Merrill
Lynch Investment Managers is set to introduce flexible working to cut its staff
turnover to below 10 per cent.
Head
of HR, Karen Hoggard, told delegates at a conference in London last week that
it can take up to 12 months to replace a senior employee and cost up to
£200,000.
To
combat these costs the investment managers are about to start a pilot for
flexible working in the UK. It has proved successful in the company’s
America arm.
Commenting
on the US pilot scheme Hoggard said, “Staff retention has gone up and revenue
has not gone down.”
The
flexible approach will include home working, compressed hours and job-sharing.
Hoggard
said, “There is no reason why an employee cannot work three days at the office
and two days at home, communicating with the office via email.”
She
added, “With the current transport difficulties, this demand is only likely to
increase.”
The
aim is to reduce the company’s staff turnover rate from 11 per cent to 8 per
cent. Hoggard added, “I would not want it reduced any lower than that as all
companies need an influx of bright new employees with new ideas.”
Hoggard
also told delegates at the Annual City Recruitment Conference at the Baltic
Exchange that the bank’s training for line managers also needs improving.
She
said, “The principal reason why people leave a company is because of their
immediate manager. Great managers are the constant factor in all great
companies. A great manager is someone who says: ‘I’ll help you be more
successful than me.’”
By
Paul Nelson
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