Compesation Strategies for Employees
TOPIC: COMPENSATION STRATEGIES FOR RETAINING EMPLOYEES
Employee Retention refers to the efforts by which employers attempt to retain employees in their workforce.
Background
Key employee relation is critical to long-term health and success of the business. Managers readily agree that retaining employees ensures customer satisfaction, product sales, satisfied co-works and reporting staff, effective succession planning and deeply imbedded organizational knowledge and learning.
Employee retention is one of the primary measures of the health of the organization.
If a manager/ employer is losing critical staff members, it is more than obvious that other people are looking as well.
Therefore to retain employees, as well as reduce turnover, managers must learn to align their goals with the end goals of their employees. According to Strategic Planning Consultants, Leigh Branham (SPHR), 88% of employees leave their jobs for reasons other than pay: However, 70% of the managers think employees leave mainly for pay-related reasons.
Leigh Branham argues of seven main reasons why employees leave their company, which include: * Employee feeling the job or the work place is not what they expected. * A mismatch between the job and the employee * There is too little coaching and feedback * There are too few growth and advancement opportunities * Employees feel devalued and unrecognized * Stress from overwork and a life/ work imbalance * Loss of trust and confidence in senior leaders
Turnover is very costly. According to Right Management, a talent and career management consulting firm, it costs nearly three times an employee’s salary to replace someone, which include: 1) Recruitment 2) Severance pay 3) Lost productivity 4) Lost opportunities
Understanding Why Employees Leave
Herman believes that employees leave jobs for five main reasons: "It doesn 't feel good around here." This can include any number of issues
Employee Retention refers to the efforts by which employers attempt to retain employees in their workforce.
Background
Key employee relation is critical to long-term health and success of the business. Managers readily agree that retaining employees ensures customer satisfaction, product sales, satisfied co-works and reporting staff, effective succession planning and deeply imbedded organizational knowledge and learning.
Employee retention is one of the primary measures of the health of the organization.
If a manager/ employer is losing critical staff members, it is more than obvious that other people are looking as well.
Therefore to retain employees, as well as reduce turnover, managers must learn to align their goals with the end goals of their employees. According to Strategic Planning Consultants, Leigh Branham (SPHR), 88% of employees leave their jobs for reasons other than pay: However, 70% of the managers think employees leave mainly for pay-related reasons.
Leigh Branham argues of seven main reasons why employees leave their company, which include: * Employee feeling the job or the work place is not what they expected. * A mismatch between the job and the employee * There is too little coaching and feedback * There are too few growth and advancement opportunities * Employees feel devalued and unrecognized * Stress from overwork and a life/ work imbalance * Loss of trust and confidence in senior leaders
Turnover is very costly. According to Right Management, a talent and career management consulting firm, it costs nearly three times an employee’s salary to replace someone, which include: 1) Recruitment 2) Severance pay 3) Lost productivity 4) Lost opportunities
Understanding Why Employees Leave
Herman believes that employees leave jobs for five main reasons: "It doesn 't feel good around here." This can include any number of issues
References: * Human Resource Management 7th - Derek Torrington, Laura Hall * Human Resources Guide Susan- M. Heathfields * Strategies for Retaining Employees and Minimizing Turnover by Sarah K. Yazinski * Roger Herman visit...….www.rogerherman.com. * Management Thinkers- Ferdinand Fournes * First Break All Rules by Marcus Buckingham