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Reducing employee turnover
- 1. McMaster The Way To Reduce Employee Turnover by Chris Bemus, Larry Floyd, Kallesha Mandley, LaTonya O'Neal
- 2. Who We Are...., You Ask? • McMaster-Carr Supply Company, Est. 1901 • Is a private, family-owned supplier to industrial and commercial facilities worldwide, specializing in next day delivery of Maintenance, Repair and operations • Maintains over 555,000 products in a catalog offering a variety of mechanical, electrical, plumbing, and utility hardware not usually located from a single source.
- 4. Why Employee's Should Stay • Medium salary is $65,000 • 100% Tuition Reimbursement • Company paid health insurance • Average annual bonus equaling 4.5 months pay • 25% company contribution to deferred profit sharing trust
- 5. What People Are Saying...
- 6. Ensuring Employee Security • Build high trust partnerships with employees • Guarantee employment policies i.e. Lincoln Electric • Clear requirements for promotion and incentive increase • Removing ambiguity to upward mobility
- 7. Decentralizing Decision-Making • Involving employees in the decision-making process creates ownership • Delegate decision-making throughout the organization • Incorporate well trained & supported self-managed terms • Provide training and accountability Example: Ritz-Carlton
- 8. Selective Hiring Practices • Hires to fit requirements • Don't only hire base on educational pedigree • Carefully evaluating new hires-requirements • Utilize the right people for the selection process