Improving Employee Retention Term Paper by Nicky
A review of several low-cost initiatives a company can implement to improve employee retention.
# 149823 | 794 words | 6 sources | APA | 2012 |
Published on Jan 01, 2012 in Business (Management) , Business (Human Resources) , Psychology (Motivation Studies)
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The paper describes relatively inexpensive options to improve employee retention that have been implemented by a number of successful firms in Canada. The paper addresses the improvement of employee communication, the use of praise, the fostering of camaraderie and teamwork among workers, and implementing an intranet system. The paper also considers the provision of daycare, flextime, sabbaticals, stock options, and menu-based benefits packages.
From the Paper:"The first step, therefore, in reducing turnover is to address these issues. At the most basic, employees want to be recognized for a job well done. This need not be public - they just want to know that somebody has noticed. Management should be proactive at delivering praise when it is warranted. Beyond that, creating the sense of opportunity is critical. This can be accomplished in a few different ways. The first is to adopt a policy of promoting from within where reasonable. This allows internal candidates to feel as though they have a good chance at earning a promotion.
"Likewise, internal communication programs should be enhanced. At FedEx Canada, for example, the company has multiple internal newsletters to keep employees abreast of the firm's moves. The costs for a monthly or even semi-monthly newsletter are minimal. Given our firm's resources, we could reasonably follow the lead of firms like FedEx and develop an intranet to enhance employee communication. Employees expect the company to make use of technology, in particular to communicate promotion opportunities and firms that do not make use of technology can expect to lose their best people (Ho, 2007). By posting opportunities on an intranet, the firm allows the employees to feel as though they have more control over their futures. FedEx Canada has an intranet for job postings. Because the company's operations are scattered throughout many regional centers, this program affords employees the option of finding promotion in other geographic locations."
Sample of Sources Used:
- No author (2009). Employee Turnover - How Much is It Costing You? Go2HR.com. Retrieved August 6, 2009 from http://www.go2hr.ca/ForbrEmployers/Retention/StaffTurnover/tabid/110/Default.aspx
- Ho, Vanessa. (2007). Focus on Employee Retention Should be the Same as Recruitment. ConnectIT. Retrieved August 6, 2009 from http://www.connectitnews.com/canada/story.cfm?item=4737
- Hannay, Maureen & Northam, Melissa. (2000). Low-Cost Strategies for Employee Retention. Compensation & Benefits Review. Vol. 32, No. 4, pp. 65-72.
- Ward, Toby. (2009). The Intranet as an Employee Retention Tool. Prescient Digital Media. Retrieved August 6, 2009 from http://www.prescientdigital.com/articles/intranet-articles/the-intranet-as-an-employee-retention-tool/
- Interview: Dave Hercun, Manager YVR Station, Richmond, BC.
Cite this Term Paper:
Improving Employee Retention (2012, January 01) Retrieved March 26, 2023, from https://www.academon.com/term-paper/improving-employee-retention-149823/
"Improving Employee Retention" 01 January 2012. Web. 26 March. 2023. <https://www.academon.com/term-paper/improving-employee-retention-149823/>