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Invest in Human Capital Employee Retention Program
Muse’s leadership initiatives contributed largely to Tarragon’s value as a company, realized not just on real estate assets or bottom line results alone, but garnered from a far more valuable asset...its innovative, capable, and caring employees. Acknowledging this simple, yet powerful fact enabled Muse, along with Tarragon’s executive management team, to improve employee retention over a 3 year period, and the benefits were evident in every aspect of their business.
The Company: Tarragon Corporation
The Program: Employee Retention Program
1. Number of Employees as of September 2004. 596 -Tarragon Corp. | 347 -Tarragon Management
2. Factors positively impacting employee satisfaction were: Tarragon University, Tarragon Ambassador Program, enhanced educational opportunities, manager retreats, and rewards initiatives.
3. Employee satisfaction increased significantly from 2001 – 2004; in 2001 employee turnover rate was 55%. By 2004 Muse related leadership initiatives reduced turnover rate to 31%, well below same store stats.
Findings by Muse
The Value of Retention
One of the most important predictors of whether an employee will stay with his/her current employer is the employee’s satisfaction with the opportunities provided for learning and development.
• More hours of formal learning = greater retention.
• A firm’s ability to retain its key employees is, in turn, a fundamental determinant of a number of important outcomes, such as customer satisfaction, sales per employee, and market capitalization.
•These findings are fitting with outcomes experienced while implementing Tarragon’s employee retention initiatives.