Retention Strategies 8

[swearingen]

The many local firms in two neighboring cities near where I work are battling over a seemingly fixed set of resources. People are jumping ship every month to 3 months because the firm next door flashes more money. It's getting really crazy and job continuity has gone out of the window.

Any ideas for retention strategies? What do your companies use?

 

[corus]

I'm not sure which companies csd72 refers to when they say that it's common for companies in the UK to offer one day extra holiday. In the UK the norm is to have 25 days holiday (plus 8 days statutory holiday) so an extra day doesn't add up to much. Where I am they offer 5 days extra holiday after completing 10 years service. If you've been there 5 years though, that incentive is a long way off to consider staying for. The biggest incentive to stay in a company in the UK has been the pension you recieve on completion of service. These 'final salary' pension schemes could allow you to retire with 2/3 of your final salary for the rest of your life, and so were a big incentive to stay with a company through thick and thin. Sadly companies are now stopping these schemes as they cost too much due to higher life expectancies (so they say). The result is that there's less incentive to stay.

corus

 

[BJC]

Jpankask
Sounds like a good paper. I did a similar one a long time ago. Back then it was primarly Herzbergs theory. I liked it better than most theorys in OBOT because it seemed to fit with my experience. It sounds from what you wrote the basics are still pretty much the same.

When I jumped jobs I did so for more money and to gain skill. There's the $ 100 a week or so you may gain right away but there should also be experience and skill you gain that will pay off late. It may eve be valuable to you present employer. The experience you bring back in 6 months or a year may truly be worth more money to them.

I think it's more dangerous to have one years experience 10 times than 10 years of varied experience. Someday when you need a job the one years experience ten times may not be of interest to anyone. If you have to jump jobs to get it then jump. Unfortunately engineering is a career that requires constant learning. I read once that engineers are obselete in 5 years, the easiest way to learn is on the job.

 

[jmw]

"IMO, good companies don't need retention."

I think I know what you mean; that the good companies do have retention, it just isn't obvious (to us) how they do it.

Most importantly I would suggest that good companies know exactly how they do it. There are no accidents to success; in a good company nothing is left to chance.

When we see companies embarking on "retention" programs, Team building, investment in people schemes etc it is because they lost the plot long ago ad are in real trouble.



JMW

http://www.ViscoAnalyser.com

 

[civilperson]

As a certified mercenary job shopper, I will leave for 15% increase in base salary. Now at 60/hr with no benefits and no securety. The benefits can be purchased and the security is illusionary. The rest of the workers are coming around to my way of thinking and moving to get raise, and then coming back to get another raise. The loyal employees get 2-3% annually and management titles.

 

[csd72]

2 to 3% annually! does that even keep up with inflation?

No wonder engineers are moving at that rate.

Somebody in the salary department forgot that this is a profession as as such you should reasonable expect your salary to increase as your experience increases (in real terms not just amount).

I have heard stories of graduates asking for the same salary as 10 year employees. It sounds like they must have accepted this level of raise.

 

[ee2002]

csd72,

Yes, that is the sad truth that some companies do not take the initiative to pay their people competitive rates, or maybe they do not realize they are not paying competitive rates. Either way, the employee must make the intiative to get paid what they are worth. Bottom line: If you don't ask, you don't get. Just my opinion.