Snap-on (NYSE: SNA) is a leading U.S. designer, manufacturer and marketer of tools and equipment to professional tool users. It was founded in 1920. Snap-on is located in Kenosha, Wisconsin, and employs approximately 11,500 people worldwide. The company is currently worth 2.4 billion dollars (US) and is one of the companies on the S&P 500.
Employee Retention:-
1. Employee Reward Program- You can make a provision of Monthly or Quarterly Award (depending upon the budget) for the best employee, Awarding 2 or 3 best workers each month. The award can be in terms of gifts or money.
If it is money then it should be divided into two parts, first part to be given with the next month salary and the remaining after 6 months. In this way he/she can be retained for 6 more months. These rewards shall be considered at the time of appraisal.
2. Career Development Program- Every individual is worried about his/her career. You can provide them conditional assistance for certain courses which are beneficial from your business point of view. Conditional assistance means the company will bear the expenses only if he/she gets an aggregate of certain percentage of marks. And entrance to that course should be on the basis of a Test and the number of seats to be limited. For getting admitted to such program, You can propose them to sign a bond with the company, like they cannot leave the company for 2 years or something after the successful completion of the course.
3. Performance based Bonus- The employee always comes to know about the profit of the company which is of course based on the strategic planning of the top management and the productivity of the employee. To get more work out of the employee, You can make a provision of Bonus. By this employee will be able to relate himself with the company’s profit and hence will work hard. This bonus should be productivity based. You can make sure that this bonus is not adding extra-pressure on the budget of Your Company and you can arrange this by cutting a part of the salary hikes and presenting it to the employees in the form of bonus.
4. Employee Referral Plan- You can introduce Employee Referral Plan. This will reduce your cost (charges of external consultants and searching agencies) of hiring a new employee and up to an extent you can rely on this new resource. On every successful referral, employee can be given a referral bonus after 6 or 9 months of continuous working of the new employee as well as the existing employee. By this you can get a new employee at a reduced cost as well as are retaining the existing one for a longer period of time.
5. Loyalty Bonus- You can introduce a Loyalty Bonus Program in which you can reward your employee after a successful completion of a specified period of time. This can be in the form of Money or Position. This will encourage the fellow employees as well whether they are interested in money or position, they will feel fascinated.
6. Giving a voice to the Knowledge Banks- First of all you should try to retain your workforce intact, as they are the intellectual asset of the company. And above that you can’t afford losing your knowledge banks. These are the people who stabilize the process. You can involve them in some of the decisions.
7. Employee Recreation- You should also let your employees enjoy in a light mood. You can take your employees to a trip or for an outing every year or bi-yearly. You can make use of this trip as well. You can start this trip with an opening note about the management views and plans, strategies etc. At the same time you can involve your top management into some of the fun activities as this will make feel the employees that they are very close to the management and everybody is same.
8. Gifts at some Occasions- You can give some gifts at the time of one or two festivals to the employees making them feel good and understand that the management is concerned about them.
9. Accountability- You should make each employee accountable so that he can also feel that he is as important as his manager. If he/she will be filled with this sense, he/she will seldom think of leaving the company.
10. Making the managers effective and easily accessible- You should make the management easily accessible so that the employee expectations can be clearly communicated to the top management, as it is impossible for the top management to reach each employee frequently.
11. Surveys- You should conduct regular surveys for feedbacks from employee about their superiors as well as other issues like food, development plans and other suggestions. This will make them feel of their importance and the caring nature of the company. Some of the suggestions might be of real good use for the company.
The modern socket wrench, with interchangeable sockets, was invented by an American J.J. Richardson, of Woodstock, Vermont. The tool was patented through the Scientific American Patent Agency on June 18, 1863.[1] The first illustration of the tool appears on pg. 248 of the April 16, 1864 issue of Scientific American.[2]
Joseph Johnson and William Seidemann formed the Snap-on Wrench Company in 1920. The company manufactured and marketed ten sockets that would "snap on" to five interchangeable handles. Snap-on's direct-marketing was a concept that would revolutionize the sales industry.
Snap-on walk-in dealer van, Westland, Michigan
To sell the products, Johnson and Seidemann worked with Stanton Palmer, who took the tools directly to customers at their places of business and demonstrated the benefits, which became the cornerstone of the company's marketing success. As a result of this successful sales strategy, Palmer enlisted Newton Tarble to share the increasing workload. These four founders — Joseph Johnson, William Seidemann, Stanton Palmer, and Newton Tarble, under the leadership of Palmer — were responsible for putting Snap-on tools on the map.
Shortly after its founding, Snap-on entered global markets in 1931. Also in the 1930s, Snap-on began offering credit to customers, the first in the industry to do so. In the 1950s, Snap-on expanded on the concept of bringing product to the customer by using fully stocked walk-in vans and, as a result, pioneered today's familiar dealer van channel.
Employee Retention:-
1. Employee Reward Program- You can make a provision of Monthly or Quarterly Award (depending upon the budget) for the best employee, Awarding 2 or 3 best workers each month. The award can be in terms of gifts or money.
If it is money then it should be divided into two parts, first part to be given with the next month salary and the remaining after 6 months. In this way he/she can be retained for 6 more months. These rewards shall be considered at the time of appraisal.
2. Career Development Program- Every individual is worried about his/her career. You can provide them conditional assistance for certain courses which are beneficial from your business point of view. Conditional assistance means the company will bear the expenses only if he/she gets an aggregate of certain percentage of marks. And entrance to that course should be on the basis of a Test and the number of seats to be limited. For getting admitted to such program, You can propose them to sign a bond with the company, like they cannot leave the company for 2 years or something after the successful completion of the course.
3. Performance based Bonus- The employee always comes to know about the profit of the company which is of course based on the strategic planning of the top management and the productivity of the employee. To get more work out of the employee, You can make a provision of Bonus. By this employee will be able to relate himself with the company’s profit and hence will work hard. This bonus should be productivity based. You can make sure that this bonus is not adding extra-pressure on the budget of Your Company and you can arrange this by cutting a part of the salary hikes and presenting it to the employees in the form of bonus.
4. Employee Referral Plan- You can introduce Employee Referral Plan. This will reduce your cost (charges of external consultants and searching agencies) of hiring a new employee and up to an extent you can rely on this new resource. On every successful referral, employee can be given a referral bonus after 6 or 9 months of continuous working of the new employee as well as the existing employee. By this you can get a new employee at a reduced cost as well as are retaining the existing one for a longer period of time.
5. Loyalty Bonus- You can introduce a Loyalty Bonus Program in which you can reward your employee after a successful completion of a specified period of time. This can be in the form of Money or Position. This will encourage the fellow employees as well whether they are interested in money or position, they will feel fascinated.
6. Giving a voice to the Knowledge Banks- First of all you should try to retain your workforce intact, as they are the intellectual asset of the company. And above that you can’t afford losing your knowledge banks. These are the people who stabilize the process. You can involve them in some of the decisions.
7. Employee Recreation- You should also let your employees enjoy in a light mood. You can take your employees to a trip or for an outing every year or bi-yearly. You can make use of this trip as well. You can start this trip with an opening note about the management views and plans, strategies etc. At the same time you can involve your top management into some of the fun activities as this will make feel the employees that they are very close to the management and everybody is same.
8. Gifts at some Occasions- You can give some gifts at the time of one or two festivals to the employees making them feel good and understand that the management is concerned about them.
9. Accountability- You should make each employee accountable so that he can also feel that he is as important as his manager. If he/she will be filled with this sense, he/she will seldom think of leaving the company.
10. Making the managers effective and easily accessible- You should make the management easily accessible so that the employee expectations can be clearly communicated to the top management, as it is impossible for the top management to reach each employee frequently.
11. Surveys- You should conduct regular surveys for feedbacks from employee about their superiors as well as other issues like food, development plans and other suggestions. This will make them feel of their importance and the caring nature of the company. Some of the suggestions might be of real good use for the company.
The modern socket wrench, with interchangeable sockets, was invented by an American J.J. Richardson, of Woodstock, Vermont. The tool was patented through the Scientific American Patent Agency on June 18, 1863.[1] The first illustration of the tool appears on pg. 248 of the April 16, 1864 issue of Scientific American.[2]
Joseph Johnson and William Seidemann formed the Snap-on Wrench Company in 1920. The company manufactured and marketed ten sockets that would "snap on" to five interchangeable handles. Snap-on's direct-marketing was a concept that would revolutionize the sales industry.
Snap-on walk-in dealer van, Westland, Michigan
To sell the products, Johnson and Seidemann worked with Stanton Palmer, who took the tools directly to customers at their places of business and demonstrated the benefits, which became the cornerstone of the company's marketing success. As a result of this successful sales strategy, Palmer enlisted Newton Tarble to share the increasing workload. These four founders — Joseph Johnson, William Seidemann, Stanton Palmer, and Newton Tarble, under the leadership of Palmer — were responsible for putting Snap-on tools on the map.
Shortly after its founding, Snap-on entered global markets in 1931. Also in the 1930s, Snap-on began offering credit to customers, the first in the industry to do so. In the 1950s, Snap-on expanded on the concept of bringing product to the customer by using fully stocked walk-in vans and, as a result, pioneered today's familiar dealer van channel.