Six retention Methods

For a long time, companies have been paying close attention to every move of their competitors to prevent them from stealing their customers. Nowadays, companies need to be vigilant against competitors to dig out their backbone talents, at least to recruit and retain excellent employees. We have entered a new stage in the competition for talent.

The war of competition for talents across the world has also burned to China, making job-hopping a common occurrence. A recent survey shows that about 45% of the employees in Beijing and Shenzhen have had job-hopping experiences. This proportion is equally high in Shanghai, where 56.3% of young people say they want to find better jobs.

Caring about talents is related to the fundamental interests of the company. The recruitment and retention of talents are equivalent to reducing the company's recruitment costs and pre-training costs. In addition, companies that can retain talent tend to focus more on customer service, while competitors are struggling to recruit and train new employees throughout the day.

Companies that can retain talent for a long time tend to have high productivity. If the company cannot retain elites, it will lose the technology and experience necessary to launch new products or implement new systems.

Therefore, competition for talent is of great significance to the future development of the company, and this battle is inevitable. But how can a company win this talent competition? Just like all management challenges, there is no simple and universally available legal product for various companies to use in the Battle of talent and to ensure that the battle is invincible.

However, the experience of many large companies in the world shows that there are indeed some common ideas and actions in this regard. If managers can adopt them, the situation will be quite different. The following are some rules that can be used to win the battle of talents.

1. competitive wages and benefits

The topic about how to win the battle of talent often begins with the word "money", that is, salary.

"Money is important," said one of Deloitte's directors, Deloitte & Touche. If your salary is not competitive, the high-rise buildings you have built will collapse ."

To be competitive in terms of wages, you cannot set wage standards in accordance with the company's internal regulations, or only increase a fixed percentage each year, it depends on the market price of a certain type of talent and is at least aligned with this standard.

However, it is not enough to maintain the competitive advantage of wages. Some top talents who are not indispensable must be rewarded separately in private. As the CEO of Rosenbluth International said, "You will like all your children and don't want them to feel superior, even so, some children get better grades than other children."

The long-term significance of employee benefits cannot be forgotten. Research often shows that generous employee benefits increase employee loyalty. What employees value is not a specific benefit, but the benefits indicate what kind of corporate culture the company implements and how company leaders care about the interests of employees.

For example, the United States-based hotel management company sivica hospitality stipulates that the general manager of each department can enjoy a 90-day paid holiday as long as they have served the company for five years. In this way, the employee turnover rate of the company has been zero.

Of course, the investment in welfare will be huge. However, those who provide generous benefits say that the return is huge in terms of employee enthusiasm, productivity, participation awareness, and lost costs.

The practice of the SAS Institute in this regard is worth learning. The specific treatment includes the provision of a full set of free health insurance, fitness center and laundry equipment by the Institute for employees, and the provision that all employees will go home from work from six o'clock P.M.. In SAS, any proposal on benefits must meet the following three conditions: Is it in line with the corporate culture of the institution? Is it in the interests of the vast majority of employees? Can the expected value at least reach the input level?

In the battle for talent, it is easy to bid too much because the money is too heavy. Any strategic scheme for saving talent will not be successful in the long run if it is only based on benefits. To succeed, such a solution must combine the benefits that meet the market price with the unique work environment that attracts talents.

Providing a high salary only gives you a certain degree of competitive strength, and does not guarantee that you will win the war. The other practices described below are to solve this problem.

Ii. Plan for future leave

Just like the competition in malls, if you make an orderly plan, you will make great achievements in the competition for talent.

With the plan, Sarah hiner, vice president of boardroom, was able to develop what she called "Self-Defense Tactics ". Her suggestion is to make plans for the departure of some employees. She said, "whenever an employee resign, I have some solutions at hand. In this way, I will know how to do it when it is very urgent ."

To do a good job in talent planning, you must understand why employees should change jobs. Why should people change jobs? Many people think it is because of economic reasons, but it is not always the case. In, employees wanted more challenging jobs. They want a lively, interesting, professional, and challenging work environment that allows them to develop and better grasp their future and destiny.

Employees, regardless of their age, are generally the most likely to contact the headhunting company between the third and eighth years of a company. According to a headhunting company, "these people have achieved success in a company and often run around. They will feel that their work achievements have not been recognized, so I thought, maybe I should answer the headhunting company's phone call and at least listen to what they would say."

The first step in formulating a talent retention strategy is to prepare a business plan to help managers find out what losses and consequences are caused by employee turnover and whether there is a brain drain problem, determine whether the cost of solving the problem is greater than the loss caused by the brain drain.

3. Personal communication with CEOs

Both Robert gandossy and Mark Effron, two authors of leading the way, suggested that leaders should "communicate with others in person. Leaders are responsible for leadership and must be personally led ".

For example, Rod Adkins, General Manager of the universal computing department of IBM, provides guidance to more than 30 non-direct subordinates, in addition, he proposed to talk to every employee for at least 30 minutes every three months. He also implemented a reverse tutoring process, namely, asking a new employee to coach him. In this way, he can get feedback from another perspective.

T. J. Rodgers, president of Cypress semiconducorp., treats talent retention as one of his CEOs. In his book "no excuses Management", he explained the "response strategy" he adopted when an important employee said he wanted to resign ":

● Respond immediately and make it within five minutes. Nothing is more important than handling employee resignation.

● Report to the superior immediately. If a person from saipath resigned, I hope this will be reported to me directly.

● Listen carefully to what employees say.

● Prepare your ideas for refuelling. Once you understand the situation, make a plan to persuade the employee to stay.

● Win back employee problems.

● Prevent such problems from happening again. This is also the first step: Think about your employees and try to anticipate where they may go wrong in the future.

4. Managers for employee consideration

Managers around the world not only take Talent Retention seriously as a matter of individual, but also try their best to do it well in a novel and creative way. Some companies require managers to do their jobs for a period of time. For example, Four Seasons Resort Palm Beach in Florida implements a "work exchange day" System for hotel managers, so that they can understand and understand the daily work conditions of different job positions and the various problems encountered by employees on weekdays. "This allows them to think differently," said Harry gostayn, manager of the resort. Last year, I did my own laundry work ."

Mr. gostane said that employee turnover had reduced, but the best return for this investment was an increase in employee morale. "A few months later, people are still talking about this, because we have already experienced their jobs and won't let them do what they cannot," he said ."

5. Good induction training

On the first day of work, your efforts to retain key talents have already begun, and the most specific embodiment is the induction training for them.

Let's take a look at the experience of FedEx. In 2000, FedEx recruited 35,000 employees, most of whom were filling in work vacancies for former employees. This is enough for the company's vice president in charge of personnel to find out why. After investigation by the project team, the employee turnover problem can be traced back to their first day of work. At present, the induction training process is not only ineffective, but often does not.

To change this situation, FedEx has launched a new employee training suite ", the content includes a letter from the CEO, a list of items, a welcome letter that the manager can sign and personalize the handling, and the situation of each branch that can be modified according to the specific situation. This suite is also a management tool for managers. The kit also includes a 30-minute video to provide new employees with comprehensive information about the company. The central idea of the videotape is that this company is worth your long-term efforts.

Companies that realize the correct provision of induction training for employees are by far more than one federated express delivery. Among many large companies, a common best practice is to establish an excellent employee induction training program, and the latest research results prove how wise it is to do so.

A study by Corning glass found that new employees who have received positive induction training three years later are more likely to stay in the company than employees who have not received similar training.

The study pointed out that "if the induction training program is well done, new employees will feel that they are an important member of the team. At the same time, we will have a general understanding of the company's vision. New employees are confident that they will receive patient and meticulous training. It also provides opportunities for new employees to develop friendly relationships with their colleagues, superiors and management ."

The first impression is permanent. If you can give full play to the role of induction training, when your employees encounter inevitable setbacks, they will remain positive and loyal, when you face attacks from competitors, you need to dig these people out of your company before you can feel the significance of induction training.

6. provide welfare for non-full-time employees

If your company depends on many part-time employees, consider one suggestion: If part-time employees provide full-time benefits, they will recruit and retain better talent, and eventually get a return. In fact, because the number of part-time employees is increasing around the world, providing them with certain benefits is becoming a widely used means to attract and retain outstanding employees.

Companies like Union packages and Starbucks are already well known in this regard and they offer generous benefits to their part-time employees.

With the increase in the proportion of part-time employees, especially if, as expected, persons born in 1950s still work part-time before entering the retirement age, therefore, the provision of welfare to part-time employees may become a more common means to attract and retain high-quality talents.