US COS USING INNOVATIVE METHODS TO RETAIN STAFF

American companies are using innovative methods to retain employees at a time when the economy is slowing down and they can not increase the salaries, a new survey shows.

The companies are trying to send the message that money is not “end all, be all” by involving personnel in decision making, the quarterly survey of CEO’s by management action programme (MAP) shows.

In the survey conducted by vantage research, CEO’s opined that open communications, employee recognition and the involvement of personnel in decision making are three things which the employee value most.

They plan to improve these fundamental business practices rather then just giving raise over next few months they said.

This latest map survey shows that the number one businesses practice – ‘open communication between management and employees’- was mentioned nearly twice as frequently as receiving raises”, says ALLAN Hauptfeld, principal of vantage research and consulting of Valencia, California.

“Clearly, a work environment where employees are recognized as part of the team is more valuable than simply receiving a pay cheque”.
Lee Froscheiser, president and CEO Map, says the survey results confirm that savvy business leaders realize the enormous value of motivating employees in non-monetary ways.

“Sure, financial reward is important, but the CEO’s we interviewed are choosing to motivate first through other key fundamental strategies,” Froschheiser says.

“For example, creating a work place culture that recognizes employees for their professional contribution helps keep players from jumping ship. Personal growth is another huge motivator for staffers seeking more of a security blanket,” Froschheiser says.

“Providing a clear career path for workers, including clearly defined steps for advancement, also pays big dividends in terms of retaining talented employees

“Most of all, clearly communicating the company’s vision and mission, as well as making employees feel they’re playing an  important role in the business’ overall success are among these CEO’s top employee-retention strategies,” he adds