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Employee Retention Strategies
Employee Retention Strategies
www.retensa.com (212) 545-1280 1
79 % of organizations report difficulty finding qualified employees for high-skill and technical positions (Talent Management magazine)
17 % of COOs at high-tech companies said they were well-positioned to attract and retain talent (Accenture, December 2010)
84% of people already employed are open to a new job at another company if offered in 2011. This number is up from 60% the previous year, and it is the highest percentage ever recorded. (Manpower, Jan 2011)
The presentation will start shortly…
Did you know?
Employee Retention Strategies
www.retensa.com (212) 545-1280
The 7 Steps to Attract, Motivate and Retain Top
Talent
June 15, 2011Chason Hecht, President
Sponsored by:
Employee Retention Strategies
Employee Retention Strategies
www.retensa.com (212) 545-1280 3
Who is Retensa? Internationally recognized as employee retention experts by:
Employee Retention Strategies
Employee Retention Strategies
www.retensa.com (212) 545-1280 4
Retensa combines social science and web-based technology to develop, motivate, and retain a organization’s best employees. Retensa builds solutions and metrics to help firms reduce employee issues and create a high-performing workforce.
To create workplaces where every employee is engaged by what they do,
andinspired by who they work for.
What does Retensa do?
What is Retensa’s Vision?
www.retensa.com (212) 545-1280
Employee Retention Strategies
Employee Retention Strategies
www.retensa.com (212) 545-1280 5
1. Understand and establish employee retention strategies at your organization
2. Measure the impact of employee turnover on your organization’s bottom line
3. Compare your organization’s HR Practices with others competing for the same candidates
4. Pinpoint why employees Join, Stay, and Leave your organization
5. Create action plans and tools that are tailored to your workplace
Objectives of this Webinar
Employee Retention Strategies
Employee Retention Strategies
www.retensa.com (212) 545-1280 6
Permeable---------------------------------------------------------
Immune
Employee-Organization Barrier
Employee Retention Strategies
Employee Retention Strategies
www.retensa.com (212) 545-1280 7
GOAL: Employees stay because of the value they receive, and you value their contribution
Why is Retaining High Performers still a challenge?
Employee Retention
Retaining individuals, who you want to work in your organization, to be
loyal and motivated to work in your organization.
Employee Retention Strategies
Employee Retention Strategies
www.retensa.com (212) 545-1280 8
Top Talent Realities
1. Population Forecast2. Skills Gap3. Education requirements4. Global demand
Challenges in Employee Retention
“A reputation once broken may possibly be repaired, but the world will always keep their eyes on the spot where the crack was”.
Joseph Hall
Employee Retention Strategies
Employee Retention Strategies
www.retensa.com (212) 545-1280 9
Extensive research estimates turnover cost for one employee is 20 – 200% of annual salary.
Figures above used $42,500 Avg salary and 25% cost = $10,625/employee
Cost of Turnover
Average Turnover Cost by Company Size and Turnover Rate
Number of Employees
10% Turnover
15% Turnover
20% Turnover
25% Turnover
40% Turnover
25 $26,563 $39,844 $53,125 $66,406 $106,250
50 $53,125 $79,688 $106,250 $132,813 $212,500
100 $106,250 $159,375 $212,500 $265,625 $425,000
175 $185,938 $278,906 $371,875 $464,844 $743,750
250 $265,625 $398,438 $531,250 $664,063 $1,062,50
0
Employee Retention Strategies
Employee Retention Strategies
www.retensa.com (212) 545-1280 10
7 Steps to Retaining Great Employees
2 • Identify the Root Causes
3 • Map the Employee Life-Cycle
4 • Prioritize Solutions
5• Present Solutions (to Managers and
Workforce)
6 • Integrate Solutions into Business
7 • Review Metrics to Refine Solutions
1• Benchmark Metrics
Employee Retention Strategies
Employee Retention Strategies
www.retensa.com (212) 545-1280 11
1. What is important to Executives?
2. What is important to line managers?
3. What does the organization already measure?
4. What do executives want to improve/increase or reduce/decrease?
5. How are managers’ successes measured?
6. How will your success be recognized?
Benchmark Metrics
Employee Retention Strategies
Employee Retention Strategies
www.retensa.com (212) 545-1280 12
# of separated employees Turnover Rate = --------------------------------- average # of employees
Employee TurnoverEmployee turnover rate: the ratio of the number of workers
that separated in a given time period (usually one year) to the average number of workers during the same period.
Who leaves your organization? A specific title, generation, location?
Employee Retention Strategies
Employee Retention Strategies
www.retensa.com (212) 545-1280 13
7 Steps to Retaining Great Employees
1 • Benchmark Metrics
3 • Map the Employee Life-Cycle
4 • Prioritize Solutions
5• Present Solutions (to Managers and
Workforce)
6 • Integrate Solutions into Business
7 • Review Metrics to Refine Solutions
2• Identify the Root Causes
Employee Retention Strategies
Employee Retention Strategies
www.retensa.com (212) 545-1280 14
Identify the Root CausesCommitment Indicators
Negative Phrases Positive Phrases
Dedication “put me through so much”“I don’t know anymore”
“could depend on them”“devoted”
Performance “harder than it should be”“so different”
“have everything”“feel right at home”
Communication “no support”“does not make sense”
“no hassle”“crystal clear”
Trust “not what I expected”“let me down”
“kept everything transparent”
Connected “overlooked”“don’t care”
“feel closer”“constant contact”
Engagement “not my” “someone else” “later” “whatever”
“we” “our” “future” “can”
Employee Retention Strategies
Employee Retention Strategies
www.retensa.com (212) 545-1280 15
Identify the Root Causes
Why Employees Leave
Why Employees
Join
Why Employees
Stay
Retention Environment
Motivation Strategy
Recruitment Strategy
Attraction Strategy
Employee Retention Strategies
Employee Retention Strategies
www.retensa.com (212) 545-1280 16
7 Steps to Retaining Great Employees
1 •Benchmark Metrics (Calculate Baselines for HR Metrics and Cost of Turnover)
2 • Identify the Root Causes
4 •Prioritize Solutions
5 •Present Solutions (to Managers and Workforce)
6 • Integrate Solutions into Business
7 •Review Metrics to Refine Solutions
3• Map the Employee Life-Cycle
Employee Retention Strategies
Employee Retention Strategies
www.retensa.com (212) 545-1280 17
Framework for Talent Management
Employee Retention Strategies
Employee Retention Strategies
www.retensa.com (212) 545-1280 18
1) Unclear "Rules of the Game"2) Lack of Priorities/Goals3) Lack of Success: Overwhelmed by Complexity/Quantity of Work4) Not Feeling Responsibility for the Job5) No Challenge in Work6) Breakdown of Manager-Employee Relationship7) Problems with Physical or Emotional Health8) False Perceptions (others’ salary, career opportunities, future, etc.)9) Poor Work Environment10) Insufficient Training11) Poor Interpersonal Relationships12) Belief that They do not Make a Difference
Demotivating Factors
Employee Retention Strategies
Employee Retention Strategies
www.retensa.com (212) 545-1280 19
Monetary Rewards
Non-Monetary Rewards
The ROI of Recognition
Rewards and Recognition
Employee Retention Strategies
Employee Retention Strategies
www.retensa.com (212) 545-1280 20
7 Steps to Retaining Great Employees
1 •Benchmark Metrics (Calculate Baselines for HR Metrics and Cost of Turnover)
2 • Identify the Root Causes
3 • Map the Employee Life-Cycle
5 •Present Solutions (to Managers and Workforce)
6 • Integrate Solutions into Business
7 •Review Metrics to Refine Solutions
4• Prioritize Solutions
Employee Retention Strategies
Employee Retention Strategies
www.retensa.com (212) 545-1280 21
1. Establish Cost/Benefit Analysis for each Action Plana. Identify all possible solutionsb. What does each solution cost?c. What does each solution generate/save?d. How long does each solution take to produce
results?
2. Associate Benchmarked Metrics
3. Establish buy-in and budget from Leadership
Prioritize Solutions
Employee Retention Strategies
Employee Retention Strategies
www.retensa.com (212) 545-1280 22
7 Steps to Retaining Great Employees
1 •Benchmark Metrics (Calculate Baselines for HR Metrics and Cost of Turnover)
2 • Identify the Root Causes
3 • Map the Employee Life-Cycle
4 • Prioritize Solutions
6 • Integrate Solutions into Business
7 •Review Metrics to Refine Solutions
5• Present Solutions (to Managers and
Workforce)
Employee Retention Strategies
Employee Retention Strategies
www.retensa.com (212) 545-1280 23
Critical Success Factors• Develop a one-page workforce strategy/blueprint• Establish clear goals for each phase• Correlate solutions with data (quantitative + qualitative)• Change before you have to
Present Solutions• Present to Managers and Workforce• Deliver the truth (Good, Bad, and Ugly) • Present the outcomes that solutions deliver• Present solution options
Employee Retention Strategies
Employee Retention Strategies
www.retensa.com (212) 545-1280 24
7 Steps to Retaining Great Employees
1 •Benchmark Metrics (Calculate Baselines for HR Metrics and Cost of Turnover)
2 • Identify the Root Causes
3 • Map the Employee Life-Cycle
4 • Prioritize Solutions
5• Present Solutions (to Managers and
Workforce)
7 •Review Metrics to Refine Solutions
6• Integrate Solutions into Business
Employee Retention Strategies
Employee Retention Strategies
www.retensa.com (212) 545-1280 25
• Include manager suggestions
• Include manager accountability (rewards/compensation)
• Identify and empower champions
• Recognize retention goals
• Continuous employee feedback
“Automating” Retention
Practices
Integrate Solutions
Employee Retention Strategies
Employee Retention Strategies
www.retensa.com (212) 545-1280 26
7 Steps to Retaining Great Employees
1 •Benchmark Metrics (Calculate Baselines for HR Metrics and Cost of Turnover)
2 • Identify the Root Causes
3 • Map the Employee Life-Cycle
4 • Prioritize Solutions
5• Present Solutions (to Managers and
Workforce)
6 • Integrate Solutions into Business
7• Review Metrics to Refine Solutions
Employee Retention Strategies
Employee Retention Strategies
www.retensa.com (212) 545-1280 27
Goal of Retention:Employees stay because it’s of value to
them
How it Occurs:Keep Talent engaged, challenged,
focused and productive
The Ideal:Create an Environment where the people you want to be there, want to be there
Retaining your Best Employees
Employee Retention Strategies
Employee Retention Strategies
www.retensa.com (212) 545-1280 28
Q & A
Disclosure: “This presentation is not endorsed by Empire BlueCross BlueShield. The presentation contains proprietary information and any redistribution or other use is strictly forbidden. Not for distribution to the general public; nor for solicitation purposes.”
Employee Retention Strategies
Employee Retention Strategies
www.retensa.com (212) 545-1280 29
Beyond Motivation: Ignite Your Employees & Watch Profits Grow Wednesday, June 22, 2011 | 8:00am – 10:30am | NYC1
nyreport.com/motivate
In this unique event, four successful business owners will present real-world strategies and tactics to help business owners motivate and retain their employees in order to increase the bottom line. Attendees will learn: • Why ordinary motivation strategies are not enough to produce results
• How to transform your employees’ thinking into an entrepreneur’s mindset
• Strategies to attract, motivate, and retain a killer workforce
• How to turn your employees into high performers
EXPERT SPEAKERS
• Rachael Chong, Founder & CEO, Catchafire• Chason Hecht, President, Retensa• Gretchen Shugart, CEO, TheaterMania• Jennifer Prosek, Founder and CEO, CJP Communications
Webinar attendees can save 50%, Pay only $20 with promo code web50
Employee Retention Strategies
Employee Retention Strategies
www.retensa.com (212) 545-1280 30
Thank You
Find FREE Resources on-line:www.ExitPro.comwww.Retensa.com
www.BiggestQuits.comwww.HRMetricsPro.com