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Myth #1: People most often leave a company for more pay.
Exit interviews, conducted to learn why people leave an organization, contain some of
America’s greatest fiction. People frequently say they’re leaving for more money because
it’s the easiest reason to give. More often the causes leading to departure are related to
issues that were unsatisfying in the job or the company.
Typical issues that cause dissatisfaction are company policies and procedures, quality
of supervision, working conditions, relationship with the immediate supervisor and
salary.
Yes, pay does matter. While research shows most people don’t actually leave a job for
more money, there are two important facts: Very-low-income workers will leave for
more money because it’s a survival issue. For the rest of workers, the issue of money
actually is about fairness. People become dissatisfied with pay when they feel it is unfair
within the company, within the industry or when pay doesn’t seem to match the amount
or type of work required.
To increase employee satisfaction and retention, companies make more gains by
working to improve whether people feel a sense of achievement, recognition, competence
and growth, whether there are choices about how work gets done and whether employees
feel respected by management..
The bottom line on the bottom line? Investing in people and using the most effective
management practices increases profits.
http://www.employeeretentionstrategies.com/myths.htm
In examining both the research and the practices of retention leaders, 10 themes
emerge. These themes are core beliefs that govern decisions that affect employees,
and, in turn, customers.
Some of the leading stars are hospitals and nursing homes, which have risen to
the challenge of what will be the greatest shortage of caregivers and technical
professionals in our history. Keep in mind: Hospitals are also struggling with
reduced reimbursement rates, greater levels of technology, an ever-increasing
knowledge base for their employees and a more knowledgeable, demanding
consumer. In spite of these challenges, hospitals are leading the way in building
magnetic cultures employees rave about.
2. Employees who contribute to how work gets done are more engaged
and loyal.
The 2007 #1 spot on Fortune Magazine’s 100 Best Companies to Work For is Google,
which has a mere 2.7 percent turnover. Google allows its engineers to spend a portion of
their time on projects they choose.
One past winner, American Cast Iron Pipe Company, boasts the lowest turnover rate,
at only 2 percent. At ACIPCO, a Fortune Best Company for multiple years, employees
are represented on committees to ensure fair and uniform work rules, rates, apprentice
training, seniority, medical service and the charity fund distributions. And, there’s more:
Twelve employees are elected to a Board of Operatives, one is elected as clerical director,
an employee-at-large advises management on employee relations and four elected
employees are voting members on the ACIPCO board of directors. Visit
www.acipco.com for more.
From the healthcare arena, local decision-making is king at retention-superstar facility
and Magnet Award winner St. Luke’s Regional Medical Center in Boise, Idaho: “We
have shared governance in all hospital areas. People participate in decision-making,
determining what kinds of education and training they need, patient-care issues and
there’s self-scheduling in some areas.”
3. Pay and benefits matter. But you can’t “buy” true commitment.
Scan the list of the 100 Best Companies (available at www.fortune.com) and you’ll
notice a plethora of attractive employee benefits, from on-site medical/dental clinics to
day care and fitness centers.
However, it’s not the glue that holds top talent. Sixty years of research still tell us that
the true motivating environment is based in the intrinsic motivators of choice in how
work gets done, seeing results from the work performed, meaningful work and learning
and growth opportunities. Yet there’s no denying the powerful message sent by
management when it channels resources into benefits that impact the well-being of
employees and their families. Duncan Aviation, a recent 100 Best, boasts a low 6-percent
turnover rate and provides $8,000 in scholarship funds for each employee’s child.
Healthcare had to face the hard facts that nurses and nursing aides were underpaid.
Salaries have increased. However, Magnet hospitals also shine for their workplace
cultures.
At Boise’s St. Luke’s the belief has been: “You don’t have to pay the most. We don’t
feel we’re going to get people to come and stay because of pay . . . We want people who
want to take good care of patients.”
7. Simple and lean allows people to do what they love. Work should
make sense.
Beware: Younger-generation workers have even less patience for tedious processes,
unnecessary paperwork and needless bureaucracy. The key to improving productivity in
your organization may be as simple as: Get out of people’s way! Learn about lean
processes to explore how unnecessary paperwork and approvals can be eliminated.
Consider these examples, looking at the hard dollars incurred that result from unwanted
turnover as determined by research studies plus the costs that can’t be measured
precisely:
Yet, we can’t measure the blow to morale and increased job stress when
remaining employees are burdened with the distribution of the departed
employee’s workload. We also can’t always determine the negative impact on
customer service.
We can’t measure the future turnover of employees who are lured to other
organizations by their friends who have departed. With all organizations in an
industry competing for talent, informal networks are powerful resources for job
seekers and friends often follow colleagues to other employers.
• The cost to replace a registered nurse is 1.2 to1.3 times his or her salary, which is
substantially higher than for most other times of workers. We can’t measure the
damage to an organization’s reputation when customer service falters due to low
staffing levels. When customers are unhappy, research shows they’ll tell their
stories to more people than they’ll share a tale of good service.
Additionally, the current nursing shortage means that those remaining will have
higher caseloads, possibly face mandatory overtime and incur greater job stress –
all contributors, according to the research, to nursing turnover. Nearly half of all
nurses under age 52 have said they expect to change jobs within five years.
• Estimates have determined that lost knowledge that leaves with the departing
employee can be as high as 50% of the exiting employee’s salary for one year of
service; and, this figure grows by 10% for each year of employment.
We can’t measure how many new ideas and innovations each employee might
generate in the future to help the company. Nor can we determine his or her
potential to be promoted to higher-level roles and leadership positions.
• On average, 30% of a financial advisor’s clients will move with their advisor if he
or she changes firms.
* Turnover calculators are available on a number of Internet sites, enabling easy calculations for the cost
of turnover for specific positions and organizations as a whole.
The (Very!) Good News About Employee
Satisfaction
Shows Positive Results in Bottom Lines &
Customer Loyalty
Organizations that make commitments to creating the type of workplace cultures
that fully engage employees at all levels continue to reap abundant financial
rewards, as well as enhanced reputations among customers, potential customers and
among skilled, top-performing prospective employees.
• Money invested in the “100 Best Companies to Work for”® would have returned
almost three times more than the same amount of a portfolio in the S&P 500
during the past six years
• The Number 1 “Best Company” for 2007 is Google, where turnover is 2.6% -- a
record low. Keep in mind that Google has a fast-paced, stressful and demanding
work culture!
• The 2006/2007 Work USA® survey of more than 12,000 US workers across all
job levels and in all major business sectors shows that financial performance of
organizations is strongly related to employee engagement.
• This same study found that, for the typical S&P 500 organization, a significant
improvement in employee engagement is associated with a $95 million increase
in revenue.
• Additionally, the Watson Wyatt Human Capital Index® study of 147 employers
found that firms that fill vacancies quickly (within a month) have financially
outperformed those that take longer by 48 percentage points over a three-year
period.
• In the world of healthcare, where nursing and healthcare worker shortages are
extremely challenging, Magnet Hospitals, accredited for low turnover and better
patient outcomes by the American Nurses Credentialing Center, found savings not
only in turnover costs but also in shorter patient stays.
• An organization with 3,000 employees and an average salary of $45,000, a 1%
reduction in turnover equals savings of more than $1.3 million, according to a
2002 study by the Voluntary Hospitals of America.
What is more difficult to measure is the value of the good or excellent reputations of
organizations with high employee engagement when it comes to attracting the best talent.
The value of “I really want to work there!” is hard to measure, yet priceless in recruiting
efforts.
• Meaningful work
• Learning and development opportunities
• Choice in how work gets done
• Feeling competent and a sense of contributing to important results
• Respectful and appreciative workplace
You won’t see most of these on typical reading lists. Employee Retention Strategies’
goal is to help leaders see the underlying contributors to retention and make the essential
changes to build lasting, sustainable retention-rich™ cultures. No quick fixes here; yet
reading rich in research and theory-based practices.
Recommended reading for the journey focuses on new and older classics for
transforming organizational cultures:
The Stuff Americans Are Made Of by Josh Hammond and James Morrison (New York:
Macmillan (1996).
Sadly out of print, but available used on Amazon.com. Our most-recommended book
for gaining true insight into what Americans want at work. Based on archetype research,
a true eye-opener into what drives us to excel, develop commitment and build our loyalty
to our organizations. This book is a follow-up to Incredibly American by Marilyn
Zuckerman and Lewis Hatala (Milwaukee: ASQC Quality Press, 1992).
Dr. Goldstein elegantly and simply translates the New Science of emerging
organizational theory into understandable, actionable concepts. A delightful book that
connects the dots of the new theoretical applications into language and ideas we can
easily grasp.
First, Break All the Rules by Marcus Buckingham and Curt Coffman (New York:
Simon & Schuster, 1999).
Work 2.0: Rewriting the Contract by Bill Jensen (Cambridge, MA: Perseus, 2002). Also
visit www.work2.com.
Short, to-the-point on what people expect from today’s employers – and we’re not
talking about money and benefits here. How leaders can help people accomplish more,
create more and serve customers better.
One more time: How do you motivate employees? by Frederick Herzberg (Harvard
Business Review, January-February 1968.
One of the most-requested HBR reprints of the classic discussion that distinguishes
attempt to improve surface issues from creating authentically inspired work
environments. Important reading for organizational leaders puzzled by failed attempts to
improve morale and retention.
Punished by Rewards: The trouble with gold stars, incentive plans, As, praise and
other bribes. by Alfie Kohn (Boston: Houghton Mifflin, 1999).
The appropriate sequel to Hertzberg, Kohn leads a lonely battle against behaviorist-
style carrot-and-stick rewards. Kohn shows how we have come to rely on use of
unproductive rewards use in our schools, in our parenting and in our workplaces. He
suggests creating culture and job structures that build in the key intrinsic motivators. The
current bestseller, Good to Great by Jim Collins (New York: HarperBusiness, 2001)
states the case for hiring motivated people and creating the right conditions for
maintaining their intrinsic motivation.
Each participant leaves with specific ideas, tailored to his or her unique workplace
environment, that can be implemented the next day – and almost always with no cost.
In only one day, your organization will benefit from the new understanding of:
What also sets apart workshops provided by Employee Retention Strategies are:
Workshop Benefits
Deeper
Smarter
Develop a higher retention I.Q. Despite the shortage of healthcare workers, only half
of US hospitals have retention programs – and only 10% of those are effective* All
Employee Retention Strategies’ workshop content is based on solid research and applied
theory. Workshop participants leave equipped to distinguish effective approaches and
effective ways of implementation. They will also learn the importance of building on
already-present strengths to produce faster results.
Every participant receives a workshop manual containing exercises they can use with
work groups at their facility and a bibliography to continue their learning journey.
* Journal of Healthcare Management, Sep/Oct 2002
Faster
Participants can use tomorrow what they learn this day. No budget? No problem!
The “glue” that holds employees can’t be bought. The workshop provides a new toolkit
for a deeper understanding of the most successful retention ideas. Participants also learn
to customize the best practices from retention superstars to their facility’s culture and
their organization’s strategic objectives.
Customized
One strategy does not fit all. Each attendee leaves with multiple ideas they can
implement the next day in their facility – strategies that fit the unique nature of their
employees and their environment. Workshop content also can be designed to meet
participants’ needs and to address issues specific to your region, your facilities.
Lasting
Enlightening
Seeing retention in an entirely new light. Participants leave with a new awareness of
all that is possible for their facility and their people. They’ll learn to move from merely
solving problems to discovering unknown strengths and capabilities. These well-prepared
change agents can create a new retention-rich culture in which people grow and learn and
discover greater joy at work together.
Coaching services can enhance the abilities of leaders, managers and supervisors in
achieving greater employee engagement, productivity and business results.
The coaching approach examines current practices and identifies strengths that can be
built upon quickly for maximum results. Employee Retention Strategies helps leaders
align their daily management activities to what research shows will be most effective in
building morale and retention.
Coaching includes:
Communicating Retention
Initiatives Essential for Success
Employee Retention Strategies also helps organizations provide effective
employee communication to improve commitment and enhance workforce support
for key corporate initiatives. Consultation focuses on marketing-communication
efforts related to organizational cultural change activities and to building employee
and customer loyalty to new company goals and services.
Employees can be fully engaged in change initiatives only when they understand and
appreciate the importance of company goals. When equipped with full understanding of
where the organization is heading, staff can then tailor their daily actions to effectively
support key strategies, initiatives and customer-focused programs.
Every employee needs – and wants – to know:
• Only 52 percent of employees feel they know how their job helps promote
company objectives, and
• Only 39 percent of American workers trust their companies’ senior leaders
Linda’s work helping organizations fully engage, develop and enhance the productivity
of their employees is notable because of her leading-edge approaches that address the
systems and processes that fuel workforce commitment.
Using a strong research and theoretical base of what truly motivates today’s employees,
Linda works with organizations to find the strongest leverage, in large or incremental
steps, for greater employee involvement, trust, leadership quality and genuine support of
company objectives. Her workshops provide participants with an understanding of theory
and research and then provide individual guidance in creating specific strategies for their
own workplaces that align with research findings and proven best practices.
Linda formerly published the international Employee Retention Strategies newsletter and
continues to present the Employee Retention Working Workshop™, guiding leaders in
creating specific, theory-tested tactics to effectively shift employee morale and
dedication.
An accomplished coach and mentor to leaders at all organizational levels, Linda uses
strengths-based approaches to help managers achieve faster personal and employee
growth and to teach managers how to decrease resistance to change among staff groups.
Linda has presented seven times at the Arizona Governor’s Conference on Quality on
building a culture that supports quality initiatives. She initiated a city-wide event,
“Reclaiming Heart, Soul & Spirit at Work,” held in Phoenix in 1999. Other presentations
include Arizona State University national Conference on Quality and Management, 1998
with best paper award in category; and the American Society for Quality, Tucson, 1998.
Linda has been an active participant and past steering committee member of the Arizona
Regional Organization Development Network.
Linda holds a master’s in education in counseling from Northern Arizona University and
is a Licensed Professional Counselor by the State of Arizona Board of Behavioral Health
Examiners.