Managing Employee Retention: A Strategic Accountability Approach

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Routledge, 2003 - Business & Economics - 355 pages
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During the past decade, employee turnover has become a very serious problem for organizations. Managing retention and keeping the turnover rate below target and industry norms is one of the most challenging issues facing business. All indications point toward the issue compounding in the future and, even as economic times change, turnover will continue to be an important issue for most job groups. Yet despite these facts employee turnover continues to be the most unappreciated and undervalued issue facing business leaders.

There are a variety of reasons for this, for example, the true cost of employee turnover is often underestimated. The causes of turnover are not adequately identified, and solutions are often not matched with the causes, so they fail. Preventive measures are either not in place or do not target the issues properly, and therefore have little or no effect, and a method for measuring progress and identifying a monetary value (ROI) on retention does not exist in most organizations.

'Managing Employee Retention' is a practical guide for managers to retain their talented employees. It shows how to manage and monitor turnover and how to develop the ROI of keeping your talent using innovative retention programs. The book presents a logical process of managing retention, from identifying turnover costs and causes, designing solutions that match the causes of turnover, developing tools for tracking turnover and placing alerts when action is needed, and measuring the ROI of retention programs.

* Shows how to accurately cost turnover, providing examples and actual data from hundreds of organizations
* Presents effective ways to identiry the causes of turnover so the problems can be quickly rectified
* Shows how to measure the monetary return on investment of retention programs
 

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Contents

1 Why Retention Is a Serious Problem Still
1
2 A Strategic Accountability Approach to Managing Retention
19
3 Measure and Monitor Turnover and Retention Data
39
4 Develop Fully Loaded Costs of Turnover
62
5 Diagnose Causes of Turnover
91
Recruiting New Employees
129
Establishing an Appropriate Work Environment
152
Creating Equitable Pay and Performance Processes
183
10 Match Solutions to Needs
237
11 Forecast the Value of Retention Solutions
252
12 Calculate the Return on Investment of Retention Solutions
272
13 Make Adjustments and Continue
295
Southeast Corridor Bank
326
Index
347
About the Authors
353
Copyright

Building Motivation and Commitment
203

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About the author (2003)

Jack J. Phillips, PhD, is a world-renowned expert on measurement and evaluation and chair of the ROI Institute, Inc., which provides consulting services, workshops and keynote addresses for Fortune 500 companies and major organizations around the world. He developed the ROI MethodologyT, a revolutionary process that provides bottom-line figures and accountability for all types of training, performance improvement, human resources and technology programs and is used worldwide by corporations, governments and non-profit organizations. His expertise in measurement and evaluation is based on nearly thirty years of corporate experience in five industries. He has served as training and development manager at two Fortune 500 firms, senior HR officer at two firms, president of a regional federal savings bank, and management professor at a major state university. Phillips is the author or editor of more than 30 books and more than 100 articles.

Adele Connell, Ph.D. has had a successful career working in and consulting for large organizations in both public and private sectors. Her expertise includes financial services, insurance, call centers, leadership, quality management, training and human resource development. ORganizations she has worked with range from General Motors and Ford, to NASA, the Internal Revenue Service, Dept. of the Navy, Boeing, and Martin-Marietta. Adele is currently a Lieutenant Colonel in the US Army Reserves and has spent a great deal of time in active duty, Currently she serves in the 96th Regional Support Command, headquartered in Salt Lake City. She lives with her family in Salt Lake City, Utah.

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