What retention strategies can be used by fast food companies Essay Example

Generation X (ages 25-34) compared to the previous pool of 76 million Baby Boomers. In conclusion, employee retention is a vital indicator of organizational health; if key staff members are leaving your company consistently, it's likely others in their departments are also seeking new opportunities.Conducting exit interviews with departing employees is crucial as it provides valuable insights into the overall well-being of your organization. It is important to heed the feedback given by employees in order to retain remaining staff members. If you are looking for tips on how to retain employees, you can visit this URL: hypertext transfer protocol://humanresources.about.com/cs/retention/a/turnover.htm.

According to a recent press release from the Society for Human Resource Management (SHRM), HR professionals and managers expect turnover to significantly increase once the job market improves. The latest Job Recovery Survey conducted by SHRM in collaboration with CareerJournal.com, a free executive career site from The Wall Street Journal, shows that both groups anticipate an improvement in the job market within the next year. This survey collected responses from 451 HR professionals and 300 managerial or executive employees.

"We are surprised by the percentage of executive employees who plan to leave once hiring rebounds," says Tony Lee, editor-in-chief/general manager of CareerJournal.com. Among HR professionals, 56% believe that turnover will increase, highlighting their interest in understanding companies' retention strategies.Employees have cited three main reasons for seeking new jobs: 53% desire better compensation and benefits, 35% are dissatisfied with potential career development, and 32% crave a new experience. To retain employees, employers often utilize strategies like providing tuition reimbursement (62%), offering competitive holiday and vacation benefits (60%), and presenting competitive wages (59%). A survey indicates that once the

job market improves, 71% of HR professionals in large organizations expect voluntary turnover to increase. Likewise, this belief is shared by 41% from small organizations and 53% from medium organizations. A Gregory P. Smith's article titled "Recruitment and Retention Strategies: How to Attract, Keep and Motivate Today's Workforce" sheds light on the challenges faced by employers in finding skilled individuals due to different work attitudes among younger workers and an aging population nearing retirement. According to a recent survey, the inability to recruit and retain good employees and managers is considered the biggest workforce management challenge by 85% of HR executives. In his efforts to combat high employee turnover in his large organization, John (the CEO) implemented new strategies such as establishing an emerging leaders program, providing training for managers, and enhancing their employee recognition program.Efforts to attract and retain better talent have resulted in happier customers, reduced complaints, and increased satisfaction from the Human Resource Department. Many businesses are unaware of the financial impact that employee turnover can have on overall performance. The cost of replacing an employee can range from $7,000 to $14,000, while high-level directors can be as expensive to replace as buying a new Honda car. In the healthcare industry, replacing a critical care nurse can cost up to $185,000. This raises concerns about how businesses can survive when turnover and recruitment expenses reach millions of dollars annually. To address this challenge, businesses can follow the five-step PRIDE procedure: providing a positive working environment; recognizing and rewarding appropriate behavior; involving and engaging employees; developing their skills and potential; evaluating and measuring their performance. Jim Goodnight's success with SAS serves as an

example of this approach – maintaining a progressive work environment with family-friendly benefits has led to significantly lower turnover rates compared to the national average for his software development company.Goodnight prioritizes the creation of a positive work environment and takes responsibility for motivating employees to return to work daily. This emphasizes that establishing a positive work environment begins with leadership. Have you ever had the experience of working under a difficult boss? (Reference: [link]) The primary reason why employees quit their jobs is due to difficulties with their immediate supervisor. Many supervisors and directors are unaware of how their actions and decisions impact employee turnover. It is crucial to provide proper training for managers in order to implement effective employee retention strategies. Well-trained managers play a vital role in successful recruitment and retention strategies as they require the skills, tools, and knowledge necessary to understand their employees' needs for staying with the organization and establish programs that enhance employee engagement within the company. Additionally, it is important to acknowledge, reward, and reinforce appropriate behavior. While monetary compensation and benefits may initially attract employees, there must be something more substantial that prevents them from leaving. Recognizing and rewarding programs fulfill this inherent human need for acknowledgment and pride in one's work. A successful rewards and recognition program doesn't have to be complex or costly; Graham Weston, co-founder and CEO of Rackspace Managed Hosting, offers his employees the opportunity to drive his BMW M3 convertible for a week as an innovative way of rewarding them.
First American rewards exceptional problem-solving skills with the Lubricated Monkey Award, which includes a plastic toy monkey in a jar of Vaseline and

a $50 dinner certificate. Additionally, an equipment distributor gives each employee a bar and a $200 check for each year of employment on their work anniversary. Employees' children also receive a $50 savings bond twice a year when they submit report cards with all A's. The company has implemented the Safety Bonus Program where employees with commendations on their driving records are not considered, and the remaining employees divide $2,000 among themselves at the end of the year. Every Friday, there is job rotation for one hour to promote team unity and improve communication. Under Step 3 - INVOLVE AND ENGAGE, it is crucial to ensure that employees are physically present and actively engaged in productive work. Sony Corporation is known for its ability to create innovative products. To foster idea exchange and creativity within the company, Sony hosts an annual Idea Exposition where scientists and engineers showcase ongoing projects exclusively for Sony employees; this event involves everyone who participates. TD Industries in Dallas, TX demonstrates appreciation for its employees by displaying photos of those who have worked there for over five years on a company wall.TD Industries' commitment to equality is reflected in their "equality" program, which ensures that all employees are treated equally, without any reserved parking spaces or exclusive perks for executives. This dedication to equality has earned TD Industries recognition as one of Fortune magazine's "Top 100 Best Places to Work".

Step 4 of the PRIDE system highlights the importance of fostering skills and potential in individuals. A study conducted by Linkage, Inc. revealed that over 40% of respondents would consider leaving their current employer for a job that offers better career

advancement and more challenges.

Deloitte, also recognized as one of the "Top 100 Best Places to Work," realized early on that they were losing talented employees to competitors. Their research showed that 70% of departing employees could have found similar opportunities within Deloitte itself. To address this issue, Deloitte created Deloitte Career Connections, an intranet-based program that provides resources and coaching for career development.

Since its launch, over 2,000 employees have utilized the program within its first week to explore internal job openings. This initiative not only presents new employment possibilities but also offers various tools for career growth such as self-assessments, resume-building aids, and articles on strategies for seeking jobs within the company.

To prevent employees from feeling stuck in unfulfilling roles, it is crucial to establish individual development plans for each position.The final step in the PRIDE system is to evaluate progress and satisfaction among staff members. This involves measuring factors like attitudes, morale levels, employee turnover rates, and engagement levels. It is recommended to conduct an annual employee satisfaction survey as part of this process. Conducting interviews and studies can also help understand the reasons behind people's decision to join or leave an organization. Improving the hiring process to ensure candidates' skills and qualifications align with job requirements is important.

Offering flexible work arrangements for working parents and older workers can be beneficial, while managers should be held accountable for retaining employees in their departments. Measuring the costs associated with employee turnover should be a priority, as well as focusing on key roles that have a significant impact on profitability and productivity. Analyzing departments with high turnover rates is crucial.

Lastly, developing an effective employee orientation program

is essential for successful onboarding. The investigation of Pizza Hut's retention strategy is important because attracting and keeping the right employees is crucial in the current job market. According to a recent press release by the Society for Human Resource Management (SHRM), HR professionals and directors anticipate a significant increase in employee turnover once the job market improves.The Job Recovery Survey, conducted by SHRM and CareerJournal.com, indicates that both HR professionals and managerial or executive employees expect a positive change in the job market within the next year. The survey collected responses from 451 HR professionals and 300 managerial or executive employees. Tony Lee, editor-in-chief/general manager of CareerJournal.com, finds it surprising that a significant percentage of executive employees plan to leave once hiring picks up again. He is curious about the measures companies will take to retain their top employees. Employees identify better compensation and benefits (53%), dissatisfaction with potential career growth (35%), and a desire for new experiences (32%) as their main reasons for seeking new job opportunities. HR professionals were asked about the programs or policies they employ to retain employees. The survey reveals that common strategies include offering tuition reimbursement (62%), competitive holiday and vacation benefits (60%), and competitive wages (59%). Furthermore, according to the survey results, 71% of HR professionals in large organizations believe there will likely be an increase in voluntary turnover when the job market improves. Similarly, this belief is shared by 41% of professionals from small organizations and 53% from medium-sized organizations.