The Current State of Retention and Level of Engagement
As the Director of HR for our operations facility, I evaluated our present business position and involvement. According to the data, our turnover has increased by 25% over the last 18 months, and by 40% for employees with less than nine months of service. This suggests that we may require additional support and resources for new employees, potentially leading to dissatisfaction and increased turnover.
Data from interviews indicate that new employees require adequate training and coaching after their initial few days on the job. An annual employee survey also shows that many employees do not feel their work contributes to the organization’s success. A lack of connection with the organization can lead to conflict and increased influence. It is particularly worrying that key good-standing drivers are willing to resign. These employees are crucial to the success of our organization, and losing them would have a significant impact on our operations.
Our insurance system is crashing in many ways. We need to focus on improving our engagement process, providing better training and development opportunities, and enhancing our recognition and rewards programs. We must ensure that employees understand the value of their work and feel a strong commitment to the organization’s mission and goals.
Additional Data Collection
We understand the status and level of cooperation regarding our efforts, but we require additional long-term planning and monitoring. First, we must analyze the data’s evolution to identify patterns and trends. This review should include the reasons for employee departures, the departments or positions with the highest number of employees, and demographic data such as age, gender, and occupation. This analysis will help us identify areas where we need to concentrate our storage resources and make informed decisions about resource allocation.
Second, we must obtain additional data on employee engagement and satisfaction. Surveying employees at the end of the financial year is a critical source that should be determined by focus groups and surveys a firm takes. This is significant for the firm since it enables it to identify dissatisfied employees and minimize turnover.
Thirdly, collecting employee feedback, especially from recently hired employees, is essential. The feedback helps the firm identify weak areas in the hiring process, enabling it to improve the process. Fourthly, the benefits and compensation programs should be evaluated, and competitive schemes should be created that attract and retain top talent.
The information shows that the firm can meet the compensation and health standards. There is a need to review compensation schemes and health incentives to ensure employees are motivated by the incentives the firm gives. For example, mentoring and employee recognition program incentives should be implemented within the preceding month. The employment survey data will be crucial in monitoring the employee recognition program, helping the firm gather satisfaction data, and assessing employee engagement in the firm’s activities. This will help us identify areas where employees are dissatisfied or disengaged and devise action plans to address these issues.
Thirdly, we must collect feedback from recent hires. This feedback will help us identify areas where we need to improve our hiring process, such as providing additional training or support, and keeping new employees on the path to success from day one. Fourthly, we must evaluate our compensation and benefits to ensure they are competitive and attractive to our employees. Even though the data indicates that our company’s compensation and health benefits meet industry standards, we must review and update our health benefits and compensation plans to ensure they remain competitive and meet the evolving needs of our workforce.
Low-Cost Reward Programs to Implement in the Next 30 Days
The employee recognition and mentoring programs are low-cost incentives that can be implemented within the next thirty days to address employee survey concerns. Utilize an employee recognition program to publicly recognize and reward employees who perform well or go above and beyond the call of duty. Sending a company-wide email or posting a notice on a bulletin board is sufficient to determine which employees participate (Armas & Moralde, 2023). The program can enhance employee morale, job satisfaction, and retention by helping employees feel appreciated and rewarded for their hard work and dedication.
In the mentoring program, create a matching system to pair new and experienced employees. The program can provide new employees with the support and guidance they need to succeed in their new roles and help them feel connected to the organization. By pairing new employees with experienced ones, we can help them receive the necessary training and guidance to succeed in their roles and minimize the anxiety and confusion often experienced by new employees, as indicated in exit interviews (Scerri et al., 2020). The program can be easily done by sharing new work with experienced employees in the same department or job, and can be supported by internal communication.
Rewards Programs Addressing Employee Concerns
The two-reward program, which addresses employee concerns that may arise during the first year of employment, includes the new membership and career development programs. In the new membership program, employees are provided with the new service throughout the year, which includes training, coaching, and support periods. The program addresses concerns that new hires require adequate orientation and training during their first few days on the job, as well as during exit interviews.
A well-designed orientation program can make new hires feel supported, informed, and prepared for job success. The program may include orientation, job-specific training, peer training, and interaction with management to ensure that new employees adjust to their new positions effectively (Philipsen et al., 2019). A well-modeled orientation scheme enables employees to feel prepared, supported, and ready for work.
In a career and work development scheme, model a development scheme that guarantees opportunities for new employees to advance their careers and develop their talents. The program addresses the concerns of new employees who feel that their work has no impact on the organization’s success. An effective career development plan can help employees identify opportunities for advancement and growth within the organization, leading to increased job satisfaction and retention (Tam et al., 2020). The program may include training and development, job shadowing, or cross-training, as well as opportunities to advance or move within the organization.
Rewards Programs Addressing the Loss of Senior Talent and High-Performers
The two reward programs I recommend to address the loss of senior talent and high performers include effective planning and performance-based incentives. In effective planning, creating a successful plan involves identifying and developing potential employees with future leadership qualities. By assuring that resources are available for employment, the plan can address concerns regarding retirement-related talent loss. Effective succession planning can aid in retaining high performers by providing them with a clear path and an understanding of their leadership style (Lin et al., 2022). The program may include leadership training, senior leader mentoring, and opportunities to shadow or collaborate with senior leaders on essential initiatives.
Create a performance-based incentive program that rewards high-performing employees for their contribution to performance as part of the performance-based Incentives. The program can address performance issues by recognizing and rewarding employees who contribute substantially to the organization. A performance-based incentive program can help retain high performers by providing recognition and rewards for their hard work (Aninanya & Howard, 2021). The plan may include bonuses, stock options, or other financial incentives for performance measures such as sales targets, customer satisfaction, or cost savings.
A Monitoring Plan to Assess the Impact of Strategies Over the Next 18 Months
Success planning and career development can help retain the best talent and ensure we have the right leaders and high-performing employees to support the organization for future success. A monitoring plan to assess the impact of right and high-performing employees’ strategies over the next 18 hours. The following maintenance plans assess the impact of proposed strategies for the next 18 months.
Regular staff surveys should be conducted every day for six months. Regular staff surveys to monitor changes in employee engagement and satisfaction. This includes questions that directly measure the impact of new rewards on employee retention and satisfaction (Aninanya et al., 2021). The survey results should be analyzed to know where we are and what we need to improve.
Track turnover, whereby there is a need to track total employee turnover and employee turnover in less than a year. This will help us evaluate our performance and determine if we are meeting the firm’s goals of a 10% reduction in overall revenue and a 15% reduction in returns for less than 1-year employees (Lin et al., 2022), and analyze exit interviews to uncover common patterns or issues contributing to an employee’s decision to leave. By analyzing the exit interview, the firm can identify areas for improvement in the hiring process or the workplace.
Monitor the retention of high performers; there is a need to monitor the retention of high performers and review performance records regularly to ensure they are recognized and rewarded for their contribution to the organization. There is a need to see high-performance patterns, investigate the reasons behind them, and take action to resolve them. Performance reviews should be conducted regularly to measure the impact of new performance improvements.
The employee’s overtime should be tracked, and it should be determined if they are meeting their performance goals. If there are problems with the design or implementation, actions should be taken to fix them. The monitoring strategies can monitor the impact of employees’ efforts over time and identify areas of improvement (Scerri et al., 2020). This will help the firm achieve goals by reducing employee turnover and retaining top talent
Proposed Timeline to Implement Programs
After obtaining management approval, request an opportunity to use this program. I would like to propose the following timeline to implement the programs, assuming management approval.
Low-Cost Incentive Program:
- Week 1: Discuss “People’s Appreciation Day” Initiation and initiation of “Employee Recognition” for all employees.
- Week 2: Job Satisfaction Report Day and Career Support Recommended.
- 3-4. Weeks: Gather employee and manager feedback on performance and adjust as needed.
First-Year Employee Programs:
- 5-6. Weeks: Develop and complete new employee orientation and onboarding plans.
- 7-8. Weeks: Start new training and start working and communicating through the “friend system.”
- 9-10. Weeks: Gather feedback from new hires and colleagues on the effectiveness of the new onboarding and onboarding program and the Buddy System. Make the necessary adjustments.
Executive and High-Performance Attrition Incentive Plan:
- 11-12. Weeks: Develop and implement executive retention and high-performance incentive plans.
- 13-14. Weeks: Launch the talent management senior retention program and communicate to improve performance.”
- Weeks 15-16: Gather performance feedback from talented and high performers and adjust for high performers.
- Week 20: Perform first cycle analysis based on the new high-performance program.
- Week 23: Perform the second cycle and provide results for comparison with baseline metrics to identify recurring themes or issues leading to employee turnover.
- Week 32: Second performance review based on the new best practice plan.
- Week 35: Conduct third-party employee surveys and compare results with benchmarks.
- Week 40: The exit interview is reviewed again to identify recurring themes or issues causing employees to leave.
- Week 46: Third performance review week based on the new best practice plan.
- Week 51: Conduct the fourth employee survey and compare the results with the following indicators.
- Week 54: Conduct a final assessment of exit interviews to identify recurring themes or issues driving employees to leave.
- Week 60: Thoroughly evaluate all survey data and adjust the retention plan as necessary.
Adhering to this schedule can ensure that projects are completed efficiently and on time and that we have the proper review process in place to monitor their impact on time.
Recommendations
According to the provided information, numerous short-term, medium-term, and long-term recommendations exist for reducing employee turnover and increasing employee engagement.
Short-Term Advice (Zero to Six Months)
Review the onboarding procedure. Interview data revealed that new employees needed to be adequately trained. Human resources managers should evaluate the hiring procedure and provide additional training and orientation to new employees, particularly within the first 90 days on the job (Aninanya et al., 2021). Providing new employees with a mentor or colleague can help them feel supported and included.
Midterm Suggestions (6 to 12 Months)
Employees who see a future with the organization are more likely to remain with the organization. Managers of human resources should collaborate to devise career development plans for employees. These plans outline the skills and competencies required for organizational advancement (Lin et al.,2022). Organizations should provide employees with education and training to help them acquire these skills.
Long-Term Recommendation (One to Two Years)
Succession Planning: The organization should develop a succession plan for retirement and other departures. This involves formulating an effective plan to acquire skills, abilities, and knowledge from experienced employees to junior employees (Aninanya et al., 2021). Hence, the firm can acquire and maintain top-level employees.
References
Aninanya, G. A., Otupiri, E., & Howard, N. (2021). Effects of combined decision-support and performance-based incentives on reported client satisfaction with maternal health services in primary facilities: A quasi-experimental study in the Upper East Region of Ghana. PloS one, 16(4), e0249778. Web.
Armas, K. L., & Moralde, R. R. (2023). Development of a comprehensive economic enterprise development program in the Philippines. Asian Development Policy Review, 11(2), 79-90. Web.
Lin, T. K., Werner, K., Witter, S., Alluhidan, M., Alghaith, T., Hamza, M. M., & Alazemi, N. (2022). Individual performance-based incentives for health care workers in Organisation for Economic co-operation and development member countries: A systematic literature review. Health Policy, 126(6), 512–521. Web.
Philipsen, B., Tondeur, J., Pareja Roblin, N., Vanslambrouck, S., & Zhu, C. (2019). Improving teacher professional development for online and blended learning: A systematic meta-aggregative review. Educational Technology Research and Development, 67, 1145-1174. Web.
Scerri, M., Presbury, R., & Goh, E. (2020). An application of the mentoring framework to investigate the effectiveness of mentoring programs between industry mentors and student mentees in hospitality. Journal of Hospitality and Tourism Management, pp. 45, 143–151. Web.
Tam, C., da Costa Moura, E. J., Oliveira, T., & Varajão, J. (2020). The factors influencing the success of ongoing agile software development projects. International Journal of Project Management, 38(3), 165-176. Web.