Improve Profitable "ROE" with Retention

Written by Phil McCutchen

Continued from page 1
o27% higher profits •Third, understand that improving employee retention isn't so much about dollars as it is personal effort. This isrepparttar hard part. It takes continuous effort and involvement by management at all levels to coach, cheerlead, mentor, and encourage. •Fourth, your strategies and tactics for employee retention should affirm that an employee's tacit (head) and explicit (external) knowledge has some intrinsic value torepparttar 138167 firm and efforts should be made to gather, catalogue, and make this information available to others who could benefit from it. Tips to Improve Employee Retention Any tactics that you implement, as part of your employee retention program, should be geared to eliciting one response from your employees, "The pay ain't bad, and they treat me great!" Most ofrepparttar 138168 following tips and techniques aren't rocket science. They are based on well-proven and documented successes inrepparttar 138169 business world. Here are some tips based onrepparttar 138170 work of Bob Nelson, author of "1,001 Ways to Reward Employees": 1. Pay employees fairly and well -- then get them to forget about money. 2. Treat each and every employee with respect. Show them that you care about them as persons, not just as workers. 3. Praise accomplishments and attempts •Both large and small •At least four times more than you criticize •Publicly and in private •Verbally and in writing •Promptly (as soon as observed) •Sincerely 4. Clearly communicate goals, responsibilities and expectations. NEVER criticize in public -- redirect in private. 5. Recognize performance appropriately and consistently: •Reward outstanding performance (e.g., with promotions and opportunities) •Do not tolerate sustained poor performance -- coach and train or remove! 6. Involve employees in plans and decisions, especially those that affect them. Solicit their ideas and opinions. Encourage initiative. 7. Create opportunities for employees to learn and grow. Linkrepparttar 138171 goals ofrepparttar 138172 organization withrepparttar 138173 goals of each individual in it. 8. Actively listen to employees concerns -- both work-related and personal. 9. Share information promptly, openly and clearly. Tellrepparttar 138174 truth with compassion. 10. Celebrate successes and milestones reached -- organizational and personal. Create an organizational culture that is open, trusting and fun! Techniques to Reducerepparttar 138175 'Brain Drain' It's not enough to improve your employee retention. Turnover inrepparttar 138176 high-pressure staffing environment is natural and to be expected. What you don't want is staff to leave with stuff in their heads that helps you generate business. Part of your retention strategy has to involve knowledge. You want to retain as much ofrepparttar 138177 tacit knowledge that contributes to your firm's business and its profitability as possible. Followingrepparttar 138178 lead of such organizations as General Electric, Siemens,repparttar 138179 World Bank, and others,repparttar 138180 knowledge management of your staffing or recruiting firm has to include 'Continuity Management'. Here are some techniques for gathering, storing, cataloguing and making available this knowledge: •Use in-person methods to identifyrepparttar 138181 knowledge that is critical to capture. According to a study byrepparttar 138182 American Productivity and Quality Center (APQC), while electronic communication (email, on-line chat, etc.) has its value and its place, it does not and cannot takerepparttar 138183 place of knowledge gained in face-to-face interaction. Such human interaction opportunities include: oSenior management meetings oInterviews with internal subject matter experts oInternal or external communities of practice and/or interest oInternal conferences oFocus groups oExit interviews •Establish methodology, infrastructure, and practice of capturing tacit and explicit knowledge for use oRecording and reporting tools. This may include information systems (such as your staffing software) that record activities and other business processes, meeting notes and related documents, or even audio or video tapes of events oFile storage and access. This may be hard copy files for some information or any form of digital information storage, such as databases and document management systems oEstablish review and validation process for captured knowledge •Establish methodologies and practices forrepparttar 138184 access and use of knowledge oKnowledge databases should be easily accessible and updateable oBusiness information staffing software systems should be able to suggest best practices based on real-time ongoing capture of tacit and explicit information The End Result A full-blown program that addresses both employee retention and knowledge retention may seem to a big task -- one too big to handle in many respects. However, such an initiative -- even one implemented one department or division at a time -- will make your firms' future more manageable. Atrepparttar 138185 same time it will focusrepparttar 138186 spotlight on you as a proactive, forward-looking leader who understandsrepparttar 138187 big picture. Such a program tells employees that management understandsrepparttar 138188 value of employees and their knowledge -- that is both motivating and empowering. -- end -- Resources: •Employee Retention Headquarters: •American Productivity and Quality Center: •Society of Human Resources Management: •Continuity Management: •American Staffing Association: •Bob Nelson:

About the Author Phil McCutchen is Marketing Manager for VCG, Inc., the leading provider of staffing software to the staffing industry. He has been with the firm since 1991, and has more than 25 years of marketing experience. For more information: VCG Staffing Software

It Can Happen To You

Written by Jane Langdon

Continued from page 1

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