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Employee Retention

Losing Employees

  • Employee retention is one of the biggest problems business owners face
  • Employees leave for a number of reasons
  • Creates labor vacuum

Causes

Costs of Leaving

True Costs of Losing Employees

  • Replacing a salaried employee can cost 6-9 months of wages! (SHRM)
  • Costs of hiring, training and on boarding new employee
  • Lost productivity
  • Lost Engagement
  • Potential for errors

How to Retain Employees

Solutions

  • On boarding and Training practices

  • Annual performance reviews

  • Work-Life Balance

  • Improved Communications

Compensation

Modern Day Compensation

  • 72% of millennial workers indicated that they were, in fact, willing to sacrifice a higher salary for a more personally and professionally fulfilling career (Farris, 2020)
  • It is NOT all about the money!
  • Workers value other forms of compensation like vacation, wellness classes and community service opportunities
  • Continued education and workforce development are key ideals

Solution Pro's

Positives

  • More productive workforce
  • Higher rate of employee retention
  • Less training costs for new employees
  • ability to promote from within the organization

Case Study

Case Study: Jones Auto Repair

In 2012, Jones Auto Repair noticed they were having an extremely high turnover of mechanics

  • Jones Auto instituted the below changes:
  • Immediate pay raise
  • Gave each employee 1 week of vacation
  • Started a 401k matching plan for tenured employees
  • Began a social awareness committee for the staff to volunteer and participate in charitable actions paid for by the company

After these changes, Jones Auto noticed a 80% increase in employee retention!

Retention Plan Cons

Risks

COST:

  • Employee retention programs require initial investment
  • Human Resources Management

From Forbes:

"Employee retention may cost upwards of 50% of the employees salary in benefits and incentives"

Create a Retention Program

Proposal

  • Evaluate employee pay and adjust accordingly
  • Institute a company sponsored volunteer program
  • Begin matching employee contributions to 401k
  • Evaluate in 6, 9, 12 months to review success

References

Kappel, M. (2020, July 1). 4 Ways To Keep Employee Retention High In The Age Of Low Unemployment. Retrieved from Forbes.com: https://www.forbes.com/sites/mikekappel/2019/04/17/4-ways-to-keep-employee-retention-high-in-the-age-of-low-unemployment/#5c371fc519c0

Heathfield, S. M. (2020, July 1). What Is a Stay Interview with Employees in the Workplace? Retrieved from thebalancecareers.com: https://www.thebalancecareers.com/what-is-a-stay-interview-1917998#:~:text=The%20stay%20interview%20is%20an,thoughts%2C%20needs%2C%20and%20feelings

Genzorová, T. (2017). EMPLOYEE BENEFITS AS ONE OF FACTORS OF WORK MOTIVATION. CBU International Conference on Innovation in Science and Education, 448-449.

References

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