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McMaster The Way To Reduce Employee
Turnoverby
Chris Bemus, Larry Floyd, Kallesha Mandley, LaTonya O'Neal
Who We Are...., You Ask?
• McMaster-Carr Supply Company, Est. 1901
• Is a private, family-owned supplier to industrial and commercial facilities worldwide, specializing in next day delivery of Maintenance, Repair and operations
• Maintains over 555,000 products in a catalog offering a variety of mechanical, electrical, plumbing, and utility hardware not usually located from a single source.
Opportunities…..
Why Employee's Should Stay
• Medium salary is $65,000
• 100% Tuition Reimbursement
• Company paid health insurance
• Average annual bonus equaling 4.5 months pay
• 25% company contribution to deferred profit sharing trust
What People Are Saying...
Ensuring Employee Security
• Build high trust partnerships with employees• Guarantee employment policies i.e. Lincoln Electric
• Clear requirements for promotion and incentive increase
• Removing ambiguity to upward mobility
Decentralizing Decision-Making
• Involving employees in the decision-making process creates ownership• Delegate decision-making throughout the organization
• Incorporate well trained & supported self-managed terms
• Provide training and accountability
Example: Ritz-Carlton
Selective Hiring Practices
• Hires to fit requirements• Don't only hire base on educational pedigree
• Carefully evaluating new hires-requirements
• Utilize the right people for the selection process