part 3 Flashcards
contributes to the company’s overall competitive advantage
performance management
key for maintaining a happy and engage workforce
performance management
gives employee feedback on a regular basis
performance management
delivers data that can apply to other decisions
performance management
(5) criterias for effective performance management
fit with strategy, validity, reliability, acceptability, specific feedback
(5) sources of performance information
managers, peers, subordinates, self, customers
(4) approaches for employee development
interpersonal relationships, formal education, job experiences, assessment
initiated by an employer (often with employees who would prefer to stay)
involuntary turnover
initiated by the employees (often when the organization would prefer to keep them)
voluntary turnover
reasons why employees leave a company (7)
o Employees feel the job or workplace is not what they expected.
o There is a mismatch between the job and person.
o There is too little coaching and feedback.
o There are too few growth and advancement opportunities.
o Employees feel devalued and unrecognized.
o Employees feel stress from overwork and have a work/life imbalance.
o There is a loss of trust and confidence in senior leaders.
how many retention methods are there?
13
reinforces their sense of value
training
program integrated with a goal-oriented feedback system provides a structured mechanism for developing strong relationships within an organization and is a solid foundation for employee retention and growth
mentoring
A company should establish a series of values as the basis for culture such as honesty, excellence, attitude, respect, and teamwork
instill a positive culture
central to building and maintaining credibility
communication
Offering things like competitive salaries, profit sharing, bonus programs, pension and health plans, paid time off, and tuition reimbursement sends a powerful message to employees about their importance at the organization
show appreciation via compensation and benefits
Having current employees offer referrals could help minimize confusion of job expectations
encourage referrals and recruit from within
It is important for companies to give feedback and coaching to employees so that their efforts stay aligned with the goals of the company and meet expectations
coaching/feedback
An organization should provide workshops, software, or other tools to help employees increase their understanding of themselves
provide growth opportunities
Employees will go the extra mile if they feel responsible for the results of their work
make employees feel valued
The use of cash payouts could be used for on-the-spot recognition
employees should be rewarded at a high level to motivate even higher performance
Conduct meetings and surveys to enable employees to share their input
listen to employees and ask for their input as to what rewards might work best at your organization
It is important to match work/life benefits to the needs of employees
Lower stress from overworking and create work/life balance
Develop strong relationships with employees from the start to build trust
foster trust and confidence in senior leaders.
