Chapter 15-Retaining employees

What is the = estimated cost=20 of turnover for employees? 10-20 times the persons weekly = wage

What are some = direct costs=20 of employee turnover? Ads, employment agencies, = interviews,=20 reference checks, medical exams, and orientation and=20 training

What are some of the indirect costs? =20 Disrupted work, idle = equipment, loss of=20 continuity of sales and public relations, possible outsourcing, plus: unemployment taxes, accounting = costs,=20 and payroll. =20

Recognition and = reward:

What is the most = important=20 thing to filling vacancies? =20 Effective = management and=20 positive employer-employee relationships

What are some of the ways retention of employees can be = accomplished?

-Formal employee = recognition=20 program (rewards)

-Create role = models-managers=20 should lead by example, represent the most desirable ways employees = should=20 perform

-What are the = specific=20 goals of employee recognition and reward?

=20 -Improved customer service

=20 -Exceeding pre-need goals

=20 -Long-term loyalty

=20 -Fewer absences

=20 -Greater commitment to the organization

=20 -Greater self esteem

Why should you = avoid the=20 threat of firing? Employees will be constantly = fearful of=20 losing their jobs will only do the minimum for fear of screwing = something up=20 they try and getting the ax

Why should you = praise your=20 employees in public? =20 To=20 let other people know that they are doing a good job and that you want = to=20 recognize that-also a morale booster. =20

Why is involving = the=20 employee in the decision making process a meaningful form of = recognition? It makes people = feel like=20 they are involved in their destiny-when suggestions are actually taken, = not=20 dismissed. =

If criticism has = to be=20 given, where should it be done? In=20 private.

Wages and Hours

What is a=20 COLA? Cost of living = adjustment-based on=20 inflation.

When should merit = increases=20 be given? = For performance = above=20 minimum standards

What is the = significance of=20 annual salary reviews? =20 To=20 adjust salary up if deserved, or justify why no adjustment is being made = (poor=20 performance, no money in the budget)

Why would morale = crumble and=20 employees feel exploited when they work weekends and evenings and the = owner only=20 works days? = Disparity between = pay and=20 performance-lots of pay-little performance vs. little pay and lots of=20 performance

What are some of = the things=20 employee downtime can be used efficiently for? Community service=20 projects and create = positive public=20 image for the firm and employees

Fringe Benefits

What are some of = the fringe=20 benefits that an employer can offer? =20 Life=20 and health insurance, dental and vision plans, vacation time, continuing = education, 401K plans, profit sharing, company car, bonuses, stock = options,=20 employee ownership

What is a = significant factor=20 in retaining an employee as a career employee? Retirement=20 plan

According to the = chapter,=20 what is the key to career development and advancement of employees? Tapping the = creative powers=20 of the individual employees-knowing what motivates each to=20 excell