|Employee Retention Strategies
|The traditional workplace has vanished. Flexible work arrangements, telecommuting, changing attitudes toward the employer/employee relationship, and increased competition for an educated and trained workforce has prompted companies to take a closer look at the impact of work/life initiatives and with good reason; improved employee retention. Studies show that work/life initiatives are a powerful tool to motivate people and encourage commitment to achieving business objectives.
- Work/life programs positively affect employee retention
- Conflicts between work and personal life impede productivity
- Work/life conflict contributes to lower employee retention and related costs
- Workplace supports for personal life are associated with good work performance
Updated Cost of Turnover Statistics
Watson Wyatt reports that total turnover costs including hard dollars and lost productivity
are approximately 48% – 61% of salary
For an organization with 20,000 employees, 15% turnover rate and an average salary of $50,000, this cost would mean an annual turnover costs between $72M – $92M
Building the Business Case for WorkLife
- Use current trends and research to support proposed programs.
- Integrate company mission/values into the work/life proposal.
- Use employee profiles and demographics to build your case. Focus groups and surveys are good tools (Where is the current pain that is causing reduced employee retention).
- Know your competitors and what they are offering, this can motivate upper management buy in.
- Involve mid level managers early in the process to give input.
Communicate Programs and Success Stories
- Increases the organizations awareness to the needs and values of today's workforce.
- Ties employee retention and morale to profitability.
- Educates key personnel to the changing demographics in the workforce.
- Introduces new concepts and strategies for organizational effectiveness.
Barriers to Success
- Lack of support from management team.
- Inability to provide hard numbers.
- Company culture does not support change.
- Back lash from single workers.
- Failure of other programs due to low utilization.
- Managers do not view work/life initiatives as business tools that impact employee retention.