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EMPLOYEE RETENTION, ENGAGEMENT, & CAREERS

EMPLOYEE RETENTION, ENGAGEMENT, & CAREERS. CHAPTER 10. MGT 351. MANAGING EMPLOYEE TURNOVER & RETENTION. Turnover, which is the rate at which employees leave the firm-varies markedly among industries. The costs to employers of turnover are high.

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EMPLOYEE RETENTION, ENGAGEMENT, & CAREERS

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  1. EMPLOYEE RETENTION, ENGAGEMENT, & CAREERS CHAPTER 10 MGT 351

  2. MANAGING EMPLOYEE TURNOVER & RETENTION • Turnover, which is the rate at which employees leave the firm-varies markedly among industries. • The costs to employers of turnover are high. • Reducing turnover requires identifying and managing the reasons for both voluntaryand involuntary turnover.

  3. MANAGING VOLUNTARY TURNOVER • Pay • Promotional opportunities • Work-life balance • Career development • Relationship with supervisors • Health care benefits • Unfairness • Lack of recognition

  4. STRATEGIES FOR RETAINING EMPLOYEES • Selection • Professional growth • Provide career direction • Meaningful work and ownership of goals • Recognition and rewards • Culture and environment • Promote work-life balance • Acknowledge achievements

  5. EMPLOYEE ENGAGEMENT Engagement refers to being psychologically involved in, connected to, and committed to getting one’s jobs done. Why engagement is important? • Reduce employee turnover

  6. CAREER PLANNING, DEVELOPMENT & MANAGEMENT • Career Planning- The deliberate process through which someone becomes aware of personal skills, interests, knowledge, motivation and other characteristics and establishes action plans to attain specific goals. • Career Management- process for enabling employees to better understand and develop their career skills and interests, and to use these skills and interests more effectively. • Career Development- is the lifelong series of activities that contribute to a person’s career exploration, establishment, success, and fulfillment.

  7. GENDER ISSUES IN CAREER DEVELOPMENT • Women and men face different challenges as they advance through their careers. • Women are held to stricter standards for promotion. • Women get less developmental assignments and geographic mobility opportunities. • Women have to be more proactive than men to progress in their careers. • Glass ceiling- barriers to women’s progress in the workplace.

  8. IMPROVING COACHING SKILLS • Coaching means educating, instructing, and training subordinates. • Teaching short-term job related skills • Analytical skills- it’s futile to teach or advise someone if you don’t know what the problem is. • Interpersonal skills- it’s futile to know the problem if you can’t get the person to listen or change.

  9. COACHING: 4 STEP PROCESS • Preparation • Planning • Active coaching • Follow-up

  10. BUILDING YOUR MENTORING SKILLS • Experienced senior people advising, counseling and guiding employees’ long-term career development. • May be formal or informal. • Focus is on hard-to-reverse, longer-term issues. • Effective mentoring requires trust, professional competence, consistency, and ability to communicate.

  11. THE PROTEGE’S RESPONSIBILITIES • Choose an appropriate potential mentor. • Don’t be surprised if you’re turned down. • Make it easier for a potential mentor to agree to your request. • Respect the mentor’s time.

  12. MAKING PROMOTION DECISIONS • Decision 1: Is seniority or competence the rule? • Decision 2: How should we measure competence? • Decision 3: Is the process formal or informal? • Decision 4: Vertical, Horizontal, or other?

  13. PRACTICAL CONSIDERATIONS • Sources of bias in promotion decisions. • Promotions and the law • Managing transfers • Managing retirements

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