Format:
1 online resource (375 pages)
Edition:
1st ed.
ISBN:
9780750674843
,
9780080510873
Content:
During the past decade, employee turnover has become a very serious problem for organizations. Managing retention and keeping the turnover rate below target and industry norms is one of the most challenging issues facing business. All indications point toward the issue compounding in the future and, even as economic times change, turnover will continue to be an important issue for most job groups. Yet despite these facts employee turnover continues to be the most unappreciated and undervalued issue facing business leaders. There are a variety of reasons for this, for example, the true cost of employee turnover is often underestimated. The causes of turnover are not adequately identified, and solutions are often not matched with the causes, so they fail. Preventive measures are either not in place or do not target the issues properly, and therefore have little or no effect, and a method for measuring progress and identifying a monetary value (ROI) on retention does not exist in most organizations. 'Managing Employee Retention' is a practical guide for managers to retain their talented employees. It shows how to manage and monitor turnover and how to develop the ROI of keeping your talent using innovative retention programs. The book presents a logical process of managing retention, from identifying turnover costs and causes, designing solutions that match the causes of turnover, developing tools for tracking turnover and placing alerts when action is needed, and measuring the ROI of retention programs
Note:
Front Cover -- Managing Employee Retention -- Copyright Page -- Contents -- Preface -- Acknowledgments -- 1. Why Retention Is a Serious Problem. . . Still -- Definitions -- Retention as a Critical Issue -- Negative Impact of Turnover to the Organization -- Negative Impact of Turnover on Individuals -- External Drivers of the Retention Crisis -- Internal Driuers -- Turnover Myths -- Turnover Rates -- Payoffs of Retention Solutions -- Final Thoughts -- References -- Further Reading -- 2. A Strategic Accountability Approach to Managing Retention -- Problems with Existing Approaches -- Needed: A Strategic Accountability Approach -- Measure and Monitor Turnover Data -- Develop Fully Loaded Costs of Turnover -- Diagnose Causes and Needs for Retention Improvement -- Explore a Range of Solutions -- Match Solutions to Needs -- Forecast the Value of Retention Solutions -- Calculate ROI of Retention Solutions -- Make Adjustments and Continue -- Final Thoughts -- References -- Further Reading -- 3. Measure and Monitor Turnover and Retention Data -- Definitions -- Economic Climate and National Data -- Benchmarking Turnover -- Monitoring Turnover and Retention Data -- Additional Monitoring -- Distribution of Information -- Responsibility -- Final Thoughts -- References -- Further Reading -- 4. Develop Fully Loaded Costs of Turnover -- Importance of Costs -- How to Develop Turnover Costs -- Cost Monitoring Issues -- Classifying Costs -- Final Thoughts -- References -- Further Reading -- 5. Diagnose Causes of Turnover -- The Dilemma of Analysis -- Building Insight: Connection Between Employee Needs, Causes, Situations, and Solutions -- Starting Point: Analysis of Turnover Data -- Questionnaires and Surveys -- Interviews and Focus Groups -- Nominal Group Technique -- Exit Interview (or Survey) -- Basic Idea Generation Tools -- Final Thoughts -- References
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Driving Action from Retention Solutions -- Maintaining a Low Turnover Rate -- Overcoming Resistance to Managing Retention -- Final Thoughts -- References -- Further Reading -- 14. Case Study Application: Southeast Corridor Bank -- Background -- Strategic Accourztability Approach -- Measuring and Monitoring Turnover at SCB -- Determining the Cause of Turnover -- Solution: Skill-Based Pay -- Measuring Success -- Lessons Learned -- Discussion Questions -- References -- Index -- About the Authors
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Further Reading -- 6. Solution Set: Recruiting New Employees -- Image -- Market Performance -- Recruitment -- Interviewing and Selection -- Job Fit -- Orientation -- Final Thoughts -- References -- Further Reading -- 7. Solution Set: Establishing an Appropriate Work Environment -- Job Satisfaction -- Workplace Design -- Safety -- Job Security -- Culture -- Life Balance -- Diversity -- Final Thoughts -- References -- Further Reading -- 8. Solution Set: Creating Equitable Pay and Performance Processes -- Pay -- Benefits -- Rewards and Recognition -- Performance Management -- Final Thoughts -- References -- Further Reading -- 9. Solution Set: Building Motivation and Commitment -- Quality of Leadership -- Empowerment -- Teamwork -- Ethics and Trust -- Commitment -- Professional Growth -- Final Thoughts -- References -- Further Reading -- 10. Match Solutions to Needs -- Introduction -- Combining Data from Different Sources -- Determining the Significance of the Cause -- Reaching a Consensus -- Presenting Data for Decision Making -- Matching Solutions to Needs -- Avoiding Problems -- Final Thoughts -- 11. Forecast the Value of Retention Solutions -- Why Forecast ROI? -- The Tradeoffs of Forecasting -- Pre-Project ROI Forecasting -- Forecasting with a Pilot Program -- Forecasting ROI with Reaction Data -- Project Costs for Forecasting Calculations -- Final Thoughts -- References -- Further Reading -- 12. Calculate the Return on Investment of Retention Solutions -- Key ROI Issues -- Building the Process -- An Evaluation Framework -- The ROI Process Model -- Operating Standards and Philosophy -- Final Thoughts -- References -- 13. Make Adjustments and Continue -- The Importance of Communicating Results -- Principles of Communicating Results -- Developing the Impact Study Report -- Communicating Information on Retention Solutions
Additional Edition:
Print version Phillips, Jack J. Managing Employee Retention Oxford : Taylor & Francis Group,c2011 ISBN 9780750674843
Language:
English
Keywords:
Electronic books
URL:
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