UK - TGI Friday's has slashed its staff turnover rate by nearly 60% within three years, after implementing its "fun" benefits and working practices.
The restaurant chain said that in November 2000, it had a 96% staff turnover rate, which is close to the industry average of 100% turnover each year. However, TGI Friday’s said that due to its “fun” benefits package and working practices, its turnover rate has fallen to 39.5%.
TGI Friday’s human resources director Jenny Large said that rather than incentivise staff, the firm has a recognition programme to reward employees.
Aside from the rewards it hands out centrally – such as cases of champagne or additional funds towards staff parties – TGI Friday’s allocates around £60 per employee to managers so that they can reward individuals with gifts that are relevant to them.
Large said: “In terms of benefits, recognition is one of our core values. Rather than say we are going to incentivise people, we use the term recognition because we believe its more dynamic and flexible, so you can have spontaneous as well as planned recognition.
“In November 2000, our turnover rate was 96%, which is pretty much the industry average. But as of March 2004, our team member turnover rate had reduced to 39.5%. We’re absolutely delighted – and the figures demonstrate the progress we have made.”
Jonathan Stapleton asks whether newly-accredited professional trustees should be a statutory fixture on pension scheme boards.
Savers are being warned by the Insolvency Service to guard their pension pots from investment scammers and negligent trustees as it winds up 24 companies.
Respondents say they should only be required in certain situations as the system is not broken.