Assignment: Thoughtful Retention Efforts
For this assignment, you are the HR Director at a 1,500 employee manufacturing facility. Employee turnover is on the rise, and the executive has asked you to look into the issue and make short-term, mid-term, and long-term recommendations on the type of rewards the company should be offering to help retain employees. The organizational goal is to reduce the overall turnover rate by 10% and reduce the turnover of employees with less than 1-year of tenure by 15% in the next 18-months.
You are given the following information.
1. The annual employee survey notes many employees do not feel as if their work makes any difference to the organization's success.
2. Turnover as a whole has risen 25% over the past 18-months. A good portion of this is due to retirements.
3. Time to hire replacement labor is steady, at 30-days.
4. Turnover for those with less than 9-months tenure has increased 40% in the last year. Exit interview data shows what was explained to them during the interview was different from what they experienced. In particular, comments point to little instruction and guidance past the first couple days of work.
5. The Operations Director has reported that 6 high-performing lead machine operators on both day and night shifts have expressed a desire to quit and needs recommendations on how to keep his high-performers happy.
6. Company pay is at market rate, as are healthcare benefits.
For this assignment, addresses the following:
a) Your assessment of the current state of retention efforts and level of engagement from the information above and an explanation of what additional information is needed for long-term planning and monitoring.
b) Identify at least two immediate, low-cost reward programs that can be implemented in the next 30-days to address concerns from the employee survey.
c) Identify at least two rewards programs that address employee concerns likely to surface in the first year of employment.
d) Identify at least two rewards programs that address the loss of senior talent and high-performers.
e) A monitoring plan to assess the impact of these strategies over course of the next 18-months.
f) Propose a timeline to implement these programs, once executive approval is given.