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Employee Retention of Facebook

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Pratik Kukreja
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Employee Retention of Facebook - April 9th, 2011

Employee Retention of Facebook




Facebook (stylized facebook) is a social networking service and website launched in February 2004, operated and privately owned by Facebook, Inc.[1] As of January 2011, Facebook has more than 600 million active users.[5][6] Users may create a personal profile, add other users as friends, and exchange messages, including automatic notifications when they update their profile. Additionally, users may join common interest user groups, organized by workplace, school or college, or other characteristics. The name of the service stems from the colloquial name for the book given to students at the start of the academic year by university administrations in the United States to help students get to know each other better. Facebook allows anyone who declares themselves to be at least 13 years old to become a registered user of the website.

Facebook was founded by Mark Zuckerberg with his college roommates and fellow computer science students Eduardo Saverin, Dustin Moskovitz and Chris Hughes.[7] The website's membership was initially limited by the founders to Harvard students, but was expanded to other colleges in the Boston area, the Ivy League, and Stanford University. It gradually added support for students at various other universities before opening to high school students, and, finally, to anyone aged 13 and over.

A January 2009 Compete.com study ranked Facebook as the most used social networking service by worldwide monthly active users, followed by MySpace.[8] Entertainment Weekly included the site on its end-of-the-decade "best-of" list, saying, "How on earth did we stalk our exes, remember our co-workers' birthdays, bug our friends, and play a rousing game of Scrabulous before Facebook?"[9] Quantcast estimates Facebook has 135.1 million monthly unique U.S. visitors in October 2010.[10] According to Social Media Today, in April 2010 an estimated 41.6% of the U.S. population had a Facebook account.


1910, Montana Life Insurance Company was formed in Montana.

1938, Montana Life Insurance Company name changed to Western Life Insurance Company.

1962, Western Life Insurance Company of Montana merged with Western Life Insurance Company in Minnesota.

1975 Western Home Office of Mutual Benefit Life Company, based in Newark, N.J., opened in Kansas City, MO. Mutual Benefit Life offered individual and group business in the western United States.

In October 1991, AMEV of Europe purchased Mutual Benefit Life's Kansas City-based group business division and merged with Western Life Insurance Company.

In January 1992, Western Life Insurance Company name changed to Fortis Benefits Insurance Company.

On December 31, 2001, Fortis, Inc. acquires the Dental Benefits Division of Protective Life Corporation.

On July 15, 2003, Assurant Employee Benefits' WillReturn Council awarded Aron Ralston the first Shining Star of Perseverance award, given annually to an individual or group of individuals making a significant recent contribution toward demonstrating perseverance through adversity.

On February 5, 2004, Assurant, Inc. (AIZ) began trading on the New York Stock Exchange in the first billion-dollar initial public offering of 2004.

On March 1, 2004 the marketing name of the business unit operating in Kansas City changed from Fortis Benefits to Assurant Employee Benefits.

Employee retention refers to the efforts by which employers attempt to retain employees in their workforce. In a business setting, the goal of employers is to decrease employee turnover, training costs, and loss of talent. By implementing lessons learned from key organizational behavior concepts employers can improve retention rates and decrease the associated costs of high turnover.

Valence and Retention
In order to retain employees and reduce turnover managers must learn to align their goals with the end goals of employees. By aligning the rewards and needs of employees, managers can determine the proper reward system to most effectively increase job satisfaction of employees. Valence is the degree to which the rewards offered by an organization align with the needs employees seek to fulfill. High valence indicates that the needs of employees are aligned well with the rewards system an organization offers. Conversely, low valence is a poor alignment of needs with rewards and can lead to low job satisfaction and thereby increase turnover and decrease retention. Expectancy theory implementation has several other aspects that can lead to high job satisfaction and high retention rates for organizations. Increasing expectancy in an organization can be done by properly training employees and thereby making them more confident in their abilities. Increasing instrumentality within an organization will be part of implementing a proper rewards system for attainment of specific goals and accomplishments.

Retention and Motivation Theory
Retention has a direct and causal relationship with employee needs and motivation. Applying a motivation theory model, such as Maslow’s Hierarchy of Needs, is an effective way of identifying effective retention protocol. Each of the five tiers of Maslow’s hierarchy of needs relates to optimal retention strategy. Since Maslow’s introduction of his motivation model, organizations have been employing strategies attempting to stimulate each of the five humanitarian needs described above to optimize retention rates. 4 When applied to the organizational model, meeting the self-actualization and esteem needs of an employee tend to correlate to better retention. Physiological, safety, and social needs are important as well, however, and must be addressed to better the work environment. 4 While implementing a retention strategy is ideal, successful satisfying all five needs of employees is not only difficult, but also expensive. That being said, managers who attempt to maximize employee need coverage tend to be more concerned with employee satisfaction.

Obviously, these two fast growing internet startups are highly successful. So is it possible that these very different approaches can actually achieve the same goal? Is employee retention really that important to startups?

In my opinion, Facebook’s current method can only produce strong near-term outcome. After all, technology is one of the most talent-intensive fields. If your employees think that moving out is more attractive than moving up inside the company, your corporate culture probably is not designed for a long-lasting company.

If you expect many of your best talents are going to leave the company in 3 to 4 years, will you still provide any career development planning for them? It is not only bad for the company’s effectiveness but also creates extremely expensive costs.

To reinforce the idea that employee retention is essential to create a great workplace, let’s look at one more internet company which is using Zappos’ method – Netflix.

In the famous 128-page presentation about their corporate culture, Netflix talks about something interesting related to “loyalty”:

People who have been stars for us, and hit a bad patch, get a near term pass because we think they are likely to become stars for us again. We want the same: if Netflix hits a temporary bad patch, we want people to stick with us.

Netflix expects their employees to seek what is best for the company, rather than best for themselves. Just like any sport teams, some players have to sacrifice their own interests for the good of the team. A coach will never ask a player to come and learn all the skills, and feel equally happy when the player wins a championship for another team after 3 or 4 years later. Great teams will try their best to keep all their best talents. I believe startups should do the same.

If an extremely talented hacker didn’t want to stay in your company for long, I would argue that if you should hire him/her in the first place. Ultimately, ability and loyalty of an employee should be equally important to every business.

Retaining talent can be tough, especially in the staffing and recruiting industry. In my experience, people value feeling like they're part of something bigger than themselves. Retaining talent requires building relationships, showing appreciation and little bit of creativity.

Simona Covel at The Wall Street Journal recently wrote a piece about how small companies are thinking creatively to keep workers connected and happy at their companies. In it, you'll find some useful techniques, including some we use at The LaSalle Network.

Developing training materials to guide leaders on how to retain an organization’s members, such as students or employees, involve creating a program that explains a organization’s commitment to growth and development. Creating development opportunities includes scheduling activities that provide experiences, build relationships, such as coaching and mentoring, and permit access to formal education. Typically, poor retention rates result from people’s perceived lack of growth and opportunity, usually due to limited budgets. Other problems include lack of recognition and rewards. Producing a comprehensive training program on how to retain employees or students through promoting development opportunities helps communicate available resources and improve morale throughout the organization.

Employee benefits and (especially in British English) benefits in kind (also called fringe benefits, perquisites, perqs or perks) are various non-wage compensations provided to employees in addition to their normal wages or salaries. Where an employee exchanges (cash) wages for some other form of benefit, this is generally referred to as a 'salary sacrifice' or 'salary exchange' arrangement. In most countries, most kinds of employee benefits are taxable to at least some degree.

Some of these benefits are: housing (employer-provided or employer-paid), group insurance (health, dental, life etc.), disability income protection, retirement benefits, daycare, tuition reimbursement, sick leave, vacation (paid and non-paid), social security, profit sharing, funding of education, and other specialized benefits.

The purpose of the benefits is to increase the economic security of employees.

The term perqs (also perks) is often used colloquially to refer to those benefits of a more discretionary nature. Often, perks are given to employees who are doing notably well and/or have seniority. Common perks are take-home vehicles, hotel stays, free refreshments, leisure activities on work time (golf, etc.), stationery, allowances for lunch, and—when multiple choices exist—first choice of such things as job assignments and vacation scheduling. They may also be given first chance at job promotions when vacancies exist.
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Last edited by bhautik.kawa; May 24th, 2015 at 01:34 PM..
   
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