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Retention Essay

3642 words - 15 pages

Employee Retention, Engagement, and Careers
Chapter 9 offers some good advice and tools for managing careers. We will discuss building effective communications through fair treatment programs and employee discipline. In addition we will discuss proper handling of dismissals and separations, including retirement.

In recent years, many employees from the “baby boom” generation have taken early retirement. However, experts believe the next generation will have to work longer than they would wish in order to fund those who are retiring now. 

The Social Security Administration has increased the age at which future generations will be eligible for benefits.

Management will need to ...view middle of the document...

Voluntary turnover occurs for many reasons. Top reasons include job dissatisfaction, poor pay or health-care benefits, few promotional opportunities, and inadequate work-life balance. Any retention strategy begins with identifying the specific causes of turnover within a particular company.

Describe a comprehensive approach to retaining employees.
Experts from a top consulting company suggest building comprehensive retention programs around the steps below.
* Using effective selection techniques
* Offering professional growth opportunities
* Providing career direction
* Offering meaningful work and
* Encouraging ownership of goals.
Let’s discuss these in a bit more detail.

Retaining Employees
1. Magnitude of the problem
2. Compensation
3. Selection
4. Professional growth
5. Provide career direction
6. Meaningful expectations

The logical place to start is by periodically tracking the number of employees—and particularly top performers and high potentials —who leave the company. Then, identify the issues.

The most obvious explanation for why employees quit is often also the correct one: low pay. While exit interviews may lead to the easiest answer for top performers to give (“I’m leaving for a higher paying position”) it is still valuable to gather such information. To the extent compensation can be validated as the reason for turnover of high performers, actions can be taken to address the issue. Today, compensation is the tool of choice to retain top performers.

Remember, “retention starts up front, in the selection and hiring of the right employees.” The process begins with a thorough understanding of the jobs to be filled. It includes a solid job analysis and an effective and efficient hiring process.
Professional growth is a well-thought-out training and career development program that can provide a strong incentive for staying with the company.

Providing career direction means discussing employee’s career preferences and prospects at your firm, and helping them lay out potential career plans. Furthermore, “don’t wait until performance reviews to remind top employees how valuable they are to your company.”

An important part of retaining employees is making it clear what your expectations are regarding their performance and responsibilities. This helps employees “own” their behaviors and results. A job is meaningful if the incumbent understands its relationship to the company goals and sees his or results as part of the bigger picture.

Retaining Employees
7. Recognition
8. Culture and environment
9. Work–life balance
10. Acknowledge achievements
11. High-performance work systems
12. Use analytics
13.
Other key retention elements are recognizing and rewarding performance, learning the culture and environment, promoting work-life balance, and acknowledging achievements.  

We’ve seen that in addition to pay and benefits, employees need...

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