Methods to reduce 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.

3. Opportunities…..

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