 What's
your plan for survival?
Each month I research a topic that I believe is relevant to business owners in
the Chamber. This month is no exception. In the past I have written about marketing
and other various topics, but this month I turned my attention to employee retention.
We all know it's more cost effective to retain existing employees than it is to
hire new ones. In my research I found an interesting article by Susan Heathfield
that I thought was timely and offers some good ideas. Now, I know not all of the
ideas will fit your company, but one of them may be just what you are looking
for. Here is the first five of the "Top Ten Ways to Retain Your Great Employees"
Key employee retention is critical to the long term health and success of your
business. Managers readily agree that retaining your best employees ensures customer
satisfaction, product sales, satisfied coworkers and reporting staff, effective
succession planning and deeply imbedded organizational knowledge and learning.
If managers can cite these facts so well, why do they behave in ways that so frequently
encourage great employees to quit their jobs?
Employee retention matters.
Organizational issues such as training time and investment; lost knowledge; mourning,
insecure coworkers and a costly candidate search aside, failing to retain a key
employee is costly. Various estimates suggest that losing a middle manager costs
an organization up to 100 percent of his salary. The loss of a senior executive
is even more costly.
I have seen estimates of double the annual salary
and more.
Employee retention is critically important for a second societal
reason, too. Over the next few years while Baby Boomers (age 40 to 58) retire,
the upcoming Generation X population numbers 44 million people (ages 25-34), compared
to 76 million Baby Boomers available for work. Simply stated: there are a lot
fewer people available to work.
Employee retention is one of the primary
measures of the health of your organization. If you are losing critical staff
members, you can safely bet that other people in their departments are looking
as well. Exit interviews with departing employees provide valuable information
you can use to retain remaining staff. Heed their results. You'll never have a
more significant source of data about the health of your organization.
Here are ten more retention tips to your arsenal with these top ten ways to retain
a great employee.
Management
thinkers from Ferdinand Fournies ( Why Employees Don't Do What They're Supposed
to Do and What to Do About It) to Marcus Buckingham and Curt Coffman (First Break
All the Rules) agree that a satisfied employee knows clearly what is expected
from him every day at work. Changing expectations keep people on edge and
create unhealthy stress. They rob the employee of internal security and make the
employee feel unsuccessful. I'm not advocating unchanging jobs just the need for
a specific framework within which people clearly know what is expected from them.
The quality of the supervision an employee receives is critical to employee
retention. People leave managers and supervisors more often than they leave
companies or jobs. It is not enough that the supervisor is well-liked or a nice
person, starting with clear expectations of the employee, the supervisor has a
critical role to play in retention. Anything the supervisor does to make an employee
feel unvalued will contribute to turnover. Frequent employee complaints center
on these areas.
--lack of clarity about expectations,
--lack of clarity
about earning potential,
--lack of feedback about performance,
--failure
to hold scheduled meetings, and
--failure to provide a framework within which
the employee perceives he can succeed.
The ability of the employee
to speak his or her mind freely within the organization is another key factor
in employee retention.
Does your organization solicit ideas and provide an environment in which people
are comfortable providing feedback? If so, employees offer ideas, feel free to
criticize and commit to continuous improvement. If not, they bite their tongues
or find themselves constantly "in trouble" - until they leave.
Talent and skill utilization
is another environmental factor your key employees seek in your workplace.
A motivated employee wants to contribute to work areas outside of his specific
job description. How many people could contribute far more than they currently
do? You just need to know their skills, talent and experience, and take the time
to tap into it. As an example, in a small company, a manager pursued a new marketing
plan and logo with the help of external consultants. An internal sales rep, with
seven years of ad agency and logo development experience, repeatedly offered to
help. His offer was ignored and he cited this as one reason why he quit his job.
In fact, the recognition that the company didn't want to take advantage of his
knowledge and capabilities helped precipitate his job search.
The perception of fairness
and equitable treatment is important in employee retention. In one company,
a new sales rep was given the most potentially successful, commission-producing
accounts. Current staff viewed these decisions as taking food off their tables.
You can bet a number of them are looking for their next opportunity.
In another instance, a staff person, just a year or two out of college, was given
$20,000 in raises over a six month time period. Information of this type never
stays secret in companies so you know, beyond any shadow of a doubt, the morale
of several other employees will be affected.
For example, you have a
staff person who views her role as important and she brings ten years of experience,
an M.B.A. and a great contribution record to the table. When she finds she is
making less money than this employee, she is likely to look for a new job. Minimally,
her morale and motivation will take a big hit. Did the staff person deserve the
raises? Yes. But, recognize that there will be impact on others.
Next month I'll present the next five keys to employee retention.
Best Regards,
Michael DiTocco
Chairman of the Board
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All
Around The House Home Inspections, Inc.
Mark Beckerman
4464 NW 113th
Terrace
Coral Springs, Florida 33065
954-255-3330
Alliance
Entertainment
George Campagna
4250 Coral Ridge Drive
Coral Springs,
Florida 33065
954-255-4605
Bernie's Jewelry Studio
Karen
Emery
5663 Coral Ridge Drive
Coral Springs, Florida 33076
954-255-8808
Body & Soul Retreat
Ina Lucchese
1225 N. University Drive
Coral
Springs, Florida 33071
954-796-0005
Brass Monkey
Madeline
Valdes
10190 West Sample Road
Coral Springs, Florida 33065
954-753-1110
Homeland Property Inspections
Richard Petrillo
10305 NW 48th Court
Coral Springs, Florida 33076
954-244-2729
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Omni Title Group
Donna Scott
1700 N. University Drive, Suite 301
Coral Springs, Florida 33071
954-757-6664 X305
Scope of Life Enterprises
Ibolya Chadles
9000 Royal Palm Blvd., #306
Coral Springs, Florida
33065
954-755-1427
Squared Away Errand Solutions
Kim Prenter
10693 Wiles Road, Suite #262
Coral Springs, Florida 33076
954-344-8798
Trade First.com
CaSandra DeLuke
1480 SW 3rd Street, Suite 7
Pompano
Beach, Florida 33069
954-781-5000
The Evans Group
Pam Evans
10618 NW 69th Street
Parkland, Florida 33076
954-415-8614
Amore
Mark Jacobson
7881 W. Sample Road
Coral Springs, Florida 33065
954-752-0220
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Heron Bay Golf Club
Jamie Kaufman - Vice President/General Manager
11801 Heron Bay Blvd
Coral Springs, FL 33076
954-796-2000
Rhon
Ernest-Jones Consulting Engineers, Inc.
Rhon Ernest-Jones
12500
West Atlantic Boulevard
Coral Springs, FL 33071
954-344-9855
Stonegate Bank
Bonnie Miller - Vice President/Market Manager
1750
North University Drive-Suite 101
Coral Springs, FL 33071
954-905-2883
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Advanced Cable Communications
Michelle Fitzpatrick
12409 NW 35th Street
Coral Springs, FL 33065
954-753-0100 |
|  Sandy
Liebowitz
Sharp Saver Magazine
6401 NW 54 Drive
Coral Springs, FL
33067
(954)609-1990
Fax: (954) 344-0350
www.sharpsavermagazine.com
Sanford (Sandy) Liebowitz is the President and Master Publisher of Sharp Saver
Magazine, Inc., a coupon magazine that circulates a minimum of 25,000 homes in
15 cities. These cities include Wellington, Jupiter, West Palm Beach, Boca Raton,
Coral Springs, Fort Lauderdale, Tamarac, Pompano Beach/Lighthouse Pointe, Weston,
Pembroke Pines, Hollywood, Davie/Cooper City, Sunrise, Plantation, Boynton Beach
and Delray Beach. Sandy oversees an in-house design team of three people who creatively
help our customers put their best foot forward.
The Sharp Saver Magazine
has been circulating directly into homes for the past 10 years. Many of our customers
today are our original customers from 1998. This past year Sharp Saver expanded
to North Carolina where we now have a strong book bringing the residents and businesses
of Raleigh together. In August of 2007 we will be opening the New York market
beginning with Long Island. We plan on franchising our books within two years
throughout the entire country.
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|   BUYING,
SELLING or RELOCATING???
Trust Your Family's
Move
to Our Family's Expertise
We are a "brother/sister" real estate team focused on finding YOU the best
value in a home/business in Broward & Palm Beach counties. We will show you how
you can benefit from our almost 40 years of combined experience. Our knowledge
of technology along with our strong negotiation skills and our intuitive
understanding of YOUR real estate needs of the market, will serve you well in
this competitive and challenging economy. We find the best opportunity for you.
How may we serve you?
One Number Service: 954-695-7653
JEFF BOOKER
Relocation
Specialist
&
JOY CARTER
Co-Chair Chamber Trustees
Member of
the Institute
for Luxury Home Marketing
Team@GreatFloridaHomes.com
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Advanced
Cable Communications has been the presenting sponsor for the Coral Springs Rotary
Club Annual Charity Golf Tournament for six consecutive years. This year's tournament
was held at Carolina Club on April 20, 2007.
This year's tournament raised
$ 25,000.00 that will support the American Cancer Society's R.O.C.K. Camp (Reaching
Out To Kids With Cancer) in Central Florida, the Dan Marino Foundation and Rotary
Club scholarships for local high school students. The bulk of the funds raised
enabled 10 children to attend R.O.C.K. Camp this year. Advanced Cable employees
were on hand to see them off as they left for camp on June 13.
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Congratulations
Leadership Class of 2007!!!!
In September of 2006 a group of 17 individuals started Leadership Coral Springs.
On June 21, Leadership Class of 2007 graduated as a group of bonded friends that
shared a unique experience. The class learned hands on about the City of Coral
Springs by meeting city officials, visiting the police, fire department, local
recreational facilities, schools and the Sawgrass Nature Center. In addition,
the class had a unique opportunity to learn about leadership from an expert, Ray
Zentis, from Zentis Associates Inc.
Coral Springs Leadership Class of
2007 chose Gods Little Acres, a non profit organization that helps families with
children that have life threatening illnesses, as the recipient of their community
project fundraiser. This class raised over $8000 for God's Little Acres, breaking
the record for total dollars collected by any prior CS Leadership classes.
Congratulation to the Graduates of CS Leadership Class of 2007:
Connie Carberg - Al Hendrickson Toyota
Sherry Centore - Northwest
Medical Center
Carol Dahl Smith - Smith Barney - Carol Dahl Smith
Kathy
DeArmas - Northwest Medical Center
Stephen Engasser - Re/Max In Motion, Inc.
Amy Kirschner Hyman - Success With Balance, Inc.
Melissa Krupin - Advanced
Cable Communications
Elaine Lacker - Sun-Sentinel Co.
Brett Lyon - City
of Coral Springs
Tammy Micensky - City of Coral Springs
Patricia Neal
- Community Bank of Broward
Dale Pazdra - City of Coral Springs
Barry
Richards - City of Coral Springs
Alex Rodriguez - City of Coral Springs
Carlos Sandoval - City of Coral Springs
Barry Spiegel - Amerimax Investments,
Inc.- Dunkin Donuts
Reuley West - Coral Springs Chamber of Commerce
Opportunity
to Join Leadership Coral Springs Class of 2008
The Coral Springs
Chamber of Commerce is currently accepting applications for Leadership Coral Springs.
Since 1992, Leadership Coral Springs has been identifying, educating and motivating
leaders in order to create a better community. Participants will:
-
Become aware of business, education and service issues and challenges facing the
community and the area
- Discover
and develop leadership skills and find ways to contribute to the community
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Network with other community and business leaders
- Develop
rapport and make lasting friendships with other community leaders
This
10-month program begins with Orientation on the afternoon of September 26th. Remaining
sessions are held on the fourth Wednesday of the month from 8:00 AM - 3:30 PM.
For further information contact the Chamber office at 954-752-4242. |
|  July
Ambassador Committee
| July
Education Committee
| Chair:
Connie Carberg
Meets: Tuesday, July 10th
Time: 8:00 a.m.
Place: Chamber
Office
| Chair:
Kimberly Knox
Meets: Wednesday, July 18th
Time: 8:00 a.m.
Place: Java
D'Lites
2528 University Drive
| July
Technology Committee
| | Chair:
Amir Watynski
Meets: Monday, July 23rd
Time: 4:00 p.m.
Place: Chamber
office
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August
Ambassador Committee
| August
Education Committee
| Chair:
Connie Carberg
Meets: Tuesday, August 7th
Time: 8:00 a.m.
Place:
Chamber Office
| Chair:
Kimberly Knox
Meets: Wednesday, August 15th
Time: 8:00 a.m.
Place:
Java D'Lites
2528 University Drive
| August
Technology Committee
| | Chair:
Amir Watynski
Meets: Monday, August 27th
Time: 4:00 p.m.
Place: Chamber
Office
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