Overview: Undesirable employee turnover, such as when a top performer leaves an organization, can lead to decreased productivity and succession or continuity challenges. Employee turnover is costly to organizations, decreasing the employer's return on investment (ROI) in employee training and development, as well as in benefits packages.
Employers should adopt a planned employee retention strategy tailored to their particular circumstances. Resorting to ad hoc methods or a dependence on market conditions as retention strategies will not allow an organization to achieve its business goals. "Employers of choice" will develop a retention strategy that targets specific practices, proactively evaluates policies and procedures and tracks turnover rates in order to strengthen organizational viability.
Trends: In a down economy, many organizations will engage in some level of restructuring, whether it is accomplished through downsizing the organization, merging with another entity or acquiring related businesses. Employers need to institute communications plans that adequately deal with times of change, and must remain vigilant that top performers are not needlessly lost to competitors.
Marta Moakley, JD, Legal Editor
XpertHR's High-Tech Resource Center for HR: Talent Management and Employee Retention helps high-tech employers handle their most challenging employment issues by bringing relevant resources together in one place for easy access.
XpertHR's Transportation Resource Center for HR: Training and Employee Retention helps transportation industry employers handle their most vexing employment issues by bringing relevant resources together in one place for easy access.
XpertHR's Retail Resource Center for HR: Training and Retention helps retail employers handle their most vexing employment issues by bringing relevant resources together in one place for easy access.
When employees resign, employers have a valuable opportunity to both gather candid information regarding their business practices and identify risk. This How To will assist employers with the steps to encourage employees to participate in exit interviews, select the right person to conduct exit interviews and how best to prepare for, conduct and process the information obtained during exit interviews.
An employer may use this policy to convey the purpose for and importance of conducting exit interviews with employees departing the organization. Given that employers may collect valuable, candid information regarding employment practices from outgoing employees and may also identify post-termination risks such as lawsuits, employers are strongly encouraged to conduct exit interviews with all willing, outgoing employees. This policy can be used to put current employees on notice of the employer's intention to conduct such interviews and what the employer intends to do with the information it gathers.
The Society for Human Resource Management 2012 Convention in Atlanta was defined by attendees' concerns about the Affordable Care Act, FMLA, social media, wage-and-hour compliance, talent management and criminal background checks among other subjects.
At the core of any effective training program is correctly identifying what or who needs to be trained. Employers can conduct a training needs analysis by following the steps in this How To.
Employers with highly engaged employees generally demonstrate a higher revenue growth when compared with their industry peers. While understanding what inspires employees to remain interested in their work, invested in their employer, and performing at a high level within an organization often varies depending on the employee, this How To should assist employers in fostering employee motivation in their organization.
Whether caused by a downsizing, merger or acquisition, bankruptcy, or a private to public move (or vice versa), a restructuring event typically creates significant organizational change and uncertainty within the workforce. This Supervisor Briefing provides ideas and best practices to help supervisors respond to the challenges faced during a corporate restructuring.
Employee turnover can be expensive for employers, costing 25 percent or more of the employee's annual compensation to replace him or her, on top of the loss of institutional knowledge and productivity. Employers concerned about employee turnover and seeking ways to reduce attrition should follow the steps in this How To for reducing turnover.
HR guidance on the legal risks and benefits regarding employee retention programs.
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