Impact Today™
Wednesday, October 29, 2008
What is a 5 percent increase in retention worth?
The Harvard Business Review reports that a five percent increase in retention often results in a 10 percent decrease in costs and productivity increases ranging from 25 percent to 65 percent! As an individual business, it may help to learn what produces job satisfaction. The correct answers are not always the obvious ones! Take this quiz to see what you know about producing job satisfaction:
Mark these statements as True or False:
Mark these statements as True or False:
- Level of compensation is the most important factor in job satisfaction.
- Self-esteem produced by the workplace ranks very highly in determining satisfaction.
- Match between employee occupational interest and job requirements does not count for much in measurements of satisfaction.
- Flexible work times rank low on the overall scheme of job satisfaction.
Check your answers here.
How well did you do? What can you do to improve employee satisfaction in your business? Ideas:
Make repetitive tasks less boring.
Provide workers with responsibility as well as the authority to accomplish it.
Look past formalities and establish genuine growth paths for all employees, not just executives.
With a little work and creative thought, even employees with low morale can become motivated, enthusiastic and satisfied in their jobs!
How well did you do? What can you do to improve employee satisfaction in your business? Ideas:
Make repetitive tasks less boring.
Provide workers with responsibility as well as the authority to accomplish it.
Look past formalities and establish genuine growth paths for all employees, not just executives.
With a little work and creative thought, even employees with low morale can become motivated, enthusiastic and satisfied in their jobs!
Labels: Employee_Retention, Retention
¶ 10/29/2008 0 Comments Links to this post
Sunday, June 15, 2008
Generation Y stays only 18 months
Members of Generation Y are currently averaging 18 months with the same employer according to Penelope Trunk. The reasons for their bi-annual job jump include:
Members of Generation Y are currently averaging 18 months with the same employer according to Penelope Trunk. The reasons for their bi-annual job jump include:- The job is not interesting
- Asked to do menial tasks
- Long hours, including taking work home
- Not allowed to pursue life-long learning
Although this may be the average, savvy employers are finding they can retain Gen Y for much longer periods. Surprisingly the route to longer retention is not just a matter of providing the opposite to the four main reasons they leave. After all, if they do not do the menial tasks of copying and filing, who will?
This is the first age group that has experienced the new style of education from preschool through college. They never sat in rows of desks assigned using some alphabetic system. They learned in work stations where group projects were the way of life. Retention of this age group is as simple as remembering what they learned throughout their educational days:
- Collaboration. Seek their opinions and enact some of their ideas.
- Teamwork. Rolling up your sleeves from time to time and joining them on large tasks.
- Gaps. Having a gap between high school and college was perfectly acceptable. Now gaps in employment is equally acceptable. Allow for extended leaves and you’ll get a talented worker back once they have “found themselves”.
- No power struggles. Trying to throw your weight around is a definite turn-off to this generation and they’ll leave before you even know they’re upset. Keep your cool and let them spread their wings. When you do, their wings will take your profits to new heights.
Labels: Employee_Retention, Generation
¶ 6/15/2008 0 Comments Links to this post
Wednesday, April 9, 2008
CIOs see telecommuting benefits
Telecommuting is catching on as a business strategy as more top executives see real benefits from the practice. As fuel prices continue to raise and commutes reach record lengths of time, employees consider it a tremendous advantage when they can spend one or more days working from home.
According to a recent survey by Intranet Dashboard, here are the top five telecommuting benefits:
Telecommuting is catching on as a business strategy as more top executives see real benefits from the practice. As fuel prices continue to raise and commutes reach record lengths of time, employees consider it a tremendous advantage when they can spend one or more days working from home.According to a recent survey by Intranet Dashboard, here are the top five telecommuting benefits:
- Greater efficiency 53%
- Reduced absenteeism 46%
- Productivity gains 44%
- Reduced office overheads 36%
- Improved recruitment and retention 32%
Labels: Employee_Retention, Survey
¶ 4/09/2008 0 Comments Links to this post
Thursday, March 20, 2008
How would employees prioritize programs
If you allowed your employees to prioritize common workplace programs, what would be at the top of their list?
A survey published by LifeCare of Shelton, Connecticut, asked employees, “What is the single most important program or benefit your employer could offer that would keep you working productively and happily as you get older?”
The surprising result is:
If you allowed your employees to prioritize common workplace programs, what would be at the top of their list?A survey published by LifeCare of Shelton, Connecticut, asked employees, “What is the single most important program or benefit your employer could offer that would keep you working productively and happily as you get older?”
The surprising result is:
- 49% said the employer should offer a flexible work schedule
- 15% felt health and wellness programs were important
- 13% cited new training and learning opportunities
With cleaver management and a team spirit in the workplace, their most popular request, flexible schedules, can be implemented at no cost. I did it in a call center I managed by turning over the scheduling to the team members. We had better coverage and less absenteeism.
Labels: Benefits, Employee_Retention, Survey
¶ 3/20/2008 0 Comments Links to this post
Saturday, March 15, 2008
Case Study: Psychiatric Hospital
Turnover reduced from 69% to 16%
Administrators at a mental health facility found they were devoting a great deal of time to a weekly hiring board established to determine the effectiveness of mental health workers and decide which workers to retain.
During these weekly meetings, the attendees concluded that the facility let a large number of workers go on a consistent basis. The hospital was facing an overwhelming 68.7 percent turnover rate, and administrators realized they had to take steps to control this issue.
Read the full case study by clicking here.
Administrators at a mental health facility found they were devoting a great deal of time to a weekly hiring board established to determine the effectiveness of mental health workers and decide which workers to retain.During these weekly meetings, the attendees concluded that the facility let a large number of workers go on a consistent basis. The hospital was facing an overwhelming 68.7 percent turnover rate, and administrators realized they had to take steps to control this issue.
Read the full case study by clicking here.
Labels: Assessments, Case_Study, Employee_Retention
¶ 3/15/2008 0 Comments Links to this post
Friday, March 7, 2008
Love of job examined
A recent Harris Interactive poll has uncovered some cultural connections to one's feeling about their job.
A recent Harris Interactive poll has uncovered some cultural connections to one's feeling about their job.- Generations: 53% of Baby Boomers love their job while only 37% of Generation X said they love their job. On the other hand, 19% of Generation X hate their job while only 7% of Baby Boomers claimed to hate their job.
- Marital: only 29% of those that have never been married love the job while 50% of those that are married love their job. When asked if they would like to immediately let, 24% of never-married employees said, “yes” as compared to only 9% of married employees.
- Regional: loyalty seems to increase as one moves to the west. In the Northeast only 39% love or like their job while 48% of those in Western states either love or like the job.
- Economic: 49% of employees paid at affluent levels ($75,000 in the survey) love their job while only 36% of those earning less than $35,000 love where they are working.
Labels: Employee_Retention, Survey
¶ 3/07/2008 0 Comments Links to this post
