Free Essay

Employee Retention Paper

In:

Submitted By adaniel83
Words 1730
Pages 7
Employee Retention at JD's Casino
PSY 435
May 13, 2013

Employee Retention at JD's Casino
Employee retention should be a high priority for any company because the lower their turnover rate the higher their profits. One of the most expensive costs in doing business is employee turnover (Employee Retention, 2007). Meaning, the more a company has to pay for training new employees, the less their overall profit will be at the end of the fiscal year. A few things that may interfere with employee retention are occupational stressors, employee’s job satisfaction, and counterproductive employee behavior. Although there may be several items that interfere with employee retention, there are also many work motivation theories that an organization can use to assist in retaining their employees; two examples would be goal-setting theory and reinforcement theory. JD’s Casino has a few job related stressors that could be a cause for concern; however, formulating a plan to reduce those by applying work motivation theories will be useful with employee retention at JD’s Casino.
Occupational Stressors
Occupational stressors are a major concern for health issues and a number of different problems within the workplace, such as substance abuse, physical illness, and family problems. (“Physiology of Job Stress,” 2009). These stressors are often liked to work related problems like absenteeism, low production rates, and more accidents (“Physiology of Job Stress,” 2009). One occupational stressor for the dealers at the casino appears to be the pit boss Joe. In many exit interviews with dealers, they have stated that Joe is “toxic, overbearing, evil, and incompetent.” These words about a supervisor lead me to believe that this supervisor does not respect his employees and more than likely harasses them daily, which are two work related stressors that the dealers do not need. It appears the dealer would rather go elsewhere performing the same work for less pay than have to put up with a supervisor like Joe. To rectify this situation, I would first notify the owner that his step son is the primary cause for the high turnover of his dealers and that his HR manager Mr. Sneed did not want to tell him that. I would recommend that he be considered for a back of the house assignment in which he is not directly supervising employees as he does not know how to treat them with dignity and respect. If he must remain as the pit boss, I would suggest a seminar on management skills and a review in 30, 60 and 90 days to ensure employee satisfaction of Joe’s performance after the seminar.
The occupational stressor in the housekeeping area is that the housekeepers are being overworked because of the shortage in the department. The director Andrew Keehn states it is because “good help is hard to find.” I do not believe this to be the case; I believe that Andrew is not choosing the correct employees during the interview process. To rectify this stressor I would hire new housekeepers, but I would do so properly. I would first witness an interview conducted by Mr. Keehn and provide him with constructive criticism on how it could be conducted better in the future. I would also conduct several interviews and have Mr. Keehn to observe so we can ensure the proper person(s) are selected for the open positions.
Job Satisfaction
The housekeepers are not satisfied with their jobs because they are overworked and having to clean twice as many rooms as the housekeepers at other casino hotels of comparable size. The employees that are being pulled from the accounting and payroll departments to cover housekeeping are not satisfied with their jobs as well because they are having to do more work and work that is not their own. These are both problem areas in retaining employees because they can go elsewhere and receive the same or even better pay for less work. The hiring of enough housekeepers to maintain a full staff would solve shortage issues and increase job satisfaction, not only in the housekeeping area but also in the areas where employees are being pulled to cover the housekeeping tasks.
The overall job satisfaction for the dealers will remain in discord as long as Joe remains the pit boss, as he creates undue stress on the dealers and JD will continue to lose dealers to other casinos. However, once Joe is removed from the floor I believe the overall job satisfaction of the dealers will increase tremendously.
Counterproductive Employee Behavior Pulling of other employees in the accounting and payroll departments is counterproductive behavior. It is counterproductive because these employees had to be quickly trained in the job of a housekeeper and keeps them from focusing on their own work. Also the rooms are probably not as clean as they would be if they were cleaned by a proper housekeeper, thus resulting in unsatisfied guests, which affect the company’s bottom line. These individuals from the accounting and payroll department are more than likely being paid at a rate higher than that of a housekeeper and that is also affecting the company’s bottom line and thus making it counterproductive. Again, this can be rectified with the hiring of a full housekeeping staff. These employees from other areas will be able to return to performing only their job which will increase their productivity and job satisfaction because it will once again be their primary focus. This not only increases the employee’s job satisfaction, but is also more productive for the company as a whole.
Work Motivation Theories Work motivation theories deal with the reasons for which some employees do a job better than another, other than ones capability of doing the job (Spector, 2008). There are several work motivation theories but the two that I would choose for JD’s Casino’s employee retention program would be goal-setting theory and reinforcement theory. According to Spector (2008), goal-setting theory assists in explaining how an individual’s goals can produce a behavior. The reinforcement theory states that rewards and praise affect ones behavior (Spector, 2008). An incentive system is a type of reinforcement that offers some type of reward to an individual for reaching their goal (Spector, 2008). I would use goal-setting theory and reinforcement theory together to combine a system than would help JD casino in retaining its employees. The system would start off by producing departmental goals for each department such as housekeeping, dealers, accounting, payroll, etc. The goals for each department would be posted on the wall of the break room for all departments to see. With each department’s goals being visible it gives the opportunity for those who are meeting and exceeding their goals to be praised by everyone and those departments that need a little encouragement can be up-lifted by the other departments. Within these department goals, there will be goals for each individual employee to obtain, but these will only be visible to their supervisors and managers, who will also be able to give individual praise or words of encouragement. Achieving goals within the department boosts morale within the departments and ultimately with the company and a company with happy employees is a productive one. The incentive program would also be done by department and individual. The departmental goals are individualized per department and each department would have a minimum-performing standard and a high-performing standard of goals. The incentives for each department would be awarded on a quarterly basis. For example, the accounting department meets the high-performing standards each month of the quarter, the department may get to go out on a company paid excursion to an event going on or perhaps a museum visit. If they only meet the minimum standards the reward may be a catered lunch for the department or a combination of minimum and high-performing standards the department may get to go out for a company paid lunch. The rewards for reaching departmental goals for each quarter are just a little extra incentive for employees to try to do their best. The individual incentives are what really make the employees want to do their best because they control the outcome of their own reward. The individual incentives are based on reaching the goals designed for each individual position. The individual employee incentive program would be awarded on a bi-monthly basis and the individual must meet all goals to be awarded the incentive. For example, the position of housekeeper would have goals that include: arriving at work on time and no unexcused absences, completing all assigned rooms before 2:30 p.m. daily, successfully passing a quality control inspection every week and that is just to name a few goals they would have to meet. If at the end of the bi-monthly period the housekeeper has accomplished each goal they would receive a bonus of $150, one paid day off or any other type of small appropriate bonus. I believe that this will help employee recruitment because the employee incentive program may be an advantage over the competing casinos in the area, which might sway an applicant to choose JD’s Casino. It will help in employee retention by allowing the employees to control the outcome of their own incentive. They have been giving the opportunity to earn six more paid days off per year or a bonus of $900 dollars. Yet again, this may be the only place this incentive program is available and if they do not gain the incentive then it was of their own doing.
Conclusion
JD’s Casino has a major problem with the pit boss Joe making the dealers quit and go to work for other casinos and the problems with the housekeeping staff are affecting the company’s bottom-line. The employees are not satisfied with their positions due to these ongoing issues and thus affecting JD’s employee retention. Despite the many problems within JD’s Casino, many solutions were presented he can use to rectify the problems and he can initiate the work motivation theories of goal-setting and reinforcement to ensure his future employee retention.

References
Employee retention. (2007). Trailer / Body Builders, 48(9), 317-317. Retrieved from http://search.proquest.com/docview/199535856?accountid=35812 The Physiology of Job Stress (2009). Retrieved May 12, 2013, from http://www.cwa-union.org/pages/Occupational_Stress_and_the_Workplace Spector, P. E. (2008). Industrial and organizational psychology (5th ed.). Hoboken, NJ: Wiley.

Similar Documents

Premium Essay

Managing Retention and Absenteeism

...1. Abstract Managing retention and absenteeism is an important task for every company or employer. It can be assessed as a process with few stages. This paper will look at identifying the cost of employee turnover, importance of understanding why employee leaves, retention strategies and how they should be implemented. The first step of an effective attendance management program is to identify specific areas which are affecting attendance. Some general causes of absenteeism will be mentioned later in this paper. 2. Background The importance of this briefing paper is to summarize all gained information, knowledge and facts regarding to issues in Managing retention and absenteeism in business, preparation to write an individual academic paper and to give a brief idea how it will be approached. In Managing retention and absenteeism is necessary to cover following areas: • Absenteeism • Sickness absence • Employee turnover • Staff retention strategies • Staff retention and management of knowledge • Benefits of staff retention 3. Findings 3.1 What the assignment is asking me to do The definition of absenteeism according to Mathis and Jackson (2005) is any failure to report for work as scheduled or to stay at work when scheduled. They divide absenteeism into 2 groups: voluntary, that is unavoidable and voluntary, avoidable. The sickness absence can be short - term (repetitive) or long term illness. CIPD’s Absence Management Survey (2011) revealed for the first...

Words: 1589 - Pages: 7

Premium Essay

Empleyee Retention

...Employee Retention “October 2010 marked the first time in 15 months that the number of resignations in a month surpassed the number of layoffs” (Porter, 2011, p. 56). This data illustrates just how big problem employee retention can be. This is not relative to any one industry or company; it is a problem for everyone in the business world. This paper will discuss employee retention before, during, and after an employee has been employed by a company. Hiring for Retention First, employee retention prior to hiring will be discussed. While this may seem like a strange concept the strategies covered in section will make it clear. Julie Porter, senior vice president of professional services for Ledgent, suggests that: “When the time comes to fill an open position, be very specific about what it takes to be a top performer in that position – the skills, knowledge, experience, and personal characteristics – and don’t settle for anything less from a potential candidate” (Porter, 2011, p. 61). This will assist in weeding out candidates that may not be as serious about the work they are applying for. It will also give a better chance of getting the best person for the job. Another factor to look at during the hiring process is personal characteristics. According to the book Harvard Business Essentials: Hiring and Keeping the Best People potential employees should be look at for their analytical and creative abilities, decision-making style, interpersonal skills, and motivation...

Words: 1225 - Pages: 5

Premium Essay

Manager Retention

...UNLV Theses/Dissertations/Professional Papers/Capstones 5-1-2007 Manager retention and the Steamboat Ski Resort Michael D. Gumbiner University of Nevada, Las Vegas Follow this and additional works at: http://digitalscholarship.unlv.edu/thesesdissertations Part of the Hospitality Administration and Management Commons, and the Work, Economy and Organizations Commons Repository Citation Gumbiner, Michael D., "Manager retention and the Steamboat Ski Resort" (2007). UNLV Theses/Dissertations/Professional Papers/ Capstones. Paper 481. This Professional Paper is brought to you for free and open access by Digital Scholarship@UNLV. It has been accepted for inclusion in UNLV Theses/ Dissertations/Professional Papers/Capstones by an authorized administrator of Digital Scholarship@UNLV. For more information, please contact marianne.buehler@unlv.edu. MANAGER RETENTION AND THE STEAMBOAT SKI RESORT by Michael D. Gumbiner Bachelor of Arts California State University Fullerton 1987 A professional paper submitted in partial fulfillment of the requirements for the Master of Hospitality Administration William F. Harrah College of Hotel Administration Graduate College University of Nevada, Las Vegas May 2007 1 PART ONE Introduction The material for this paper centers on the Steamboat Ski Resort Corp. The ski resort was chosen for this study because of its need for a management retention plan. Steamboat was ranked as a top 10 international ski resort in North...

Words: 9335 - Pages: 38

Premium Essay

Employee Engagement Case Study

...HRM Dynamics and its interventions with Employee Engagement Dr. Taruna Mohit Kumar ABSTRACT With the ever increasing pace of globalization, the face of business has changed keeping in mind the altering psychology of the human mindset. The developing economy in India is talent driven and the need to attract and retain the same is equally important and crucial for any organization trying to make a mark in this global set up. The evolution of the organization follows a very similar pattern to the evolution of the humankind and the only organizationwhich can upkeep and survive the competition intrigues will be able to survive. Of all the resources, Human resource would play a pivotal role providing for a perfect Launchpad and a base upon which...

Words: 2251 - Pages: 10

Premium Essay

Retention

...Employee Retention Executive Leadership BY: Michael D. Jackson Assistant Fire Chief Department of the Air Force Mercury NV An applied research paper submitted to the National Fire Academy as part of the Executive Fire Officer Program March 1999 2 ABSTRACT Over the last five years (1993-1998), twenty-one members of the Range Complex Fire Department (RCFD) have left for various reasons. The problem is that because of a reduced personnel budget the department has not been allowed to replace all of the members that have left. The ensuing reduction in staffing has resulted in a fire station closure and a reduction in customer service. Operationally this reduction has resulted in increased response times, reductions of vehicle staffing and increases in overtime. The purpose of this paper was to identify why personnel were leaving the department and to suggest ways to improve employee retention. Descriptive and evaluative research methods were utilized to answer the following research questions: 1. 2. 3. Why have members left the Range Complex Fire Department? In general, why do employees leave the fire organizations they work for? What does the upper management team of the RCFD believe are the reasons personnel are leaving the department? 4. What retention programs are used by other federal fire departments? To identify why employees were leaving the RCFD nine interviews were conducted with former employees that had left the department in the last five years. A literature...

Words: 5356 - Pages: 22

Premium Essay

Employee Rentention

...Running head: EMPLOYEE RETENTION AND TURNOVER ANALYSIS Employee Retention and Turnover Analysis Sonja Mason-Vidal Southern New Hampshire University QSO-510 X 3154 March 28th 2015 Prof. Ware 1 EMPLOYEE RETENTION AND TURNOVER ANALYSIS 2 Abstract One of the most valuable assets of a company are the employees. In order for the company to do well and maximize its performance, it needs to recruit and retain good employees. In other words, having an appropriate employee retention program will be essential for the success and sustainability of the company. This is why the National American Society of Animal Safety (NASAS) has decided to conduct a study to address the issue of employee retention. The goal of this study is to find a way to attract and retain good employees. Some key factors that will be investigated will be stress management, employee training, mentoring, supervisor support, recognition and reward, performance appraisals with feedback, work-life balance, career development, job security and sense of belonging. The study will seek to determine the relationship of the various interrelated employee retention variables by analyzing the factors as a main method of research. A sample size of 60 respondents from 200 employee was used for the study. The data was collected mainly from a survey and exit interviews, then the results were compiled using excel. The results show that overall job security, employee empowerment, worklife balance and training...

Words: 2045 - Pages: 9

Premium Essay

Employee Training and Career Development Paper

...Employee Training and Career Development Paper Gerald Bryant HRM/300 May 30, 2016 Barbarann Ott Employee Training and Career Development Paper Employment development is very important the success of an organization, and the career development of the employee. Employees look to learn and develop new skills. Organizations look to improve efficiency and operations. Together the two can increase organizational development, employee development, and employee retention. A good employee development program consists of planning and the use of methods. This paper will discuss the role of employee development, methods of development, the relationship between organizational development with employee development, the impact of human resources management in development, and my personal career path. The role of employee development can be crucial to the success of a business. Employee development programs can contribute to performance of an organization. A highly functional and developed employee can accomplish more by providing more experience and knowledge (University of Minnesota, 2010). Employee development has a direct impact on employee retention. Companies that train their employees and develop their skills show more faith in their process, and the people working for them. Another advantage to employee development is succession. Training employees and developing their skills can increase their effectiveness and promotable ability. Succession planning can prove easier...

Words: 1154 - Pages: 5

Premium Essay

Process Management

...Process Management (Evaluate) Please use the following 6 criteria to evaluate the attached paper on Human Resource and hiring process at HFHS. Also check for grammar and punctuation including structure of the paper. Corrected grammar and punctuation in original document I attached. I am using that to enter the evaluation information you requested. 1) Provide background information on the organization, why the process was selected for study, and the approach used to complete this assignment   Covered 2) Describe, Document and Flowchart the existing process. You may use a software tool for flowcharting (see information on flowcharting in the Course Content area). The paper describes the recruitment process but you need to detail the flowchart. If you look up flowcharts, you will find a flow chart more like this one that you can find at the following web location: http://www.kusd.edu/departments/human_resources/appl_process/applicationprocess.html The following is an example of a detail of the Application Process in HR. 3) Identify performance measures that you would use to determine the baseline performance for the current process in order to assess any improvements.       Covered very well. 4) Research the Web and other sources for benchmark information (best practices) on the selected process and/or similar processes. Summarize your research findings. Identify the sources and best practices found that could be transferred to your redesigned process in Item...

Words: 3880 - Pages: 16

Premium Essay

Actual Cost of Employee Turnover & Ways to Improve Retention

...Actual Cost of Employee Turnover & Ways to Improve Retention Steve Burton Morrison University ACTUAL COST OF EMPLOYEE TURNOVER & WAYS TO IMPROVE RETENTION Employee turnover is one of the largest problems for many organizations, yet it is one of the most unknown cost. Although employee turnover may not seem like a big deal, it is very expensive part of the business. A study done several years back showed that less than 50% of businesses had a plan to determine what turnover was actually costing them. A majority of businesses simply went on intuition alone to determine turnover cost (Blake, 2006). With a competitive mobile workforce it is crucial for businesses to figure out what turnover is actually costing them. It is also important for businesses to have a plan in place to improve retention. By doing this they can maximize their profits and retain the talent they have worked so diligently to recruit. In this paper I will discuss how much employee turnover really cost businesses in detail and are businesses really acknowledging this as an issue. There have been several studies done to estimate the actual cost of losing an employee. In one study I found it showed that employee turnover cost are different based on the position held, for example the cost to replace an entry level worker is much different than a management position. However, when we look at the overall cost it is staggering how much it really is. In an article I found there...

Words: 2786 - Pages: 12

Premium Essay

Improving Organization

...Improving Organization Retention Paper Name PSY/435 Industrial/Organizational Psychology Date Professor Improving Organization Retention Paper Operating an organization requires proficient communication and managerial skills. Businesses spend hours of gathering information to help companies in his or her productivity. However, to have a productive organization, the management, and staff must have competent skills. Hiring autonomous consultants is one way to organize businesses, growth of companies, and benefiting the process. Working as a consultant implementing work theories helps with job retention and recruitment. Recommending appropriate changes helps with employee productivity and increases job satisfaction. Fortunately, for companies as JC’s Casino a stringent plan developed through employee, observation, and customer feedback will target unwanted behaviors from lower and upper management. Providing JC’s Casino with the appropriate information required will keep productive dealers, and housekeepers while satisfying the customers. Improving Employment Recruitment and Retention Unfortunately, JC’s casino experiences customer and employee complaints. Housekeepers and dealers during exit interviews have expressed series of complaints concerning pit boss Joe. The managerial and behavioral approach of Joe is affecting the productivity for the guests and employees. Although complaints during exit interviews have stress with human resources director Tom Sneed...

Words: 1471 - Pages: 6

Free Essay

Document Retention Policy

...Premier Collage | Document Retention Policy | Litigation Hold Notice | | | 8/26/2113 | Table of Contents 1.0 POLICY STATEMENT ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐---‐‐‐‐‐‐‐‐‐‐‐‐‐‐ 4 2.0 PURPOSE ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐ 4 3.0 APPLICABILITY ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐--‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐ 5 4.0 DEFINITIONS ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐ 5 1. Official Records Retention and Disposition Schedules ------------------------------------------------------------- 5 2. File Breaking ------------------------------------------------------------------------------------------------------------------- 5 3. Litigation Hold -----------------------------------------------------------------------------------------------------------------6 4. File Integrity ------------------------------------------------------------------------------------------------------------------- 6 5. File Maintenance ------------------------------------------------------------------------------------------------------------- 6 6. Personally Identifiable Information ------------------------------------------------------------------------------------- 6 7. Confidential Information ----------------------------------...

Words: 4408 - Pages: 18

Premium Essay

Nursing

...years nursing practice has found its foundations from nursing theories. Understanding how nursing knowledge within healthcare organizations influence patient and organizational outcomes are discussed in the middle range theory of nursing intellectual capital (Covell, 2008). Intellectual capital is defined as the combination of collective knowledge of individuals and structures in an organization or society. The theory consists of two concepts of nursing which includes human capital and nursing structural capital. According to (Covell & Sidani, 2013) “Intellectual capital theory defines human capital as the knowledge, talents and experience of employees. Human capital resides within the employee and is loaned to the organization by the employee. It leaves the organization when the employee separates from the organization”. For nursing, structural capital is the structural resources that contain nursing knowledge and are used to support registered nurses in the application of their...

Words: 1758 - Pages: 8

Free Essay

Premier College Document Retention Policy

...PREMIER COLLEGE DOCUMENT RETENTION POLICY January 20, 2016 POLICY STATEMENT POLICY STATEMENT Premier College has developed a document Retention Policy to protect and preserve all critical documents as required by state and federal laws. The College is responsible for retaining paper and electronic documents in a safe and secure environment to ensure the basic values of accuracy, confidentiality, security, and proper archiving as well as proper document destruction once documents have served their purpose. This Policy is also for the purpose of aiding employees of the organization understanding their obligations in retaining electronic documents including e-mail, Web files, sound and movie files, PDF, TIFF, TXT files and documents, Calendars, Computer usage logs, Internet usage logs, Databases, and all Microsoft Office or other formatted file. This policy is written with considerations for compliance with federal mandates and acts including The Sarbanes-Oxley Act, Health Insurance Portability and Accountability Act (HIPPA), The Fair Credit and Accurate Transaction Act (FACTA), Gramm-Leach-Bliley (GLB) and other federal, state and local mandates. EFFECTIVE DATE This Policy is effective as of January 20, 2016, (the “Effective Date”) and applies to all documents created after the Effective Date. However, to the extent possible, the Policy will be applied to all documents regardless of creation date. LEGAL HOLD A legal hold suspends all document destruction...

Words: 5340 - Pages: 22

Free Essay

Sprint Performance Management

...that is much better than it was previously and this paper will explore the current performance management system and compare it to the old one and also make recommendations as to what Sprint can do to improve their current system. Sprint is a telecommunications company that specializes in mobile devices and mobile service. They currently hold fourth place in the mobile provider market being overtaken by T-mobile in 2015 according to a report on RCwireless.com with Verizon and AT&T maintaining a firm grip at the top of the market share. "The report found that "no major shifts in market share among the major four carriers" between now and 2020" (Kinney, S. (2015). One of Sprint's bigger problems was their employee turnover rate; they were losing employees faster than they were getting new ones. This would be a problem for any company, but especially for a company that is in the cutthroat business of cell phones and service. Trying to grow and take more of the market when you can't keep the trained employees created a problem for Sprint and they knew they needed to address this. "In July 2002, Towers Perrin released a study of HR professionals, in which 75 percent of respondents said retention of high performers is their number 1 people-related issue" Taylor, C, 2016). A strong performance management system will help minimize turnover of desirable employees among other things. For this paper, I wrote two previous papers; the first one dealt with The mission and strategy...

Words: 2513 - Pages: 11

Free Essay

Compensation and Other Employee Retention Strategies

...COMPENSATION AND OTHER EMPLOYEE RETENTION STATEGIES Abstract There are three human elements that are important to any organizations success - good leadership at the top, effective management at all levels, and personnel who possess the knowledge and skills to get the job done. Retaining effective employees is a challenge, and replacing employees who leave an organization is extremely expensive. Roger E. Herman’s book Keeping Good People – Strategies for Solving the Dilemma of the Decade discusses five strategies that an organization can implement, and which will aid in retaining top talent. This paper discusses those five strategies. Compensation strategies are those which ensure top talent can be recruited, and retained due to competitive compensation from an organization. Environmental strategies involve efforts that address 1) ethics and values, 2) organizational policies that interpret values and translate them into action, and 3) the physical environment that a company’s employees occupy. Relationship strategies are the actions of how an organization treats its people, as well as how they treat each other. Support strategies are those that equip employees with the resources that they require to complete the job. People growing strategies are actions that organizations can practice that contribute to the professional and personal development of their employees. For most organizations to be successful there are three human elements which are crucial...

Words: 2886 - Pages: 12