Talent Talk Webinar Retention Key To Successful Recruiting

Cytiva Software, Inc.

“Retention: The Key to a Successful Recruiting Strategy”

Hosted By: David FreemanTalent Management Solutions ConsultantCytiva Software Inc.

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“ Retention: The Key to a Successful Recruiting Strategy”

What motivates the Gen Y workforce & why do they leave

Best practices ideas for retention How can you build a solid retention plan

“ Retention: The Key to a Successful Recruiting Strategy”

What motivates the Gen Y workforce & why do they leave

Best practices ideas for retention How can you build a solid retention plan

“ Retention: The Key to a Successful Recruiting Strategy”

High unemployment: 6.5%– still rising Layoffs Bankruptcies, Home Foreclosures Business Closures Declining MarketWhy worry about retention?

“ Retention: The Key to a Successful Recruiting Strategy”

Unemployment rate for college graduates remains low at approximately 2%

They’ve been there, seen that Average tenure less than 2 years Gen Y’ers and their “retention deficit

disorder”

“ Retention: The Key to a Successful Recruiting Strategy”

Generation Y

Generation WhY

Generation Next

Millenials

Internet Generation

Nexters

Boomlets

Nintendo Generation

.com

Generation

“ Retention: The Key to a Successful Recruiting Strategy”

Approximately 80MM Gen Y workers Born between 1980 – 1994 Internet commonplace 9 out of 10 have a pc at home (according to Forrester Research)

“ Retention: The Key to a Successful Recruiting Strategy”

What does a Gen Y’er expect? • Job satisfaction & acknowledgement • Expect to be challenged at work along with a high

degree of personal autonomy• Work/life balance• Communication – often and timely• Higher salaries than their predecessors• Interaction w/ key executives and an open forum

to share ideas

“ Retention: The Key to a Successful Recruiting Strategy”

What does a Gen Y’er expect? (cont’d)• A clear career plan• Quick advancement and/or change in job

responsibilities/assignments• Flexible work schedules, additional PTO

“ Retention: The Key to a Successful Recruiting Strategy”

What makes them different? • Not as concerned about job security • Have more of a need for self-expression• High expectations and confidence• Inability to concentrate on a single task for long

periods of time – Multi-tasking generation

“ Retention: The Key to a Successful Recruiting Strategy”

How can we retain them? • Starts with the recruiting process

• Make it personal!• Establish or re-establish your employment brand• Evaluate your applicant experience• Extend a compelling offer

• Onboarding• Training• Communication• Career path planning• Mentoring

“ Retention: The Key to a Successful Recruiting Strategy”

How can we retain them? (cont’d)• Performance Management

• Help the establish career goals• Regular, timely feedback• Career development, continuing education, learning

opportunities

• Maintain Work/life balance, flexibility• Recognize and reward • Maintain a modern working environment

“ Retention: The Key to a Successful Recruiting Strategy”

What motivates the Gen Y workforce & why do they leave

Best Practices ideas for retention How can you build a solid retention plan

“Retention: The Key to a Successful Recruiting Strategy”

Best Practices• It’s all about the culture

• Choice • Balance • Development • Care

• Empower them- give them the ability and authority to get things done

• Treat them with respect and trust

“ Retention: The Key to a Successful Recruiting Strategy”

Best Practices (cont’d)• Continual training and development• Strong performance management process• Recognize and reward accomplishments• Hire the right people in the first place

“ Retention: The Key to a Successful Recruiting Strategy”

Best Practices – examples• Flexible schedules

• Flex time• Telecommuting

• Days off to recognize a job well done• Acknowledging personal milestones• Instant rewards

“ Retention: The Key to a Successful Recruiting Strategy”

Best Practices – examples• Voluntary benefits programs

• 529 plans• Long-term care insurance• Pet insurance

• Computer discount and purchase assistance programs (Dell and HP)

• Regularly having fun at work• Theme days• Parties• Ice cream break

• Financial planning counseling

“ Retention: The Key to a Successful Recruiting Strategy”

What motivates the Gen Y workforce & why do they leave

Best practices ideas for retention How can you build a solid retention plan

“Retention: The Key to a Successful Recruiting Strategy”

Establishing a retention plan• Determine what your employees want• Determine what the current climate is at your

company – reality check• Establish a written plan – involve your employees

in its development• Exit interviewing • Track your results

“Retention: The Key to a Successful Recruiting Strategy”

Determine what they want• Share the details of your project with the team• Ask them individually for ideas• Ask them in a group to brainstorm ideas• Observe them in action – pay close attention

“Retention: The Key to a Successful Recruiting Strategy”

Determine the current climate• Employee morale survey• Be honest with yourself and your management

team • Review existing feedback if available – 360

evaluations, employee hotline, etc.

“Retention: The Key to a Successful Recruiting Strategy”

Establish a written plan• Takes some courage• Set priorities based on what’s most important to

your employees based on your findings• Apply standard action plan/goal writing

techniques to your plan: S.M.A.R.T• Involve the entire management team to attain

organizational buy-in• Publish the completed plan and review regularly

“ Retention: The Key to a Successful Recruiting Strategy”

Exit interviewing• Establish a guideline for exit interviews; Who?

When? How? • Good idea to use a third party• Schedule exit interview reviews

“ Retention: The Key to a Successful Recruiting Strategy”

Track your results• Follow-up morale surveys• Employee observation worksheets• Plan review committee• Key performance indicators

• Retention %• Turnover % - especially voluntary turnover• Reasons for turnover• Performance Review Scores

“Retention: The Key to a Successful Recruiting Strategy”

What motivates the Gen Y workforce & why do they leave

Best practices ideas for retention How can you build a solid retention plan

Cytiva’s Free Webinar series

• Sourcing Talent in a Time of Scarcity • Getting the Most Out of Your Recruiting Investment • Six Steps To Implementing Performance Management

Software • Interview Techniques and Strategies for Hiring top

Performers • Retention: The Key to a Successful Recruiting Plan

Download at: www.sonicrecruit.com/company/events.htm

“Building an Effective Referral Program to Source Quality Hires”

Cytiva Software Inc. offers a wide variety of products and services to help you get the most out of your recruiting efforts.

Talent Acquisition System• Custom career sites• Employee referral management• Career agents• Ad posting and tracking • Manager self-service• Contact management/Outlook integration• EEO/OFCCP compliance• Vendor Management Module• Onboarding Module• Hourly Recruiting System

Consulting SonicPerform Performance Management SystemTo learn more contact: David FreemanTalent Management Solutions Consultant877-775-0888www.sonicrecruit.com