Retention Tool Kit Ideas

Did you know that the cost to replace an employee who leaves is 50 percent of that person's salary? What do we need to do? Build a better mousetrap? No, we need to develop a Retention Tool Kit and USE it all the time with all of our people. Of course, exit interviews and feedback from current employees about their concerns will shed some light on your best retention approaches and efforts. Additionally, increasing and improving communications allows you to let employees know about the advantages of employment with you and where you stand in and among your competitors. Developing a retention tool kit to include employee relations, compensation, benefits, scheduling, and workplace enhancement tools are sure to help with retention rates. However, loyalty and respect are values that appear to be reciprocal in the workplace. There is no substitute for respecting your employees. Providing individualized work sites, promoting the value of relationships with peers and supervisors, and providing valuable training is just some techniques employers can use to reinforce their respect for employees. Here are some ideas & tools that could be included in improving your retention rates and developing your Retention Tool Kit:

Employee relations:
· Competitive Analysis.
· Non-compete agreements.
· Employee empowerment programs and training.
· Exit interviews --why are they leaving?
· Succession planning and employee development.
· Effective career path and counseling.

Compensation:
· Sign-on bonuses, Pay for performance programs, and Promotions.
· Retention bonuses (i.e. college tuition paid over time is better than in a lump sum).
· Retention contracts ("golden handcuffs" where the employee agrees to remain with the company for a set period of time in exchange for a monetary award; provided that misconduct, poor performance or litigation will nullify the contract).
· Competitive salary structures (based on marketplace movement, competition, workforce supply, and other economic factors in your area).
· Accelerated frequency and amount of salary increases for vulnerable groups of employees (watch for resentment among other groups of employees with this tool).

Workplace Enhancements & Benefits: The "sky is the limit" in the area of employee services benefits. Let your employees' lives set the tone for these perks.
· Annual total compensation statement so employees truly see the benefits of working for your organization.
· Shortened benefit waiting periods.
· Long-term care benefits, Legal insurance, Financial planning services, and Child care services or Elder care services.
· Tuition reimbursements plans that are more generous or provide direct payment to the school.
· One-on-one time with company executives.
· CK Discount Card good at local businesses leveraged by your working relationship (10% off the local coffee shop, etc.).
· Off-site work locations for brainstorming and think-tank activities.

Scheduling:
· Flexible work hours, days, weeks. Increasingly, employees want flexibility in their jobs and will remain with an employer that provides it.
· Job rotations, Job sharing, Job swapping, On-call arrangements.
· Sabbaticals to prevent burnout.
· Paid internships to students with the promise of a job upon graduation.
· Leaves of absences to pursue personal or career issues.
· Paid time off for volunteer activities.

Retaining good employees is a creative process that you can truly customize to your market, your business, your employees, and within your budget. All it takes is getting to know your employees, what THEY find valuable, and how to deliver that to them.