Comments on: Understanding Available Retention Strategies: Are You Prepared for Turnover Rates to Double? (Part 1 of a 3-Part Series) http://www.ere.net/2009/09/28/understanding-available-retention-strategies-and-are-you-prepared-for-turnover-rates-to-double-part-1-of-a-2-part-series/ Recruiting News, Recruiting Events, Recruiting Community, Social Recruiting Tue, 14 Feb 2012 01:03:49 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: 7 Reasons Your Top Performers Will Leave In 2010 « HR NETWORK http://www.ere.net/2009/09/28/understanding-available-retention-strategies-and-are-you-prepared-for-turnover-rates-to-double-part-1-of-a-2-part-series/comment-page-1/#comment-16809 7 Reasons Your Top Performers Will Leave In 2010 « HR NETWORK Thu, 12 Nov 2009 13:38:15 +0000 http://www.ere.net/?p=10044#comment-16809 [...] Will Leave In 2010 Posted on November 12, 2009 by hrnetwork A recent spate of surveys and commentary confirm what has become clear from my conversations with top performers over the last eight to ten [...] [...] Will Leave In 2010 Posted on November 12, 2009 by hrnetwork A recent spate of surveys and commentary confirm what has become clear from my conversations with top performers over the last eight to ten [...]

]]> By: HRM Today - Blog Archive » As the Economy Improves http://www.ere.net/2009/09/28/understanding-available-retention-strategies-and-are-you-prepared-for-turnover-rates-to-double-part-1-of-a-2-part-series/comment-page-1/#comment-16114 HRM Today - Blog Archive » As the Economy Improves Tue, 20 Oct 2009 23:49:17 +0000 http://www.ere.net/?p=10044#comment-16114 [...] and transparent.  If companies want to avoid a train wreck in terms of mass exodus, now is the time to engage in some dialogue with employees about what they want in terms of job/pay/benefits and what you as [...] [...] and transparent.  If companies want to avoid a train wreck in terms of mass exodus, now is the time to engage in some dialogue with employees about what they want in terms of job/pay/benefits and what you as [...]

]]> By: Exodus Mitigation | engage in open communication — hr bartender http://www.ere.net/2009/09/28/understanding-available-retention-strategies-and-are-you-prepared-for-turnover-rates-to-double-part-1-of-a-2-part-series/comment-page-1/#comment-16092 Exodus Mitigation | engage in open communication — hr bartender Tue, 20 Oct 2009 08:03:33 +0000 http://www.ere.net/?p=10044#comment-16092 [...] and transparent.  If companies want to avoid a train wreck in terms of mass exodus, now is the time to engage in some dialogue with employees about what they want in terms of job/pay/benefits and what you as [...] [...] and transparent.  If companies want to avoid a train wreck in terms of mass exodus, now is the time to engage in some dialogue with employees about what they want in terms of job/pay/benefits and what you as [...]

]]> By: Understanding Available Retention Strategies: Are You Prepared for Turnover Rates to Double? (Part 3 of a 3-Part Series) : ERE.net http://www.ere.net/2009/09/28/understanding-available-retention-strategies-and-are-you-prepared-for-turnover-rates-to-double-part-1-of-a-2-part-series/comment-page-1/#comment-15806 Understanding Available Retention Strategies: Are You Prepared for Turnover Rates to Double? (Part 3 of a 3-Part Series) : ERE.net Mon, 12 Oct 2009 10:01:17 +0000 http://www.ere.net/?p=10044#comment-15806 [...] one and two of this three-part series introduced why focusing on retention is and will be a [...] [...] one and two of this three-part series introduced why focusing on retention is and will be a [...]

]]> By: Understanding Available Retention Strategies: Are You Prepared for Turnover Rates to Double? (Part 2 of a 3-Part Series) : ERE.net http://www.ere.net/2009/09/28/understanding-available-retention-strategies-and-are-you-prepared-for-turnover-rates-to-double-part-1-of-a-2-part-series/comment-page-1/#comment-15600 Understanding Available Retention Strategies: Are You Prepared for Turnover Rates to Double? (Part 2 of a 3-Part Series) : ERE.net Mon, 05 Oct 2009 10:01:54 +0000 http://www.ere.net/?p=10044#comment-15600 [...] which are targeted at specific individuals and deliver a differentiated or personalized solution. Here was part 1 from last week. tags: [...] [...] which are targeted at specific individuals and deliver a differentiated or personalized solution. Here was part 1 from last week. tags: [...]

]]> By: Colleen Maxwell http://www.ere.net/2009/09/28/understanding-available-retention-strategies-and-are-you-prepared-for-turnover-rates-to-double-part-1-of-a-2-part-series/comment-page-1/#comment-15564 Colleen Maxwell Fri, 02 Oct 2009 17:39:23 +0000 http://www.ere.net/?p=10044#comment-15564 Retention of top performers is a subject I love and champion and believe it is quantifiable. However, I do not believe that top performers are ready for a mass exodus. In general, most organizations know who these people are and take care of them. On the other hand, if you’re every day average performers all migrate out at once your organization will feel the pinch. In addition, if your organization is small or spread out over a large geographical area, loosing a few folks here and there could be a strain. It pays to stay close to your folks. Get to know your people so you can learn about their grievances quickly. One grumbling employee will create an unhealthy atmosphere and bring down the ship. Colleen Retention of top performers is a subject I love and champion and believe it is quantifiable. However, I do not believe that top performers are ready for a mass exodus. In general, most organizations know who these people are and take care of them. On the other hand, if you’re every day average performers all migrate out at once your organization will feel the pinch. In addition, if your organization is small or spread out over a large geographical area, loosing a few folks here and there could be a strain. It pays to stay close to your folks. Get to know your people so you can learn about their grievances quickly. One grumbling employee will create an unhealthy atmosphere and bring down the ship. Colleen

]]> By: Ira Wolfe http://www.ere.net/2009/09/28/understanding-available-retention-strategies-and-are-you-prepared-for-turnover-rates-to-double-part-1-of-a-2-part-series/comment-page-1/#comment-15549 Ira Wolfe Fri, 02 Oct 2009 13:46:11 +0000 http://www.ere.net/?p=10044#comment-15549 John - I agree entirely that individual companies need to know rates and risk of turnover, especially for key positions (and in a "lean" company, every position is key!). Plus the rate of turnover is not as relevant without considering the cost. In any case, I agree organizations must develop their own metrics...and then understand them. Thanks for your continued insights. Ira John – I agree entirely that individual companies need to know rates and risk of turnover, especially for key positions (and in a “lean” company, every position is key!). Plus the rate of turnover is not as relevant without considering the cost. In any case, I agree organizations must develop their own metrics…and then understand them. Thanks for your continued insights.
Ira

]]> By: Dr John Sullivan http://www.ere.net/2009/09/28/understanding-available-retention-strategies-and-are-you-prepared-for-turnover-rates-to-double-part-1-of-a-2-part-series/comment-page-1/#comment-15544 Dr John Sullivan Fri, 02 Oct 2009 03:42:51 +0000 http://www.ere.net/?p=10044#comment-15544 Ira There are many studies predicting turnover increases but I don't suggest that you rely on them. Instead I recommend that firm's do their own surveys. The information that is needed is your own firm's "value at risk" related to losing top talent, not what the general trend is. John Ira

There are many studies predicting turnover increases but I don’t suggest that you rely on them. Instead I recommend that firm’s do their own surveys. The information that is needed is your own firm’s “value at risk” related to losing top talent, not what the general trend is.

John

]]> By: Vikram Gundoju http://www.ere.net/2009/09/28/understanding-available-retention-strategies-and-are-you-prepared-for-turnover-rates-to-double-part-1-of-a-2-part-series/comment-page-1/#comment-15543 Vikram Gundoju Fri, 02 Oct 2009 03:06:08 +0000 http://www.ere.net/?p=10044#comment-15543 Thanks for the great article John. I have some experience operating a retention function in a Fortune 300 company. I agree with Bart that turnover is a very complicated issue and is driven by various factors, some controllable and some non-controllable. For companies that experience high turnover and are serious about retention, they should: • dedicate a business executive to the staffing and retention function • include retention targets in management MBOs • ensure alignment between the staffing and business groups’ objectives • develop processes and systems to capture relevant data that enables decision making and promotes accountability at various levels • develop a solid fact-based understanding of key drivers of turnover, and critical workforce segments • quantify the cost of turnover The above factors will ensure strategic focus on retention and enable the collection of critical data and insights that can lead to appropriate hiring and retention strategies. For example, if employee referrals or college interns make for better hires, the company can divert more resources to hire from those sources. If a significant number of employees leave because they realized that the job is not what they thought it would be, the company could employ realistic job previews to help lower turnover. Vikram Gundoju www.SalesWilling.com Thanks for the great article John. I have some experience operating a retention function in a Fortune 300 company. I agree with Bart that turnover is a very complicated issue and is driven by various factors, some controllable and some non-controllable. For companies that experience high turnover and are serious about retention, they should:

• dedicate a business executive to the staffing and retention function
• include retention targets in management MBOs
• ensure alignment between the staffing and business groups’ objectives
• develop processes and systems to capture relevant data that enables decision making and promotes accountability at various levels
• develop a solid fact-based understanding of key drivers of turnover, and critical workforce segments
• quantify the cost of turnover

The above factors will ensure strategic focus on retention and enable the collection of critical data and insights that can lead to appropriate hiring and retention strategies. For example, if employee referrals or college interns make for better hires, the company can divert more resources to hire from those sources. If a significant number of employees leave because they realized that the job is not what they thought it would be, the company could employ realistic job previews to help lower turnover.

Vikram Gundoju
http://www.SalesWilling.com

]]> By: Lizz Pellet http://www.ere.net/2009/09/28/understanding-available-retention-strategies-and-are-you-prepared-for-turnover-rates-to-double-part-1-of-a-2-part-series/comment-page-1/#comment-15534 Lizz Pellet Thu, 01 Oct 2009 21:52:55 +0000 http://www.ere.net/?p=10044#comment-15534 John, As usual, you are spot on. While many people are unemployed, there are many who are employed that are just waiting for a crack in the glass to flee. My perspective comes down to organizational culture - if an organization did everything they could do to reduce spending and they were committed to their human capital and their values, they will fare, from a retention point of view, far better than the companies that slashed and burned positions. I have recently been introduced to a new certification program on Retention. In your review of the top 15 retention strategies, I recommend taking a look at: www.retentioninstitute.com I feel this approach will certainly bring a new way of thinking and supporting retention. There is also a new LinkedHR Subgroup on Retention, so it is evident this topic is quickly becoming top of mind, even in these tough economic times. Lizz John,

As usual, you are spot on. While many people are unemployed, there are many who are employed that are just waiting for a crack in the glass to flee. My perspective comes down to organizational culture – if an organization did everything they could do to reduce spending and they were committed to their human capital and their values, they will fare, from a retention point of view, far better than the companies that slashed and burned positions.

I have recently been introduced to a new certification program on Retention. In your review of the top 15 retention strategies, I recommend taking a look at: http://www.retentioninstitute.com I feel this approach will certainly bring a new way of thinking and supporting retention.

There is also a new LinkedHR Subgroup on Retention, so it is evident this topic is quickly becoming top of mind, even in these tough economic times.

Lizz

]]> By: Jim Sullivan http://www.ere.net/2009/09/28/understanding-available-retention-strategies-and-are-you-prepared-for-turnover-rates-to-double-part-1-of-a-2-part-series/comment-page-1/#comment-15520 Jim Sullivan Thu, 01 Oct 2009 13:59:09 +0000 http://www.ere.net/?p=10044#comment-15520 The problem with all retention strategies -at this point- is that they will be too little too late for this recession. If they were not in place prior to now, those folks you wanted to retain will be moving on. They will view all attempts to keep them as more empty promises. The problem with all retention strategies -at this point- is that they will be too little too late for this recession. If they were not in place prior to now, those folks you wanted to retain will be moving on. They will view all attempts to keep them as more empty promises.

]]> By: Kathy Lori http://www.ere.net/2009/09/28/understanding-available-retention-strategies-and-are-you-prepared-for-turnover-rates-to-double-part-1-of-a-2-part-series/comment-page-1/#comment-15518 Kathy Lori Thu, 01 Oct 2009 13:26:55 +0000 http://www.ere.net/?p=10044#comment-15518 I'm not an HR person. I follow ERE to see what HR people are thinking about, trends, etc. I can't believe that people are getting so concerned about maintaining talent in this country. From where I'm sitting, many companies are making great efforts to send as many jobs as possible overseas. The last company I was at was sending all new development to India and the manufacturing is going to Singapore. I keep reading that these "green jobs" will help the ex car workers. Well, those green jobs are very low pay compared to what an auto worker makes. I read about many college graduates not being able to find jobs and saddled with tremendous debt. The US is evolving into an economy that I am really unsure about. I don't think we will ever have another surge of productivity and optimism like with Y2K. Maybe there is something down the road for the US, but I don't see it. I sure hope there is something out there, something new and exciting. Otherwise, the consequences won't be pretty. I’m not an HR person. I follow ERE to see what HR people are thinking about, trends, etc. I can’t believe that people are getting so concerned about maintaining talent in this country. From where I’m sitting, many companies are making great efforts to send as many jobs as possible overseas. The last company I was at was sending all new development to India and the manufacturing is going to Singapore. I keep reading that these “green jobs” will help the ex car workers. Well, those green jobs are very low pay compared to what an auto worker makes. I read about many college graduates not being able to find jobs and saddled with tremendous debt. The US is evolving into an economy that I am really unsure about. I don’t think we will ever have another surge of productivity and optimism like with Y2K. Maybe there is something down the road for the US, but I don’t see it. I sure hope there is something out there, something new and exciting. Otherwise, the consequences won’t be pretty.

]]> By: Ira Wolfe http://www.ere.net/2009/09/28/understanding-available-retention-strategies-and-are-you-prepared-for-turnover-rates-to-double-part-1-of-a-2-part-series/comment-page-1/#comment-15515 Ira Wolfe Thu, 01 Oct 2009 13:11:05 +0000 http://www.ere.net/?p=10044#comment-15515 John - A great article and an equally good title! I echo your message to my clients and audience as well. Employers are in for a rude awakening as the economy rebounds especially among the skilled and talented. An interesting study in the future will be following the rate of turnover of the skilled vs the unskilled or lesser skilled. The studies you mentioned however were based in 2004 and 2007. In today's market, 5 years is like an eternity. The oldest Boomers hadn't even reached 60 yet. Gen Y were just entering the workforce. Don't you feel this data may even underplay the severity of the turnover? John – A great article and an equally good title! I echo your message to my clients and audience as well. Employers are in for a rude awakening as the economy rebounds especially among the skilled and talented. An interesting study in the future will be following the rate of turnover of the skilled vs the unskilled or lesser skilled. The studies you mentioned however were based in 2004 and 2007. In today’s market, 5 years is like an eternity. The oldest Boomers hadn’t even reached 60 yet. Gen Y were just entering the workforce. Don’t you feel this data may even underplay the severity of the turnover?

]]> By: Dr John Sullivan http://www.ere.net/2009/09/28/understanding-available-retention-strategies-and-are-you-prepared-for-turnover-rates-to-double-part-1-of-a-2-part-series/comment-page-1/#comment-15512 Dr John Sullivan Thu, 01 Oct 2009 03:46:01 +0000 http://www.ere.net/?p=10044#comment-15512 Another summary of another survey highlighting the % of employees that are looking. http://www.businesswire.com/portal/site/home/permalink/?ndmViewId=news_view&newsId=20070828005732&newsLang=en Another summary of another survey highlighting the % of employees that are looking. http://www.businesswire.com/portal/site/home/permalink/?ndmViewId=news_view&newsId=20070828005732&newsLang=en

]]> By: Dr John Sullivan http://www.ere.net/2009/09/28/understanding-available-retention-strategies-and-are-you-prepared-for-turnover-rates-to-double-part-1-of-a-2-part-series/comment-page-1/#comment-15511 Dr John Sullivan Thu, 01 Oct 2009 03:30:53 +0000 http://www.ere.net/?p=10044#comment-15511 Bill The SHRM - Career Journal study is the benchmark survey. A summary of A Majority of Employees Seek New Jobs can be found at http://www.shaker.com/industry_news/hr_news/majority_employees_seek_new_jobs_job_search_about_money Bill
The SHRM – Career Journal study is the benchmark survey. A summary of A Majority of Employees Seek New Jobs can be found at
http://www.shaker.com/industry_news/hr_news/majority_employees_seek_new_jobs_job_search_about_money

]]> By: Bill Fitzgerald http://www.ere.net/2009/09/28/understanding-available-retention-strategies-and-are-you-prepared-for-turnover-rates-to-double-part-1-of-a-2-part-series/comment-page-1/#comment-15481 Bill Fitzgerald Wed, 30 Sep 2009 11:47:39 +0000 http://www.ere.net/?p=10044#comment-15481 John, Ccould you please site one of these studies - I'd like to read more of the detail. Thanks John,
Ccould you please site one of these studies – I’d like to read more of the detail.
Thanks

]]> By: bart bement http://www.ere.net/2009/09/28/understanding-available-retention-strategies-and-are-you-prepared-for-turnover-rates-to-double-part-1-of-a-2-part-series/comment-page-1/#comment-15443 bart bement Tue, 29 Sep 2009 00:17:54 +0000 http://www.ere.net/?p=10044#comment-15443 Regardless of whether or not turnover doubles because of current and soon to be conditions, it's never a bad time to talk about reducing turnover of your high performing, reliable performers. Turnover is a complicated issue, and involves many factors, such as: - actually being able to quantify who your most reliable, or highest performers are. When it is a blue collar type workforce, it can be tougher to quantify without the right tools. - Some turnover is good to have. Yes, sometimes turnover can help a company. Turnover of poor performers and overpaid marginal performers is a good thing for an organization. - Depending upon the recruiting and training costs involved in the position being filled, of course turnover can cost a pretty penny. Bottom line is that at anytime, especially for large employers of blue collar workforces, managing turnover....preventing the good guys from leaving, but letting the bad go away, is one of the fundamentals in managing a large blue collar workforce. Regardless of whether or not turnover doubles because of current and soon to be conditions, it’s never a bad time to talk about reducing turnover of your high performing, reliable performers. Turnover is a complicated issue, and involves many factors, such as:

- actually being able to quantify who your most reliable, or highest performers are. When it is a blue collar type workforce, it can be tougher to quantify without the right tools.

- Some turnover is good to have. Yes, sometimes turnover can help a company. Turnover of poor performers and overpaid marginal performers is a good thing for an organization.

- Depending upon the recruiting and training costs involved in the position being filled, of course turnover can cost a pretty penny.

Bottom line is that at anytime, especially for large employers of blue collar workforces, managing turnover….preventing the good guys from leaving, but letting the bad go away, is one of the fundamentals in managing a large blue collar workforce.

]]> By: Bryan Baldwin http://www.ere.net/2009/09/28/understanding-available-retention-strategies-and-are-you-prepared-for-turnover-rates-to-double-part-1-of-a-2-part-series/comment-page-1/#comment-15439 Bryan Baldwin Mon, 28 Sep 2009 18:42:36 +0000 http://www.ere.net/?p=10044#comment-15439 "The Three Categories of Common RETENTION Strategies", yes? “The Three Categories of Common RETENTION Strategies”, yes?

]]> By: Kathy Lori http://www.ere.net/2009/09/28/understanding-available-retention-strategies-and-are-you-prepared-for-turnover-rates-to-double-part-1-of-a-2-part-series/comment-page-1/#comment-15438 Kathy Lori Mon, 28 Sep 2009 16:52:20 +0000 http://www.ere.net/?p=10044#comment-15438 Jim is absolutely right. The message delivered at a lot of companies was that employees are an expense and always an expense. Employers don't often look for opportunities to spare employees for the time being and trying to save money in as many other areas as possible, using layoffs as a last resort. It now seems to be the top way to save cash. No sense of loyalty to the workers. Just do something so it looks to the shareholders that costs are being controlled. Never mind that the person you lay off today may well go to your competitor or could get another job and start poaching people from your organization because so many of these employees are disillusioned and have woken up and "smelled the coffed" Jim is absolutely right. The message delivered at a lot of companies was that employees are an expense and always an expense. Employers don’t often look for opportunities to spare employees for the time being and trying to save money in as many other areas as possible, using layoffs as a last resort. It now seems to be the top way to save cash. No sense of loyalty to the workers. Just do something so it looks to the shareholders that costs are being controlled. Never mind that the person you lay off today may well go to your competitor or could get another job and start poaching people from your organization because so many of these employees are disillusioned and have woken up and “smelled the coffed”

]]> By: Jim Sullivan http://www.ere.net/2009/09/28/understanding-available-retention-strategies-and-are-you-prepared-for-turnover-rates-to-double-part-1-of-a-2-part-series/comment-page-1/#comment-15437 Jim Sullivan Mon, 28 Sep 2009 16:47:26 +0000 http://www.ere.net/?p=10044#comment-15437 The employment churn will happen. Greg seems to think that the employers cared about their employees, while that may be true of some managers within an organization it is not the message that was delivered. The message was we need to cut costs so we are cutting staff. ALL remaining employees have had to take on extra burdens - without being rewarded. Most have worked extra hours and put in work well above and beyond. I talk to these folks daily - if and when an opportunity becomes available they will jump - guarenteed! The days of company loyalty are long gone. There are always exceptions to that rule but overall the impression is that companies feel that employees are just an expense item to be cut and employees feel that they must look out for themselves because the company won't! This will lead to a major reshuffeling of talent - and the productivity numbers that were so great in the first part of 2009 will be headed downward as employees leave for better opportunity. The employment churn will happen. Greg seems to think that the employers cared about their employees, while that may be true of some managers within an organization it is not the message that was delivered. The message was we need to cut costs so we are cutting staff. ALL remaining employees have had to take on extra burdens – without being rewarded. Most have worked extra hours and put in work well above and beyond. I talk to these folks daily – if and when an opportunity becomes available they will jump – guarenteed!

The days of company loyalty are long gone. There are always exceptions to that rule but overall the impression is that companies feel that employees are just an expense item to be cut and employees feel that they must look out for themselves because the company won’t! This will lead to a major reshuffeling of talent – and the productivity numbers that were so great in the first part of 2009 will be headed downward as employees leave for better opportunity.

]]>