First Horizon at the corporate headquarters in Memphis.
Today, the company - which has the highest market share among Knoxville banks - has been named one of the best places to work in America by publications including Fortune, Working Mother and AARP magazines.
Local officials aim to keep that culture strong in East Tennessee.
||Economic Development and Business Relocation, Fairfield County Business Jour|
When shopping for space, it is best to be an active participant in the process rather than a bystander to ensure your company’s objectives are being met.
Since we spend most of our waking hours at work, and lease terms are typically between 5 and 10 years, it’s important to love where you “live.” Is the hustle and bustle of the central business district appealing or would a parklike setting be more your style? Are you price conscious or willing to pay extra for on-site amenities? If the answer is the latter, find out what amenities are available and decide what is important to you (i.e., on-site cafeteria, conference center, day-care center, car detailing facility, fitness center, dry-cleaning delivery service, Fed Ex drop box, etc.).
How important is accessibility for commuters? Does the office need to be near a highway or public transportation? Is shuttle bus service available? Think about how most of your employees arrive to work. Convenience is key to employee retention.