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Developing a Competitive Edge: Guarding Against Employee Turnover

Developing a Competitive Edge: Guarding Against Employee Turnover. Employee Turnover is a huge Drain on Company Resources. Safety Performance Training and Retraining Costs Mistakes by Short Service Employees Lost Production Cost of Damaged Equipment Frustration of key employees Reputation

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Developing a Competitive Edge: Guarding Against Employee Turnover

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  1. Developing a Competitive Edge:Guarding Against Employee Turnover • Employee Turnover is a huge Drain on Company Resources. • Safety Performance • Training and Retraining Costs • Mistakes by Short Service Employees • Lost Production • Cost of Damaged Equipment • Frustration of key employees • Reputation • Consider the gross sales needed to compensate for costs.

  2. Developing a Competitive Edge:Guarding Against Employee Turnover Employee Basic Needs: • Financially support their families. • Being treated with respect. • Their safety and health is important to you. • Asked their opinions for planning. • Have pride in the company and team. • Understand rules and plans clearly up front. • All employees are treated fairly. • Recognition for a job well done. • Able to take something home to their families besides their paycheck. • Time for important family events.

  3. Developing a Competitive Edge:Guarding Against Employee Turnover • Compensate. • Employers must match the competition. • Competitive Insurance and Benefits. • Vacation for work-life balance. • Pay for Performance.. Even small spot bonuses mean a lot. • Skills Training • Have a celebration which includes families. • Workers and their families should understand all the benefits of working for you.

  4. Developing a Competitive Edge:Guarding Against Employee Turnover • Respect. • Leadership training for managers and supervisors. • Listen and respond to concerns and ideas. • Form an hourly employee HSE committee. • Provide an open door for employee feedback. • Reward performance including good ideas or extra work. • Provide a workplace free from discrimination.

  5. Developing a Competitive Edge:Guarding Against Employee Turnover • Perception of diminished job security will demoralize the workers. • Take care of your workers and they will usually take care of you. • Conduct exit interviews to understand why people leave your company. • Keep communications open. Don’t burn bridges.

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