As the job market continues to heat up it becomes all the more critical that businesses focus their attention on keeping their talent. Aside from simply paying $1 more than the next company you need to look at work- life balance, flexibility in scheduling, training and development, and ancillary benefits as means to keep the employees you presently possess from leaving. These are a few examples of areas a co. can explore and address that cost little money but go a long way towards retaining talent.
David Lewis -- AKA Mister HR
http://www.OperationsInc.com
Human Resource Executive
highlights two recent studies on work / life balance and it's influence on an
organization's retention rate. Both surveys concluded that when an organization
is able to support a healthy work / life balance with sustainable working
patterns, it reduces turnover and operating costs and increases employee
satisfaction and productivity. Other highlights from the report include:
- 95% of survey
participants felt "happiest" when an employer allowed them to
meet family obligations.
- 52% of employees
at organizations with work / life balance programs reported they are
likely to stay at their current company for five years or more.
- Over 25% of
employees who feel they do not have a healthy work / life balance
plan to leave their organization within the next two years.
- Almost 70% of
individuals unsatisfied with their work / life balance felt they were paid
unfairly. Conversely, 58% of individuals who reported that they have a
healthy work / life balance felt that they were adequately compensated for
their work.
Can you offer some suggestions on a structure for reduced hours / work schedule that we’d like to offer in the summer?
- CFO, Paper Company
Beginning Memorial Day and ending Labor Day weekend it is not too uncommon to find "Summer Hours" as a practice within
businesses. The first and most common scenario is one where the scheduled workday is extended by an hour M-TH and then all employees are free to leave for the day on Fridays at 1:00 p.m. Another approach is to maintain the same work schedule as per normal, but offer a specific number of 1:00 p.m. (or similar) departure times on a set number of Fridays to be taken at the discretion of the employee and the employer. Be sure to consult with an HR professional as to how wages may be impacted (if at all) during these arrangements.
David Lewis -- AKA Mister HR
http://www.OperationsInc.com
Where do the best candidates for hire come from? Ads? Headhunters? Neither. The best and most reliable source according to multiple surveys conducted annually shows that Employee Referrals are your best source. Look to setup a program that provides your employees with some form of compensation in exchange for their referring potential new hires, with guidelines that focus on successful hires staying for a defined period of time. The more creative and the more marketing oriented your approach is the more successful your program will be.
David Lewis -- AKA Mister HR
http://www.OperationsInc.com
Historically, employers have been
very tight lipped about the salaries of their employees. However, a recent
article from the Wall Street Journal explains that the millennial generation is
challenging the idea that discussing personal wages is off-limits in the
office. Social media forums have made this generation accustomed to
self-disclosure and milennials are translating this mentality to the workplace.
This type of transparency within an organization can be both beneficial and
detrimental to an organization. For the employee, salary disclosure increases
their bargaining power when negotiating a their current or future pay because
it brings any wage discrimination or unfairness to the forefront. On the other
hand, it can increase jealousy among coworkers and create an unhappy work
environment. Not to mention, it puts an organization's salary structure
under the microscope.
