Ten Top Strategies for Employee Retention - Your Career Intel

Ten Top Sttarifgies for Employee zurckhalten - Your Career IntelNetflix sets the benchmark for highly regarded and successful companies. Employee zurckhalten plays a key role in its success. Netflix uses more than just good pay and benefits to retain workers. A range of strategies factor into employee retention. But you dont need to be the talk of the Emmys to keep your best people.What Is Employee Retention?Employee retention refers to your companys ability to keep its employees. It is usually measured as a percentage A 75% annual retention rate means an organization keeps 75% of its employees while losing 25%. So, employee retention is simply keeping employees working for your organization instead of leaving for a new opportunity.Employee retention fosters team building and cohesion among your teams. The longer your employees work together, the greater their trust in, and reliance upon, each other. Conversely, high employee turnover can hurt a firm. Replacing an employee who leaves is expensive, with some estimates as high as twice the salary of the lost employee. In addition, continuity deteriorates and institutional knowledge is lost, leading to decreased productivity. Employee turnover can also lower morale and prompt others to leave.Your employees are not machines grinding for the weekly paycheck. They weigh many concerns work-life balance, a chance to grow, good managers, communication and talented colleagues. Competing on salary alone will not succeed.Employee Retention Strategies Employee retention means engaging your employees on many fronts with the goal of enhancing job satisfaction and improving the overall work environment. These 10 employee retention strategies are a great way to keep your retention rate high and turnover low. Salary and BenefitsMoney is perhaps the most important factor in keeping employees. Expect to pay a competitive salary for top talent. Benefits bonuses, paid vacation, health insurance, retirement plans are also required. You might want to go a step further by offering additional benefits such as a low-premium high-deductible health insurance plan, pet insurance, fitness club subsidy or student debt repayment program. Hire Selectively Employee retention starts with hiring the right people. The character of a new hire is just as important as skills or experience. Hiring the right people can be a top perk for the rest of your team. They get to work with other talented, driven, engaged people. Onboard WellWhen new hires come to work the first day, a robust onboarding process should greet them to make them feel part of the team. New staff members should learn the details of the job as well as company culture. The onboarding process should be continual with ongoing discussions, opportunities to ask questions and information on how they can contribute and thrive. Leaders, leid ManagersTo get the most from your employees, leaders matter. A leader is not merely a boss or supervisor. A leader inspires people to go a step beyond. Leaders communicate the organizations strategy, adapt to new challenges, strive for high quality and believe in the importance of people. To turn managers into leaders teach your managers soft skills such as motivation, crisis management and conflict management.5.DevelopmentAll workers want the chance to grow professionally. Smart companies help their employees by investing in professional developmentand finding opportunities for growth. Pay for employees to attend industry events or enroll in continuing education.?An assigned mentor, which should not be a supervisor, can offer career guidance or advice for a difficult situation. Communication Open lines of communication are essential for employee retention. Workers should know they can come forward with ideas, questions or concerns. Schedule regular meetings with individual staff members. These meetings should encourage open and honest conversations and occur several times a year. TeamworkEmployee retention th rives in an atmosphere of collaboration. Working with other skilled and motivated people is energizing. When everyone knows the team objectives and roles, ?everyone can contribute ideas and solutions. Work-Life BalanceTodays employees expect to have a life outside work. Encourage employees to take vacations. Offer flexible work schedules or telecommuting to help people juggle the demands of home and work. Employee EngagementAn engaged employee is a retained employee. Your job as an employer is to understand what motivates your people and what makes them care about what they do. High levels of employee engagement make for employees who want to stay. You Are Your Brand Social activism and awareness animate todays upcoming employees. Who they work for matters as much as what they do. Make your business known as a force for positive change by giving to charity, supporting educational issues or supporting local non-profits.Do you have any stories about employee retention successes? Share them in the comments below.

Just 20% of Fortune 500 Boards Are Women But Not at This Company

Just 20% of Fortune 500 Boards Are Women But Not at This Company Getting more women promoted into top leadership roles is on the short list of many companies these days. And yet, intention doesnt always materialize into action.According to onereport, conducted by executive search firm Heidrick Struggles and released earlier this year, the number of female leaders at the top of the corporate chain could be shrinking in some cases. That report found that the number of female directors appointed to Fortune 500 motherboard seats actuallydeclinedbetween 2016 and 2017, and anotherstudypublished by Deloitte this year determined that women still hold just 20% of Fortune 500 board seats.Despite this gap,United Technologies Corporation(UTC)is determined to lead by example. Recently, the international aerospace and commercial building companynamed Harvards Dr. Meghan OSullivan to its board of directors. Dr. OSullivan is the fourth female director on UTCs 13-member board, and thats something h er fellow board members are delighted about, UTC Chairman and CEO Greg Hayes said.UTC Is Hiring Browse Opportunities.Meghans strong background in public policy and global issues will be extremely valuable to us as we continue to execute our strategies to deliver customer and shareholder value, Hayes said.Dr. OSullivan, who serves as Harvards Jeane Kirkpatrick Professor of the Practice of International Affairs and Director of the Geopolitics of Energy Project, helps affirm UTCs commitment to gender parity, on its board and beyond. Earlier this year, the Fortune 50 company joined the Paradigm for Parity coalition to pledge that women will fill 30% of leadership roles by 2020. UTC took things a step further, though, and announced it aims to have women in a full 50% of these roles by 2030.This commitment extends to all levels of corporate leadership, as well and weve already seen it honored in the appointment of Judy Marks as President of Otis, the worlds largest manufacturer of elevat ors and escalators, and a UTC company.Im excited to join the Otis Elevator Co. family and lead a diverse team of talented people who know our industry and markets inside and out, Marks said when announcing her new position onLinkedIn.For his part, Hayes called Marks an innovator and accomplished global leader and added that her proven record of driving strategic growth will help the company continue to innovate in the digital age.Its clear that getting more women at the companys helm is a true priority, something that the women leaving free, anonymousjob reviews on Fairygodbosssay is reflective of UTCs commitment to promoting a culture of equality.UTC is committed to achieving equal gender representation in leadership positions across the company (and) they are pursuing this goal in real, tangible ways, one woman wrote. Another applauded the way senior leadership is laser-focused on diversity and inclusion.Want to get in at a company thats truly walking the walk when it comes to pro moting women? Check out theiropen positions theres tons of em--Fairygodboss is proud to partner with UTC. Find a job there today

Ideas, Formulas and Shortcuts for Professional Resume Writing Sunshine Coast

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