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Lecture 6

RMG303 Lecture 6: CRMG303, Module 6 - Learning Objectives


Department
Retail Management
Course Code
RMG 303
Professor
Rick Beutler
Lecture
6

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6/16/2015 CRMG303,Module6LearningObjectives
https://de.ryerson.ca/de_courses/templates/default/?c=868B7DF964B1AF24C8C0A9E43A330C6A 1/5
LearningObjectives
Attheendofthismodule,youwill:
1. Examinefactorsofemployeeturnoveranddescribeelementsthatareunderthecontrolofmanagers
2. Identifyorganizationalemployeeretentionstrategies
3. Discusshowemployeesdealwithchangeintheworkplace
4. Giveexamplesofwhenandwhytoconductanexitinterview
Readings&Resources
Reading
Keepinmindthisweek'sLearningObjectivesasyouworkthroughthemodule'scontenttohelp
youdotheActivitiesonDiscussionBoardsandprepareyouforAssignment2.Theknowledge
andexperienceyoubringaboutservicequalitymanagementisvaluable!Youwillbeencouraged
toshareyourexperiencesasweworkthroughinformationandsituations.
Clickonandreadthefollowing:

TheImpactofEmployeeEngagementonPerformance.2013.HarvardBusinessReviewAnalytic
Services.
Howarethecompaniescalled"highpriortizers"effectivelyusingmetricsandbestpracticesfor
tyingengagementtobusinessperformance?
FastCompanyWebsite.AseriesofarticlesfromFastCompany.
Whatdothefirst3briefarticlestellyouaboutemployeeengagement?
OptionalReadings:ReadthesearticlesifyouwishfoundinyourCourseReadingstab:
Skronski,Elizabeth.(2008).IsyourcompanyHealthy?7HealthyStrategiesforemployee
retention,CanadaOne.
Kelley,P.(2002).RevisitingMaslow.Workspan,45(5),5056.
Liberman,K.(2004).Whatemployeeswant.CreditUnionManagement,27(1),4446.
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6/16/2015 CRMG303,Module6LearningObjectives
https://de.ryerson.ca/de_courses/templates/default/?c=868B7DF964B1AF24C8C0A9E43A330C6A 2/5
Introduction
Therearemanyquotesavailableabouttheissueofemployeeretention.Hereareafewpreliminaryexamples
tostartyourconsiderationofthiskeyHumanResourcesconcern.
"Employeeswillonlycomplainormakesuggestionsthreetimesontheaveragewithoutaresponse.Afterthat
theyconcludethatiftheydon'tkeepquiettheywillbethoughttobetroublemakersorthatmanagement
doesn'tcare."TheWaltDisneyCompany
Profitsarerelatedtocustomerretention.Customerretentionisrelatedtoemployeeretention.Employee
retentionmayormaynotberelatedtobenefits,butbenefitscouldbepartofthepackagethatcausespeople
tostayandbythewayengageindiscretionaryeffort....Ifyougointoanyorganizationthat'scustomer
facing,youcantellinfiveminuteswhentheemployeesarefeelingabused.Theyretaliateonthecustomers."
JeffreyPfeffer
Retentionisatermweusuallygivethattranslatesintowhatafirmdoestokeepitsemployeesfromleavingto
acompetitor,orfrombeingletgoforavarietyofreasons.ThenotedHarvardpsychologistWilliamJames
said:
“Thegreatestneedofeveryhumanbeingistofeelneededorappreciated.Recognizingandmeetingthat
needswithinyourworkplacesretentionprogramswillgoveryfarinsatisfyingretentiongoals.Byestablishing
aproper‘fit’foreachemployeeashe/sheishired,theoddsofthatpersonbeingsuccessfulinthenewjobs
willbesignificantlyenhanced.”
LossversusRetention
Hiringofanewemployeegenerallycostsaround35%ormoreofanaverageemployeesalary.Itmakesgood
businesssenseforanemployertodoalltheycantokeepvaluedemployees.Somemethodsemployersuse
toincreaseretentionare:
Employeerewardprogrammes.Employeescangetrewardedfortheiractionsandcanusethese
rewardsforgiftsormonetaryincentives.ViewthislinktooneofMarriott’sapproaches:Marriott
RewardsInnovativeEmployees
Careerdevelopmentprogrammes.Companiescanprovidecareerdevelopmentortuitionincentivesfor
employeestomakethemmorevaluabletothemselvesandtothecompany.
Employeerecreation.Employergeneratedtripsoractivitiescanhelpmakeemployeesfeelthatthey
arepartofateameffortandthattheirworkisappreciated.ViewthislinktoPeople,Performanceand
Pay.
WhatMatterstoEmployees
InastudybytheHayGroup(“RetentionTag:You’reIt”,TrainingandDevelopment(2000),54.4,p.2934),
over500,000employeesin300companieswereaskedaboutimportantretentionfactors.Herearethetop
tenanswerstheygave:
1. Careergrowth
2. Excitingandchallengingwork
3. Meaningfulwork(makingadifferenceandacontribution)
4. Greatpeopletoworkwith
5. Beingpartofateam
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