Bill Lisowski shares updated information and questions related to the subject matter in the three books he co-wrote: Positioning Success, Earning Success, and Retaining Success. Look for facts and commentary on issues related to business management, leadership, people development and mentoring, process improvement, and current business news.
While paying highly competitive salaries may seem like a way to prevent high turnover of a workforce, many other factors are involved to create employee loyalty. And with the 5-year retention rate of employees down to 52.8% (from 55.4% in 2007), here are a few other factors to review that help other organizations boost their retention rate (BusinessWeek, Sept. 15, 2008):
* 72% offer flex time,
* 37% have programs to accelerate careers of "high potentials,"
* 56% offer more than 2 weeks paid vacation in the first year,
* 51% make workers eligible for promotion before their first year anniversary,
* 25% have a 401k match of more than 5%, and
* 6% pay the full cost of health insurance.
About Bill Lisowski
Bill Lisowski is co-author of the three book "Success Series," "Positioning Success," "Earning Success," and "Retaining Success." He has owned three small businesses, spent 6 years as an editor, journalist and photographer, handled increasing responsibilities during his 15 years working with 3 major Fortune 500 retailers, and has helped several small and medium sized service-oriented businesses as a consultant with his partner, mentor friend, and co-author, John Mengelson. Currently he is Senior Vice President for Vendor Management with IPT.