Business Leaders: Are you having a hard time retaining good employees? If so, take the following quiz. Remember to answer honestly; you are the only one watching.
If you answered NO or NOT SURE to more than 3 of these questions, it may be time to step back and take a fresh look at your work environment.
Turnover costs money. Each year firms spend billions of dollars recruiting and replacing their employees. To replace an hourly employee costs anywhere from $2,000-$11,000 and up to $40,000 for a manager. In addition, losing good employees can negatively impact the rest of the workforce's morale and productivity, a consequence often not factored into the cost of turnover.
Some of the reasons good people voluntarily leave, such as a change in their personal circumstances, cannot be prevented. It can also be tough to compete with employers that provide higher pay scales and benefits.
However, most employees desire more than a good paycheck. Leading causes of high turnover are often related to employees experiencing inequities in the workplace, poor working conditions, feelings of not being appreciated and inappropriate job fit. As leaders, these conditions are within your control and can be remedied.
In the past 20 years, a significant amount of research has identified the characteristics of a "winning workplace" – companies with low turnover and high employee engagement and productivity. These six fundamental characteristics, or as we call them, "Building Blocks," include:
1. Trust, Respect & Fairness
In winning workplaces, employees are respected, both as employees and as human beings; there is a sense of trust between management and staff; and workers are treated fairly and consistently.
2. Open Communications
There is open and honest communication within the organization, from management to employees, from employees to management and across different work units of the organization.
3. Rewards & Recognition
Employees are sufficiently rewarded and recognized, in monetary and non-monetary ways, for their contributions and accomplishments.
4. Learning & Development
There are opportunities for employees to develop new skills, and to advance in the organization as their performance and desire dictates.
5. Teamwork & Involvement
There is a sense of teamwork and collaboration within the organization, with employees feeling that they have the opportunity to contribute directly to the organization's success, and to the larger community.
6. Work/Life Balance
The organization's policies, practices and culture affirmatively help employees balance the competing demands of work and family.
Creating a stable and collaborative workplace happens over time, does not have to cost a lot of money and, most importantly, helps you maintain your competitive edge. Take care to resist the quick fixes or the "next great consulting fad." The key ingredient is you and your leadership: your sincere desire to improve the work culture, your willingness to "roll up your sleeves" to drive the process and your role modeling of constructive communication and behavior.
For more information on how to decrease unnecessary turnover and build a winning workplace, call Diane Stoneman, Winning Workplaces' Director of Consulting and Training, at (847) 328-2819.
— Winning Workplaces, September 01, 2006 | Add your thoughts
Comments:
This Retention Test is tops as is the rest of all Winning Workplaces work. I frequently mention your site to those whose questios we answer on our site Ask The Workplace Doctors. Your people might find our site of interest--we have hundreds of Q&As posted from employees and managers to have sent us questions over the past 10 years. http://www.west2k.com/wego.asp
May your good work continue.
Bill Gorden
— billgorden, September 06, 2006
Thanks for your praise, Bill. We think the quiz is a good one, too; we originally provided it to Aftermarket Business magazine for their audience of owners and managers in the aftermarket auto parts industry.
You may wish to bookmark the main Ask An Expert page, as a new topic is added every month.
— Winning Workplaces, September 14, 2006