Can you learn from the past employee retention mistakes of
Ernst & Young?
The Big 5 firm recently was recognized by Business & Health magazine for ongoing programs that "help employees balance personal and professional responsibilities." The ProductivityPlus Award focuses on how an employer contributes to the health of the workplace they create.
E&Y established an Office for Rentention in 1996. This came
after experiencing turnover of more than 20 percent in 1995
with a large portion of that turnover being females. It seems that females felt that there were fewer opportunities and role models for them. These factors combined with learning that the cost of hiring and training a new employee could cost as much as 150 percent of the predecessor's total compensation, and it was time to put new programs into place. Among these were flexible work arrangements and a mentoring network for women.
A little goes a long way apparently. E&Y reports that the
new work/life balance programs saved the company $8.5 million in retention of employees last year.
For more information on Business & Health's ProductivityPlus
Award and columns, contact Editor, Richard Service at
201.358.7208 or email [email protected].