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Is loss of valuable white collar workers a big problem? Definitely. 84% of 473 HR professionals in a recent survey are worried about retention of key managers (SHRM 2000). Replacing valuable employees is expensive, involving hard costs (ads, headhunter fees, training ), as well as soft costs (lost opportunities, work that didn't get done, new hire mistakes, company reputation..). In order to keep good professionals, what do these especially valuable and hard to replace managers and executives want? An overall package of employment benefits that can compete with other workplace opportunities, including competitive health coverage, salary, holiday and vacation benefits They also want to work for companies that genuinely value their contribution and treat them as valuable. According to a recent Radcliff Public Policy Center study, white collar workers aged 20-40 value time more than money. And 82% (men) - 85% (women) say family time is a higher priority for them than financial incentives, as work/family issues become an important recruiting/retention tool in US corporations. While pay, understandably, remains the top priority for lower-level employees, these managers currently value lifestyle, as much, if not more, than increased compensation. |
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Satisfied customers bring a steady revenue stream through repeat business, not to
mention savings on advertising, marketing, promotions, etc., while dissatisfied
customers cost plenty. According to e-Satisfy, a consumer satisfaction research firm,
about 50% who feel poorly treated never complain to the company involved, and
instead tell between 8 and 16 other consumers about their problem. Sweet revenge.
From 50-90% take their business elsewhere. And when it comes to buying
decisions, negative word of mouth carries twice the weight of positive word of
mouth.
The Better Business Bureau's 3 million reported complaints in 1999 were
mostly for (by frequency): 1) new/used car dealers, 2) computer dealers, 3) home-
furnishing stores, 4) auto repair shops, 5) catalog retailers, and 6) general
contractors.
Every business has its share of unhappy consumers. Successful businesses
practice business alchemy, turning negative customer experiences into positive ones.
The secret is to teach employees to view each complaint as a valuable source of
information, for each complainer represents many others with the same problem
who never say a word and shop elsewhere. Neutralize the complainer's negativity
with a positive solution to their problem. Listen non-defensively, resolve their
complaint, learn the lesson, and implement a solution to minimize that problem in
the future. Thank the client for letting you know and you may turn a complainer
into a satisfied customer.
Obviously it's better to prevent problems in the first place: Underpromise and
overdeliver. This makes your customer/client more likely to feel high satisfaction,
more likely to use your services in the future, and more likely to recommend you
and your business to others.
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Success depends on clearly communication with our boss, subordinates, peers, customers, not to mention family and friends. Clear communication requires that we understand that we're not all the same. Which means that if we understand, listen and express ourselves in keeping with the other's style, we greatly increase the chances of clear communication and work success. Carl Jung, a Swiss psychologist devised a theory the business world knows through the Myers-Briggs type inventory. Each of us contains four dimensions, and when we understand these four continuum, we can more effectively listen and understand most people. They are briefly summarized below: INTROVERT- EXTROVERT SENSING - INTUITION THINKING - FEELING JUDGING PERCEIVING
Judges are organized, formal and on time. They tend to be quick, purposeful, and
take-charge. To communicate: Be on-time, efficient and prepared; be definite; stick to
the plan. Follow through. |
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Executive salaries are rising and three out of four feel optimistic about the future. Interestingly,
60% expect to change jobs within five years -- 63% plan to change industries and 51% plan to
change functions. Of the 6,000 CEOs, COOs, CFOs, GMs and Directors surveyed by IMCOR,
Inc., 82% make over $100,000 a year (plus benefits), and most plan job changes as a career
management strategy.
Meanwhile, a Management Recruiters Int'l survey found that 53% of companies expect to add key management jobs in the next few months, with only 11% expecting cutbacks. Since these valuable upper level positions are filled with long term projections in mind, this is a clear sign that American industry is optimistic about the future, and executives playing musical chairs continue to benefit. |
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A survey of over 1,000 companies by Hewitt Associates,
found that 74% are offering greater flexibility to their employees. Flexibility
can mean a full-time job with flexible hours, job sharing, permanent part-time
work, telecommuting, shorter workweek, contracting, etc. 90% now offer some
form of child care; 47% offer some form of elder care; 31% offer adoption
assistance; 52% offer on-site personal services (ATMs, banking, travel, dry
cleaning )
A survey of 500 employees by Flexible Resources found that 64% had quit
or planned to quit their jobs because they lacked sufficient flexibility (defined
as anything other than the traditional 9-5). Interestingly, 59% had never asked
their employers for any work flexibility, assuming it would be denied and would
then hurt their status on the job. And they knew that two-thirds who asked for
flexibile arrangements and were told yes, never got what their employer
promised -- why ask? Silent frustration results, leading to morale, productivity
and retention problems.
Reasons for rejection of flexibility: Can't give to you and not others (52%),
You won't be available to others (48%), You won't be as productive (8%), Too
much work (5%), Affect team spirit (5%).
Women want greater workplace flexibility in order to have a better work and home life
balance (71%), for a better quality of life (66%), and because of responsibilities to kids
(54%) and households (26%). Younger women were more assertive in seeking alternative
work arrangements than baby boomer women. Many recent MBA grads said they wouldn't
work for companies that interfered with having a happy home life -- and in today's
competitive marketplace, valuable executives have the clout to get greater workplace
flexibility.
It pays companies to be flexible -- To increase morale, productivity and
loyalty. To retain good people by keeping them happy, saving the time and
expense of replacing valuable employees. And because it shows valuable
employees the respect and consideration they deserve.
Email JonKramer@BusinessPsychologist.com PO Box 3101, RSF CA 92067 Jonathan M. Kramer, PhD | ||
