71. IT Companies in India Focusing on Cash to Attract and Retain Employees [CIOL] Tuesday 12/16/03 3:35 PM
To help with recruiting and retaining IT workers, almost half of IT companies in India are now positioning their compensation above the market median.
Over 90% of Indian IT firms benchmark their compensation against the market.
Some of the other strategies that IT related firms use to attract and retain employees include having a high Cash to Benefits compensation ratio (75:25), increasing the use of performance based increases and high salary increases averaging 15%.
In exchange for the higher cash compensation which is believed to aid in attracting and retaining employees, various benefits have been decreased. There has been a reduction in company car benefits, loan programs, stock options and non-statutory retirement benefits.
Other initiatives to improve employee retention that are being focused on at Indian IT firms include helping employees develop a career path and providing special recognition rewards in the way of formal communication, parties, cash and company merchandise.
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72. A Hefty Holiday Bonus Cheers Employees [My Way - AP News] Monday 12/15/03 7:52 PM
A shoe manufacturing plant in Pittsfield, Maine gathered employees together to tell them about this year's holiday bonus. The employees clapped happily when they learned that each employee would receive a holiday bonus of $1000.
Then they found out that it would be not just $1000, but $1000 for every year that they had worked at the plant.
Some long standing employees opened their bonus envelope to find as much as $19,000 for their 19 years of service.
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73. Turnover Rates in the UK in 2003 [HR Gateway] Monday 12/15/03 3:43 AM
According to the Labour Turnover survey the average turnover rate in the UK stands at 15.7% for full time staff and 13.5% for part time workers. This is the lowest level in four years.
Adminstrative and secretarial jobs had the highest rate of turnover (20%) while personal and protective services showed no turnover at all.
In 2003, the hospitality sector and call centres had the highest turnover rates at 40%. Low turnover rates are seen in manufacturing, transport and paper and printing.
The reasons for turnover were cited as lack of career and development opportunities and pay.
According to the survey, 80% of companies use exit interviews to find out why employees leave.
The survey was conducted by the Chartered Institute of Personnel and Development (CIPD) who warned that companies are not putting enough emphasis into measuring the cost of turnover.
"Labour turnover appears to be on a downward trend - which is good news for employers. But most are completely unaware of the savings that they might achieve by reducing it further - even by just a few percentage points. There seems to be no systematic approach to stemming the losses."
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74. "Back to Basics" Approach Key to Improved Employee Retention in IT Workers [Channel Zone] Saturday 12/13/03 10:52 PM
Training, Communication, Leadership and Environment are the areas to focus on to improve employee retention among IT workers according to Dean Lane, senior director of Information Technology at Symantec Corp.
Lane calls for a solid, individual training plan that is "explicit, relevant and comprehensive."
With respect to communication, Lane offers several simple ideas for clear, accurate and continual communication. Among those ideas is holding periodic "skip level" meetings that allow small groups of employees to meet and communicate with their manager's manager.
For leadership, Lane reminds us that IT professionals are generally skilled, talented and educated, and responsible. While they don't need someone managing them every step of the way, they can benefit from management that helps them understand their role and contribution within the organization.
IT employees' environment is affected by their particular manager's management style. Lane identifies 5 common management style. Positive morale and increased employee retention can best be achieved by the management style Lane calls "High Performance Team Management." In this kind of management, the manager involves employees in establishing their work strategies and conditions.
Using Lane's techniques you can work to create and retain highly skilled IT professionals.
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75. Elder Care Benefits Can Help Reduce Employee Turnover [Senior Journal] Saturday 12/13/03 10:48 PM
As 1 in 4 families struggle to provide care for an elderly family member, employees are increasingly looking to their company to provide some sort of relief in the form of elder care benefits.
Elder care benefits are expected to become increasingly important over the next five to 10 years.
According to a recent survey, 59% of HR professionals witnessed employees who missed a full day from work because of dealing with elder care issues. Sixteen percent said they had experienced turnover tied specifically to elder care.
Currently only 25% of organizations offer elder care benefits.
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76. Don't Ignore Stress When Creating Employee Retention Programs for Retail and Hospitality [The Globe and Mail] Saturday 12/13/03 10:46 PM
Retail and hospitality employees face greater depression and personal stress both on and off the job. On the job, they have a higher proportion of work-relationship and conflict issues. Off the job, employees in these two industries are more likely to be victims of domestic violence and substance abuse.
According to researchers, retail employees' stress has increased 150% since 2000.
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