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Added for You - Spinning Gold from Straw: Low-Cost Employee Retention and Motivation Tools in a Changing Economy
Many people slaving away in a reasonably paid job realize that they could be doing far better for themselves and will at this moment be thinking of breaking free of the corporate shackles and discovering the freedom of having their own business.Looking back now, I can categorically state that I owe my directors a huge debt of gratitude because it was due to their lack of urgency in taking care of my career needs that decided me to take my future into my own hands.Corporate career employees often need a severe reality check to jolt them out of their com
Of course there are other options. Spot cash awards are another option for organizations looking to motivate their employees, as well as non-monetary recognition awards such as public “thank you’s” or recognition in company newsletters for a job well done. In addition, career matrix programs are a way to motivate employees by linking performance, job complexity, and career advancement. What works best really depends on your employees. “Employers should ask their employees how they would like to be rewarded. For example, employees who work for not-for-profit organizations know that money can be tight, and will
When people discover my background in advertising, the questions flow. One of the most frequent questions is "Should I advertise on TV?"I can't answer that questions until I ask a number of questions first.Do you have an advertising plan?Are you working on a firm budget?What are you trying to accomplish with your advertising?Where are you spending your money now?Usually by the 4th question the happy face is one of disappointment.Contractors don't build a building without a plan, and you shouldn't advertise witho
“Productivity is up, but fewer people are doing more,” said Jennifer Loftus, SPHR, CCP, CBP, GRP, and National Director of HR consulting firm, Astron Solutions. “In addition, the number of 25-34 year old workers will decline by 2.7 million by 2008, resulting in a predicted shortage of 10 million workers within the next ten years.”
Turnover can be very costly. According to the Society for Human Resource Management (SHRM), each employee who leaves a company generates a cost. Conservative estimates place that cost at 30% of an employee’s salary. For example, an organization that loses and replaces 150 employees a year, each at an average annualized salary of $50,000, incurs an estimated turnover cost of $2,250,000 in one year.
Making changes to recruitment and retention programs can make a difference. As Loftus explained, “If the same organization that replaced 150 employees were to implement changes, they would enjoy a $22,500 decline in recruitment and retention costs with each 1% decline in turnover. By working to improve the employment relationship, they would also reap the recruiting benefits of a reputation as an employer of choice.”
Communication is the key ingredient in finding what will best motivate and meet employee needs by asking employees directly about what motivates them. “In order to avoid losing valuable employees, employers must expand their retention efforts by getting inside the hearts and minds of employees and candidates,” said Loftus.
One retention and motivation option is instituting a variable compensation program. Team and small group variable compensation programs link organizations and their employees towards particular goals, while providing several benefits including increased total cash compensation opportunities, no increase to fixed salary costs, greater opportunities to reward top-performing employees and departments, enhanced goal setting, and improvement in organizational processes and fiscal situations.
Astron Solutions’ client, Boston Children’s Hospital launched a small group variable compensation program for their patient financial services department when their days in receivable had increased to 110 days. A quarterly incentive program was formulated focusing on the department’s efforts to decrease days in receivable, with a maximum incentive pool equivalent to 20% of the department's total quarterly payroll. Cash payouts were equal among all employees, with the understanding that performance needed to be kept at satisfactory levels in order to be eligible for participation and payouts.
The results were extremely positive. The employees learned how to work more efficiently together as a team, the hospital greatly decreased its days in receivable which generated positive cash flow, and the employees increased their take-home cash without causing the organization any fiscal strain.
Of course there are other options. Spot cash awards are another option for organizations looking to motivate their employees, as well as non-monetary recognition awards such as public “thank you’s” or recognition in company newsletters for a job well done. In addition, career matrix programs are a way to motivate employees by linking performance, job complexity, and career advancement. What works best really depends on your employees. “Employers should ask their employees how they would like to be rewarded. For example, employees who work for not-for-profit organizations know that money can be tight, and will
If you're in concurrence with over 90% of all business owners—Ads don't work! They're expensive, a low ROI, and all they do is fuel ad agencies to churn out more ridiculous rubbish.So why do most ads fail to bring in sales?Simple. If you browse the ads in your local paper, just about all of them talk about themselves:This is our business name; This is our logo; This is what we do; This is how long we've been in business; This is our product/service; and then usually, Call us now so we can sell you something. Yeesh!a cost. Conservative estimates place that cost at 30% of an employee’s salary. For example, an organization that loses and replaces 150 employees a year, each at an average annualized salary of $50,000, incurs an estimated turnover cost of $2,250,000 in one year.
Making changes to recruitment and retention programs can make a difference. As Loftus explained, “If the same organization that replaced 150 employees were to implement changes, they would enjoy a $22,500 decline in recruitment and retention costs with each 1% decline in turnover. By working to improve the employment relationship, they would also reap the recruiting benefits of a reputation as an employer of choice.”
Communication is the key ingredient in finding what will best motivate and meet employee needs by asking employees directly about what motivates them. “In order to avoid losing valuable employees, employers must expand their retention efforts by getting inside the hearts and minds of employees and candidates,” said Loftus.
One retention and motivation option is instituting a variable compensation program. Team and small group variable compensation programs link organizations and their employees towards particular goals, while providing several benefits including increased total cash compensation opportunities, no increase to fixed salary costs, greater opportunities to reward top-performing employees and departments, enhanced goal setting, and improvement in organizational processes and fiscal situations.
Astron Solutions’ client, Boston Children’s Hospital launched a small group variable compensation program for their patient financial services department when their days in receivable had increased to 110 days. A quarterly incentive program was formulated focusing on the department’s efforts to decrease days in receivable, with a maximum incentive pool equivalent to 20% of the department's total quarterly payroll. Cash payouts were equal among all employees, with the understanding that performance needed to be kept at satisfactory levels in order to be eligible for participation and payouts.
The results were extremely positive. The employees learned how to work more efficiently together as a team, the hospital greatly decreased its days in receivable which generated positive cash flow, and the employees increased their take-home cash without causing the organization any fiscal strain.
Of course there are other options. Spot cash awards are another option for organizations looking to motivate their employees, as well as non-monetary recognition awards such as public “thank you’s” or recognition in company newsletters for a job well done. In addition, career matrix programs are a way to motivate employees by linking performance, job complexity, and career advancement. What works best really depends on your employees. “Employers should ask their employees how they would like to be rewarded. For example, employees who work for not-for-profit organizations know that money can be tight, and will
Adored, respected and coveted by customers and organisations alike, corporate brands represent one of the most fascinating phenomena of the business environment in the 21st century. Their importance is unquestionable. Brands, in their various forms, are integral to our everyday existence. This is particularly the case at the organisational level where the concept of the corporate brand now enjoys wide currency in business parlance. There is an increasing realisation that corporate brands serve as a powerful navigational tool to a variety of stakeholders for a lot of
One retention and motivation option is instituting a variable compensation program. Team and small group variable compensation programs link organizations and their employees towards particular goals, while providing several benefits including increased total cash compensation opportunities, no increase to fixed salary costs, greater opportunities to reward top-performing employees and departments, enhanced goal setting, and improvement in organizational processes and fiscal situations.
Astron Solutions’ client, Boston Children’s Hospital launched a small group variable compensation program for their patient financial services department when their days in receivable had increased to 110 days. A quarterly incentive program was formulated focusing on the department’s efforts to decrease days in receivable, with a maximum incentive pool equivalent to 20% of the department's total quarterly payroll. Cash payouts were equal among all employees, with the understanding that performance needed to be kept at satisfactory levels in order to be eligible for participation and payouts.
The results were extremely positive. The employees learned how to work more efficiently together as a team, the hospital greatly decreased its days in receivable which generated positive cash flow, and the employees increased their take-home cash without causing the organization any fiscal strain.
Of course there are other options. Spot cash awards are another option for organizations looking to motivate their employees, as well as non-monetary recognition awards such as public “thank you’s” or recognition in company newsletters for a job well done. In addition, career matrix programs are a way to motivate employees by linking performance, job complexity, and career advancement. What works best really depends on your employees. “Employers should ask their employees how they would like to be rewarded. For example, employees who work for not-for-profit organizations know that money can be tight, and will
Most people simply hate braggers – individuals who walk around constantly promoting themselves and talking about their accomplishments. In our society, this behavior isn’t looked upon highly.But what’s so horrible about self-promotion? Have you ever noticed that the people who excel at this activity get ahead faster? Natural braggers appear to have only number one in mind – themselves, and this self-aggrandizing behavior creates resentment among others. Keep this key fact in mind: Self-promoters get attention, get noticed by management, and get promoted.
The results were extremely positive. The employees learned how to work more efficiently together as a team, the hospital greatly decreased its days in receivable which generated positive cash flow, and the employees increased their take-home cash without causing the organization any fiscal strain.
Of course there are other options. Spot cash awards are another option for organizations looking to motivate their employees, as well as non-monetary recognition awards such as public “thank you’s” or recognition in company newsletters for a job well done. In addition, career matrix programs are a way to motivate employees by linking performance, job complexity, and career advancement. What works best really depends on your employees. “Employers should ask their employees how they would like to be rewarded. For example, employees who work for not-for-profit organizations know that money can be tight, and will
Since government legislation entitled faith-based organizations to compete for more categorical grant funds, many questions have been raised. What can churches and their affiliate organizations do with the money? Can the money be used for evangelical purposes? Can church activities be paid for with grant money? These are just a sampling of questions that come up whenever a federal grant proposal includes faith-based organizations as eligible recipients. In a nutshell, faith-based organizations can apply for and win this money to provide secular activities
Of course there are other options. Spot cash awards are another option for organizations looking to motivate their employees, as well as non-monetary recognition awards such as public “thank you’s” or recognition in company newsletters for a job well done. In addition, career matrix programs are a way to motivate employees by linking performance, job complexity, and career advancement. What works best really depends on your employees. “Employers should ask their employees how they would like to be rewarded. For example, employees who work for not-for-profit organizations know that money can be tight, and will often be an organization’s best source of ideas with faster buy-in and appreciation,” said Loftus.
With these various choices, employers should not feel like the spinning impaired, miller’s daughter from the beloved children’s fable, “Rumplestiltskin.” Low cost solutions for retaining and motivating employees are readily available, proven to be effective, and are relatively easy to execute, resulting in a “happy ending” for employers.
Astron Solutions www.astronsolutions.com is a consulting firm dedicated to the delivery of HR consulting services and supportive technology. To reach Jennifer Loftus directly, please call 800-520-3889 or email her at jcloftus@astronsolutions.com.
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