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. Reducing turnover requires identifying and managing the reasons for both voluntary and involuntary turnover.

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

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

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

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.

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.

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.

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

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.

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.

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?

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