Take This Job and Keep It! Reducing Employee Turnover

Consultants have been warning for several years now that when (and if) companies start hiring again, turnover will increase. Well, according to the Department of Labor, projected turnover surpassed 20% in the first 11 months from January to November, 2004, the first time it has passed 20% since 2001.

Even if turnover is not on the rise, certain companies struggle to keep their turnover down, due to the costs of turnover. In this article, companies discuss a variety of strategies they use towards this end, including:

1. Holding supervisors accountable for turnover in their department;

2. Setting up good pay-for-performance plans that reward top performers very well;

and

3. Creating alumni networks for ex-employees, thereby establishing potential employee referrals.

I really like the first idea a lot, and organizations really need to work that one more.

Read here for more information and more company examples.

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