US companies using innovative methods to retain employees
American companies are using innovative methods to retain employees at a time when the economy is slowing down and they cannot increase the salaries, a new survey shows.
By PTI |
NEW YORK: American companies are using innovative methods to retain employees at a time when the economy is slowing down and they cannot 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 CEOs by Management Action Programme (MAP) shows.
In the survey conducted by Vantage Research, CEOs opined that open communications, employee recognition and involvement of personnel in decision making are three things which the employees value most.
They plan to improve these fundamental business practices rather than just giving raise over next few months, they said.
"This latest MAP survey shows that the number-one business 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 recognised as part of the team is more valuable than simply receiving a paycheck."
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 CEOs by Management Action Programme (MAP) shows.
In the survey conducted by Vantage Research, CEOs opined that open communications, employee recognition and involvement of personnel in decision making are three things which the employees value most.
They plan to improve these fundamental business practices rather than just giving raise over next few months, they said.
"This latest MAP survey shows that the number-one business 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 recognised as part of the team is more valuable than simply receiving a paycheck."
Download
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
