In the last of our "Best of" series, we're focusing on retention. Take a look at the best from our Talent and HR News Weekly Roundups in 2014 that cover anything having to do with retaining your employees. We'll be back next week with fresh news roundups for 2015!
1) Engage and retain staff in 2014 and beyond from HR Zone
"It’s a common misconception that an individual’s performance at work is based solely on just their capability. Whilst possessing the right skills and abilities is important, in today’s competitive business world, it is based on so much more than this. The silent threat of ghost turnover - The period of economic recession played host to a stagnating pool of talent. Suffering from uncompetitive reward and constrained training and development budgets, staff stayed in their current roles, not because of job satisfaction but because of job security. This is known as ‘ghost turnover’ – employees who want to leave their current jobs but can’t due to a lack of alternative or secure opportunities."
Attracting new employees is hard enough. It's a huge investment, and you could spend months or even years trying to find that diamond in the rough. Now that you found that diamond, it doesn't end there. Retaining the right employees is a whole other beast. This week's Talent and HR News Weekly update features the latest thinking around getting - and keeping - the right employees.
1) So You've Hired Someone Great--Now What? from Inc.
"Over a recent breakfast meeting, a colleague, Marisa, was discussing her company's challenges in integrating newly hired people into their culture. She went on to describe candidates who aced every round of interviews and had buy-in from all levels of the company. In her opinion, such high-performers should successfully and seamlessly integrate into the organization's culture without assistance. She was perplexed why some of her new hires hadn't lived up to her expectations--failing to assimilate or just not turning out to be the motivated personalities she saw in the interviews."
Earlier this week, we shared an interview with Lily Cua from Aspire about providing employees meaningful company perks. This is all part of a larger effort to improve the work experience, and thus hopefully give employees the warm and fuzzy feeling that makes them want to stick around (there's more to employee retention, but this is part of it). To continue along with this theme, this week's Talent and HR News Weekly Update features some recent news pieces focused on making sure employees are happy (you may have seen one about a few (very) big tech firms providing a certain benefit to boost female retention...) Enjoy!
1) Kip Tindell: How He Created An Employee-First Culture At The Container Store from Forbes
"I spoke to Kip Tindell, who is currently the Chairman & CEO of The Container Store. He was presented with Ernst & Young’s prestigious Entrepreneur of the Year award in 1991 and is a recipient of the National Retail Federation’s 1998 Innovator of the Year Award. In 2006, along with wife Sharon Tindell (Chief Merchandising Officer) and Garrett Boone (Chairman Emeritus), Tindell was inducted into the Retailing Hall of Fame and he is a 2009 Junior Achievement of Dallas Business Hall of Fame inductee."
As part of my morning routine, I was sifting through emails on my iPhone today when I came across an email from Gap Inc. with the subject line, “Gap is doing more…” I normally delete these sorts of promotional emails, but this subject line was catchy enough to get me to click through. I assumed it was some sort of corporate social responsibility effort, like reusing waste products from the supply chain or partnering with a non-profit. I was pleasantly surprised to find that it had to do with increasing the minimum hourly rate of their employees to $9 in 2014 and to $10 in 2015. As a customer and former employee of the Gap, I applaud the company, and it’s not necessarily because I feel strongly one way or the other about the minimum wage debate. To catch you up to speed on the minimum wage debate, here are a few quick facts:
We now live in a world where consumers are more connected than ever before, and a small customer complaint can go viral. As a result, companies need to be just as connected to not only their customers, but also to their own employees to stay ahead. This is the basis of a book I recently read, “The Connected Company.” A part of the book that really struck me comes from this exerpt:
“Since 1960, services have dominated US employment. Today’s services sector makes up about 80% of the US economy. Services are integrated into everything we buy and use…companies like GE and IBM, which started in manufacturing , have made the transition, and now make the majority of their money in services.”