The Leading Edge - Fall 2007 - (Page 5)

cover ORE THAN WEIGH ALL THE PERKS SO EMPLOYEES WANT TO STAY BY ANN M. GYNN R etaining employees requires more than good morale and lots of dollars. It is an essential component to any successful business. It costs a business at least 150 percent of a person’s base salary to replace him or her, according to Bliss & Associates. When someone who earns $40,000 leaves, the company likely will lose at least $60,000 as it finds someone else. Those estimates factor in the costs directly related to the person leaving, lost productivity, hiring and training, Bliss details in its report “The Business Cost and Impact of Employee Turnover.” Recent Harvard University research expounds on what creates successful retention. “The results lead us to conclude that workplaces which provide positive environments that foster interpersonal trust and quality personal relationships create the most committed and productive employees,” says Dr. Nancy Etcoff, lead researcher on the study. Successful companies already are recognizing that it takes deliberate planning and efforts to create that environment. “These days the market is so hot you really have to be creative to keep people,” says Lisa Calick, director of recruiting and employee retention at Wiss & Company, a Leading Edge Alliance firm affiliate. THE LEAdIng EdgE give ‘em a voice Wiss wanted its employees to know they have a voice in what happens at the company, Calick says. The firm created an advisory board with employees representing about seven disciplines as well as administration and other support staff. Members include everyone from second-year employees to managers. However, the board does not include any partners. The board meets every three months to raise issues or offer opinions about ideas from management—and all issues are then taken to the office’s managing partner. Board members are rotated annually so more employees can be involved. The firm typically seeks employees who have stepped up in other ways, work hard and are not shy about offering their opinions. Calick explains that like any office, management heard rumblings of concerns. The advisory board offers a formal setting in which those “grumblings” can be heard and addressed. Topics have included how evaluations are done as well as technology needs of employees. Steiner & Hoffman, says even doing little things, such as a kudos for a particularly good job is emailed to all in the firm to acknowledge the employee’s work, can mean a lot to employees. EKS&H has an extensive employee recognition program, holding quarterly gatherings (both on- and off-site) and recognizing dozens of people who have excelled the previous three months. Pearson says EKS&H also does not forget the employees’ outside “supporters”—their families. Around April 15—crunch time for the accounting firm—gift certificates are sent to employees’ significant others to thank them for giving up their time with their loved one. Top leadership support of an employee recognition program is a must. “The partners have been committed from day one,” Pearson. “They never strayed and that’s the backbone of our success.” The Marine way “The two best things a boss can do to retain employees is treat them with trust and respect,” says Wally Adamchik, who recently interviewed 100 current and former Marines for his book, “No Yelling: The Nine Secrets of Marine Corps Leadership You Must Know to Win in Business.” Adamchick says too often bosses signal that continued on page 6 it’s morale Rebecca Pearson, director of human resources at Leading Edge Alliance firm, Ehrhardt Keefe

Table of Contents Feed for the Digital Edition of The Leading Edge - Fall 2007

Contents More than Money Riding E-Cycles Can Mean Green for Your Business Business Across State Lines - The Tax Implications Holiday Recognition? Bits & Pieces In a Nutshell: Q&A The Leading Edge Alliance

The Leading Edge - Fall 2007

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