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Transcript of HR Presentation
10 strategies in 10 minutes!
Retention: Week 11
The war for talent
Acknowledgment of success
Flexible work weeks
"An effort by a business to maintain a working environment which supports current staff in remaining with the company."
According to the federal government, over the next 5 years there will be a shortage of more than 200,000 skilled workers and this will rise to 240,000 by 2016.
Australia has been experiencing the lowest level of unemployment since 1974 (4%)- (Before GFC)
Currently at 5.5% unemployment as of April 2013, down from 5.6% in March.
Global Trend: By 2020 US will experience a skilled labor shortage of 17 million, China 10 million and Japan 9 million.
Hor, J. & Keats, L. (2008). Finders Keepers: how to attract and retain great employees. Sydney: CCH Australia Ltd.
Fowler, Kellie, Motivating and managing the generations. Magazine of Physical Therapy, 12 (3), pp34
Dyck, Toban.(2012, October29)Staff retention(REWARDS).Maclean's, Oct 29, 2012, Vol.125(42), p.52(1)
Compton Robert(2009,December) Effective recruitment annd selection pratices 5th edition.CCH.Australia.p.208-2011
Facer II, R & Wadsworth, L (2010) Four day work weeks: current reaseach and practice. Connecticut Law Review. 42(4) pp1031- 1046
DOH, Department of Health (2006) Achieving work life balanceRetention and attraction strategies for WA Health. From:http://www.health.wa.gov.au/worklifebalance/docs/Retention.pdf
Dartmouth( 2008 ,May)The Exit Interview .From: Process.www.dartmouth.edu/~hrs/manager/toolkit/employeeleaves/exit_interview.pdf
Forbes (2013) No career path, no retention. From http://www.forbes.com/sites/sylviavorhausersmith/2012/11/12/no-career-path-no-retention/
WebFinance, Inc. (2013) Employee Retention definition. Retrieved from http://www.businessdictionary.com/definition/employee-retention.html
The Cornerstone OnDemand 2013 U.S. Employee Report Retrieved from http://www.astd.org/Publications/Magazines/TD/TD-Archive/2013/04/Intelligence-What-Motivates-US-Employees-to-Stay-at-Their-Jobs
1. Flexible remuneration programs
2. Desirable Culture
3. Innovative environment
4. Acknowledgment of success
5. Strong Leadership
6. Job design
7. Flexible work weeks
8. Work/life balance
9. Career pathing
10. The Exit interview
1. Internal hiring
2. Remove obstructions
3. Open communication
4. Overseas transfers
5. Deferred bonus scheme
We won't cover...
"One consequence of the skills crisis is that employers need to be more innovative when it comes staff financial incentives"
Establish a competitive base salary
(short term retention)
Performance based pay
profit sharing plans
(Long term retention)
Company shares (locked for 2 years/ steeped-25%, 25%, 50%)
Different stock option schemes
Give staff option of taking their reward as paid leave instead of cash
Get into 2 groups and decide what order the following factors rate from least important to most important to employees...
-opportunity to develop skills
-opportunity for career growth
Source: The Cornerstone On Demand 2013 U.S. Employee Report
Can be in form of financial or non-financial
The objective is to satisfy employees ego needs for:
Various types of Non- financial
-issue Shares/ dividends
Traits of effective leaders (Schiffman, 2011)
- Emotional stability
rewards through motivation and encouragement
Essential Actions for Creating Work Life Balance
-Flexible working hours
-Providing more part time jobs with more shifts and less working hour
-Flexible leave arrangements- Sick leave, wedding
-Essential component of your life-long career management.
-Where will I Be after spending.....here?
-Clearly defined career path
What should be included?
-Description of work experience
-What has brought employee to this decision?
-Is there anything we could have done differently that would have prevented the employee from leaving?
-What did employee like most/east about ?
The purpose for exit interviews are to help management understand the full scope of employee's reason for leaving
Amy & Tan
(Hor & Keats, 2008;
Trading economics, 2013)
Employees are NOT just motivated
but a sense of purpose
-Employers are becoming more aware of the advantages of flexible
- Made possible by new technology, which allows employees to work remotely
-“Telework”=employee completes some or all tasks off site, pros are a reduction in pollution and road congestion cons are the possible lack of engaging with work culture
-One study showed nearly 80% of employees on compressed work weeks are pleased with their schedule,
-Studies show allowing more family time/ long weekends, can affect performance positively and mental health of employees
(Facer & Wadsworth, 2010)
Air lounge memberships
child care costs
private health insurance
life/ disablement insurance
meals and entertainment
"An arrangement between an employer and employee, where the employee agrees to forgo part of their future entitlement to salary or wages in return for the employer providing them with benefits of a similar value."
How they create culture at
can take your pets to work
employees can give each other massage credits for a job well done on projects, there is a massage center on site
Every Friday employees can unwind and socialize with free beer and wine
Maternity leave for mum and Dad plus a bonus
Free fitness classes, gyms, and organized intramural sports
Free personal assistant service
(Business insider Australia, 2013)
Google- The 80/20 rule
allows 80 per cent of time to their primary job and 20 per cent working on passion projects that they believe will help the company
How culture is created (Layers)
(Waddell, Cummings & Worley, 2011)
systems & processes
unwritten rules of behavior
what is important to us as an organization
taken for granted assumptions
Tell employees how to feel and perceive things
(Hor & Keats, 2008)
(Hor & Keats, 2008)
Attract the best and the brightest
Emloyee retention is a broad & multifaceted topic, which requires detailed planning. It can be a huge cost to organizations both financially and non (reputation)-at the end of the day employees will vote with their feet.
reduce repetition and mechanistic tasks
Greater sense of autonomy
The Ink House (USA)
Happy Hours (or Forced Office Fun as we call it) every other Thursday
Work From Home Fridays
Annual Holiday Parties
Your birthday off
Free On-Site Fitness Center
(Ink house, 2013)