Who Owns Retention? The REAL Employee Turnover Problem

Achievers

What’s the biggest problem when it comes to employee turnover? No one owns retention! At many companies, when turnover rises executives point to HR to fix it – whose plate is already overflowing with terminations, payroll, benefits management, and back-fill recruiting.

12 Employee Retention Strategies You Need Right Now to Delight Employees and Reduce Turnover

Imaginasium

It is reported that almost 70% of organizations indicate staff turnover has a negative impact on their bottom line. With record unemployment and over 70% of employers concerned about the talent shortage, retention is on the top of every leader’s mind. Unemployment is at an all-time low.

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When do workplace incentives become disincentives?

HR Morning

Does your incentive program bolster company culture or diminish it? Guest poster Catherine Spence explores how companies can design incentives that strengthen engagement and reinforce organizational values. . _. Avoiding Impotent Incentives.

What is employee retention?

Workable

This is the goal of employee retention: an organization’s concerted efforts to retain their existing staff. Employee retention is often expressed as a statistic; the percentage of employees that remain in a company for a fixed time period (e.g. How to reduce new hire turnover.

Why signing bonuses won’t save transportation’s talent shortage

PI Worldwide

The current school of thought is to offer signing bonuses. With several of the biggest names in the game offering sign-on bonuses—and money being a strong motivator to start driving—this seems like a good solution. Signing bonuses aren’t a sustainable solution to the transportation talent shortage. Increasing bonuses for drivers will eventually cause freight prices to rise, which will cost these businesses their customers.

3 Reasons Why Incentive Programs Fail to Increase Field Productivity

Rallyware for Human Resources

In order to keep workforces engaged and drive their continuous growth, companies need to thoroughly approach the development of impactful incentive programs. What kinds of incentives drive field productivity in 2019? How to ensure that your company provides the right incentives.

How to Diminish Employee Turnover: Modeling Elite Companies

Effortless HR

According to the Society for Human Resource Management, the average company experiences turnover at an annual rate of 19%, which can cost each company 20-40% of an employee’s salary in pursuit and training of their replacement. Read original post at Effortless HR Software.

59 Awesome Employee Engagement Ideas & Activities for 2018 (Plus 10 New Bonus Ideas)

SnackNation

59 Awesome Employee Engagement Ideas & Activities for 2018 (Plus 10 New Bonus Ideas). Have more fun at work. HR managers can agree that employee engagement and retention are at the top of their priority list. Free bonus: Download this entire list as a PDF.

How Healthcare Employers Can Overcome Unprecedented Turnover

Precheck

How Healthcare Employers Can Overcome Unprecedented Turnover Oct. It’s not just your organization — turnover is rampant across healthcare employers. And while those numbers apply to all healthcare employees, the stakes get even higher when you look at care providers.

Your Sales Comp Plan Stinks (And What To Do About It)

WorkHuman

Mark Donnolo, managing partner of SalesGlobe, may have said it best : “It’s rare that sales compensation plans are presented to cheering crowds of salespeople, vibrating with excitement about their new incentives and performance measures. Turns out, sales staff turnover is a common problem.

6 Things You Think Are True, But Aren’t (Compensation Edition)

Compensation Cafe

Incentive pay motivates people to perform. It has been sold to businesses that a great incentive program can motivate a person. Incentive plans are there to remind everyone of what is important and to reward them if they stay focused and achieve their objectives.

Healthcare HR and Employee Retention: 6 Key Factors to Consider

Precheck

Healthcare HR and Employee Retention: 6 Key Factors to Consider Nov. In fact, 46 percent of HR professionals cite employee retention/turnover as the top workforce management challenge in 2016, an increase from 25 percent in 2012.

The Recognition Science Denier

WorkHuman

Listen to our WorkHuman Radio interview with Chris French embedded at the top of this post. But by the end of the meeting, our conversation had shifted from recognition as a cost to recognition as an investment – in culture, and employee experience , retention , and engagement. “We

More Results from the Recruiting and Retention Survey—Onboarding and Retaining Practices

HR Daily Advisor

In yesterday’s Advisor , we presented results from our 2014 Recruiting and Retention Survey. Today, more findings from this timely study, including practices for new hires and preferred methods of retention. Retention. Turnover of mid-level employees is below 10% for 37.1%

The Best Employee Retention Articles and Resources from Across the Web

ForUsAll

High turnover to contend with? Revitalizing your employee retention can be a daunting undertaking, but we’re here to help. Here are all the employee retention articles and resources you’ll need to get informed, get inspired, and get going. General Employee Retention Articles.

The Value of Retention: Hiring and Keeping Employees for the Long Haul

Asure Software

Competitive pay, performance bonuses, other financial rewards and promotion from within the company can also be strong incentives for attracting and retaining talent. Of course, financial incentives are a primary way to motivate employees to stay at a company.

How to Explain Human Dynamics to Execs Focused on the Bottom Line

Visier

Here are two examples that demonstrate how behavioural trends impact the bottom line, and how you can uncover these trends in your workforce data to deliver a credible point of view: The Economics of Turnover Contagion. What actually happens is turnover contagion.

Analyzing the Business World’s Newest Perk: Bonuses for Living Close to the Office

Linkedin Talent Blog

A new perk has made its way into some companies’ benefit packages: Cash bonuses for employees who live close to the office. Let’s take a closer look at these two perspectives, as well as some alternative solutions. There are some other solutions, along with a bonus to move closer.

‘Tis the Season to Evaluate Your Total Rewards Strategy

WorkHuman

A survey from Willis Towers Watson shows that pay raises for employees are expected to remain at 3% in 2017 – the same increase for the past three years. Laura Sejen, managing director, Rewards, at Willis Towers Watson explains that many companies, “are starting to question how those budgets are spent and whether their conventional approaches to salary planning are delivering a good return on that 3% investment.”. Have you looked at the ROI of your current total rewards strategy?

6 Employee Rewards Ideas for Blue Collar Workers

Fond

Offering incentives will boost morale, performance, and retention. . At this time, trade workers wore hearty denim shirts that contrasted the pressed white ones worn by office employees. . Growth incentives are especially important if you’re looking to recruit young people.

How to Explain Human Dynamics to Execs Focused on the Bottom Line

Visier

Here are two examples that demonstrate how behavioural trends impact the bottom line, and how you can uncover these trends in your workforce data to deliver a credible point of view: The Economics of Turnover Contagion. What actually happens is turnover contagion.

2020 Workforce Trends- What You Need to Know!

Affinity HR Group

Retention. The importance of employee retention in this tight labor market cannot be over-emphasized. Knowing what’s important to them can help you structure your workplace so that it supports retention. John Compensation hiring Retention Workforce

Workers gaining clout in salary discussions? Doesn’t look like it

HR Morning

In a recent study commissioned by Spherion Staffing , nearly one-fourth (26%) of workers said they’re at least somewhat likely to look for a new job in the next 12 months (up from 18% last year). And employees list financial compensation, benefits, and growth and earnings potential as the top factors influencing their potential retention. employees are expected to hold steady at 3% in 2017, according to a survey by HR consulting giant Willis Towers Watson.

5 Ways To Recognize Employees in the Transportation & Logistics Industry

CoreCentive

That’s an especially big problem in an industry already facing high turnover. First, the industry suffers from consistently high turnover-in some cases close to 100% annualized. A thoughtful Safety Incentives program can help reinforce those behaviors.

How SRS Distribution Overcomes Industry Challenges with Culture Management

CultureIQ

Companies that fail to successfully integrate the new company into the existing culture can expect to see high turnover and low retention rates, missed targets, and poor performance , which will in turn affect the quality of the product or service they provide their customers.

Dump Your Performance Reviews

WorkHuman

They dislike the fact that managers delay and avoid doing them, and feel they are paternalistic, controlling, and at odds with taking personal initiative and designing your future in a company. You’ll be surprised at the increased engagement, higher retention, and higher happiness scores.

12 Powerful Tips to Build an Employee Recognition Culture

EmployeeConnect

HR departments, which are challenged to recruit and retain the best people, are the prime movers for implementing a recognition culture that motivates and rewards employees them with essential psychological rewards that extend far beyond material incentives. This is proven by organisations with the most effective recognition strategies have 31 percent lower turnover rates due to voluntary migration of staff members.

BLR’s 2017–2018 Pay Budget and Variable Pay Survey

HR Daily Advisor

A closer look at the data shows that 15% of employers awarded merit increases of up to 2.5% awarded as much to employees at the management level, 19.7% At an average of 23.6% A peek at the maximum increase tied to a performance scale of 1–5 shows that 20.1% At 18.7%

Are You Supporting Your Remote Employees?

Ultimate Software

According to a worldwide study, approximately 70 percent of global employees worked remotely at least once a week in 2018 , while 53 percent telecommuted closer to half the week. Cash bonuses for not checking email or doing anything work-related while on vacation.

Counter-Offers: Know When to Hold’em or Fold’em

Visier

If you work in HR or have managed a team, it’s likely that you understand the dilemma presented by this type of scenario: Competition for talent is fierce , and when an employee leaves due to voluntary turnover, it typically costs 1.5

How to Retain Young Talent in a Job-Hopping Culture

ACI Specialty Benefits

Young professionals are changing jobs at a faster rate than ever; they’re three times more likely to job-hop than Baby Boomers. This kind of turnover comes with a cost: Companies lose time, money, and business with each lost employee. ACI Founder and CEO Dr. Ann D.

Invest in Your Bottom Line: Financial Wellness in the Workplace

DailyPay

Employers don't do this to be nice," says [Bruce Elliott, manager of compensation and benefits at the Society for Human Resource Management]. But don’t take that at face value. Let’s look at the research: 72% of Americans regularly experience financial stress. Weiss, an adjunct professor at the University of Hartford, management consultant, and serial entrepreneur. “If As with getting large groups of people to do anything, it’s wise to set up a system of incentives.

5 Ways Employee Recognition Software Pays for Itself

Kazoo

Appreciation and employee engagement are mistakenly seen as soft benefits – making it all too easy to avoid investing in an employee experience enhancement program that, at first glance, looks more like a bonus than mission-critical functionality.

Five Steps to Simplify Your Compensation Program

Astron Solutions

Step 4: Eliminate merit or pay-for-performance programs tied to base pay and instead allow for a bonus / incentive system that focuses more on outcomes and results. Bonuses represent an amount of pay that is ‘at risk’ every year.

Top priorities for HR due diligence in a corporate transaction

Bersin with Deloitte

At our Human Capital DealMakers event, held at Deloitte University a few months ago, M&A professionals gathered to discuss the areas on which HR should focus in order to uncover findings that could positively or negatively impact deal value and the ultimate success of the transaction.