Retention best practice

Posted on April 17, 2007
Filed Under Best Practices, Retention |

Retention is usually an afterthought. After conducting an exit interview we learn that an employee did not feel their contributions were appreciated or that they were not awarded for extra efforts. The reasons go on.

Retention can be as simple as buying the department lunch once a month. It can also be a gift card from time to time. Studies have found that awards and recognition work best.

A unique retention tool that was highlighted in Workforce Management Magazine was “peer” recognition rather than management being responsible.

No, this is not one colleague saying to the other ‘great job on that project.’ This is one colleague awarding the other a bonus for any reason, without permission. No strings.

Kimley-Horn and Associates a large civil engineering firm uses this practice. Any employee can award another employee $50 at anytime. They simply download a form from their internal website, fill in their name, the recipients name and the reason for the award. The recipient submits the form to HR and gets the bonus. No strings and very little oversight.