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Investment in intranet technology for human resources and employee communication purposes is the single-most important means by which we can improve employee retention, because it addresses the most significant drivers of turnover (Ward, 2009).
There are other low-cost means by which the firm can improve retention as well. One not yet discussed is fostering a team-like environment. With 41.8% of workers driven by having a positive work environment and strong interpersonal relationships, the benefits of building greater camaraderie among workers are obvious. This can be done inexpensively. At FedEx Canada, team meetings are held each morning for each workgroup. The meetings are short, and are used to cover basic issues, but by bringing employees together physically and discussing the issues of the day in a "team" sense, the idea of teamwork is promoted. Employees will naturally talk to each other as they come together and disperse.
Although the role of benefits in employee retention is often overstated, it is worth nothing that there are many initiatives that can be undertaken. For example, the provision of daycare, flextime, sabbaticals, stock options, and menu-based benefits packages are all utilized by companies to promote retention (Hannay & Northam, 2000). A Monster.ca survey revealed that 88% of workers would appreciate a corporate wellness program, including nutrition and fitness training. It is worth noting that healthier employees would lower our prescription drug and absenteeism costs as well (Monster.ca, 2009). Clearly, the more we do for our employees, the less likely they are to leave.
This report has highlighted a number of different options for improving...
The options that most directly address the issue are relatively inexpensive and have been implemented by a number of successful firms in Canada. It costs little to improve employee communication and foster a better sense of camaraderie and teamwork among our workers, and the cost of an intranet system is little compared to the cost of losing three workers. While the most expensive of options may be of little relevance to a company our size, they are worth noting in case future growth renders those options more feasible at some point down the road.
Works Cited:
No author (2009). Employee Turnover -- How Much is it Costing You? Go2HR.com. Retrieved August 6, 2009 from http://www.go2hr.ca/ForbrEmployers/Retention/StaffTurnover/tabid/110/Default.aspx
Ho, Vanessa. (2007). Focus on Employee Retention Should be the Same as Recruitment. ConnectIT. Retrieved August 6, 2009 from http://www.connectitnews.com/canada/story.cfm?item=4737
Hannay, Maureen & Northam, Melissa. (2000). Low-Cost Strategies for Employee Retention. Compensation & Benefits Review. Vol. 32, No. 4, pp. 65-72.
Ward, Toby. (2009). The Intranet as an Employee Retention Tool. Prescient Digital Media. Retrieved August 6, 2009 from http://www.prescientdigital.com/articles/intranet-articles/the-intranet-as-an-employee-retention-tool/
Interview: Dave Hercun, Manager YVR Station, Richmond, BC.
No author. (2009). Company Benefits for Employee Retention. Monster.ca. Retrieved August 7, 2009 from http://hiring.monster.ca/hr/hr-best-practices/workforce-management/employee-retention-strategies/company-benefits-for-employee-retention.aspx
Works Cited:
No author (2009). Employee Turnover -- How Much is it Costing You? Go2HR.com. Retrieved August 6, 2009 from http://www.go2hr.ca/ForbrEmployers/Retention/StaffTurnover/tabid/110/Default.aspx
Ho, Vanessa. (2007). Focus on Employee Retention Should be the Same as Recruitment. ConnectIT. Retrieved August 6, 2009 from http://www.connectitnews.com/canada/story.cfm?item=4737
Hannay, Maureen & Northam, Melissa. (2000). Low-Cost Strategies for Employee Retention. Compensation & Benefits Review. Vol. 32, No. 4, pp. 65-72.
Ward, Toby. (2009). The Intranet as an Employee Retention Tool. Prescient Digital Media. Retrieved August 6, 2009 from http://www.prescientdigital.com/articles/intranet-articles/the-intranet-as-an-employee-retention-tool/
No author. (2009). Company Benefits for Employee Retention. Monster.ca. Retrieved August 7, 2009 from http://hiring.monster.ca/hr/hr-best-practices/workforce-management/employee-retention-strategies/company-benefits-for-employee-retention.aspx
Canadian Business and the Law Does Canada have too much business law? This is paper is based on the Canadian business law and all the information so mentioned are related to the book titled "Canadian Business and the Law" which is written by authors Dorothy DuPlessis, Steven Enman, Sally Gunz and Shannon O'Byrne. This text forms the single source of reference for this study. Two topics will be discussed based on what this
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