Turning Turnover Around

The costs of employee turnover can be staggering. Not only do they include fully-loaded payroll costs of a vacant position but they can also rack up overtime and consume managers' time to recruit and train new hires. Add in lost productivity and you have a major problem. <p>Reducing employee turnover will clearly improve how your business functions and performs financially. In Turning Turnover Around Mark Vonrhein synthesizes years of experience working with hundreds of entry-level employees. Vonrhein has successfully used a five-point plan-the Performance Compensation Program-to increase productivity keep employees happy and increase profitability.<p> The Plan is straightforward. Start entry-level employees below industry average salaries then clearly define performance goals and post performance results daily. Then give feedback on a regular basis and reward your high-performers with incremental and typically more frequent pay raises.<p> To supplement his program Vonrhein provides wage models that help you match an employee's pay level to his or her performance. He also shares a wealth of information on the program's impact which ranges from more engaged and productive workers to a healthier bottom line. Combine Vonrhein's program with his management tune-up tips and you'll soon see turnover turning around.