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| Employee Retention Strategies |
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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
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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.
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