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Winning Employee Retention Tactics for Managers
August 25, 2016
Hi! It’s nice to meet you.
#hiretowin
Stephanie BevegniContent Marketing Manager
linkedin.com/in/stephhowellbevegni
Suzanne TranSr. Marketing Manager
linkedin.com/in/suztran
Today’s session will cover:
#hiretowin
① Business impact: How poor employee retention can make or break SMBs
② Areas of focus:5 core areas to focus on to achieve higher employee retention
③ Inspirational retention examples:See tips, tricks, and creative employee retention programs
Business impact:How poor employee retention can make or break SMBs
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expensive and can drain limited resources
$11 billion
lost annually
Entry:
30-50% annual salary
Mid:
150% annual salary
Senior:
400% annual salary
Sources: Bloomberg BNA, ERE Media
Turnover is
1 of 3 new hires quit
6+ mo.
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2.5x to stay at work
late
5xlikely to refer candidates
27%more likely
have “excellent”
performance by company
2016 Global Recruiting Trends, Temkin Group, Gallup
reduce costs plus increase productivity/revenueEmployee retention & engagement programs can
59%less likely to
look for a job in next 12 mo.
45%more likely to
report high adaptability
during change
21% higher
productivity
Areas of focus:5 key areas
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Top 5 reasons employees turnover
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Mismatch between job and hire Misalignment or change in the original job description can lead to mistrust
Lack of work / life culture29% of American employees resign due to work overload and lack of healthy work-life balance (Cornerstone)
Below market compensation packages66% of employees whose offices provide free snacks or beverages report being extremely or very happy with their current job (PeaPod)
Feeling undervalued75% of employees receiving at least monthly recognition (even if informal) are satisfied with their job (BambooHR)
Stunted growth + lack of coaching, guidance, and leadership51% of employees report they receive “no input” or “input only once in a while” from superiors on how to perform better in their roles (Mercer)
Inspirational programsTips, tricks, and real examples that will inspire
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Job mismatch Lack work/life Poor compensation Feeling undervalued Stunted growth
Consistent and honest communication about the job
Problem #1: Mismatch between job and hire
Job mismatch Lack work/life Poor compensation Feeling undervalued Stunted growth
Information Collection
1bit.ly/2016_SMB_Toolbox
Writing The Job Description
bit.ly/JobPostingKit
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Phone Screening
bit.ly/2016_SMB_Toolbox
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In-person Interviews
bit.ly/30InterviewQuestions
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Information CollectionDrill down on the core elements of the job
Information Collection
Answer key questions to describe the role(See InTake Form)
Review with key stakeholders(Sanity check)
Job mismatch Lack work/life Poor compensation Feeling undervalued Stunted growth
Writing the Job DescriptionInclude all of the important elements
Writing The Job Description
Include all pertinent information(See checklist)
Use other examples with similar roles for inspiration
Job mismatch Lack work/life Poor compensation Feeling undervalued Stunted growth
Phone ScreeningStay consistent and look for a “good” to “great” fit
Phone Screening
Review the job description (align with job description)
Be honest, open, and upfront about any potential changes in the role
Ask the right interview questions
Job mismatch Lack work/life Poor compensation Feeling undervalued Stunted growth
In-person InterviewsTeam alignment
In-person Interviews
Provide team with the job description and candidate resume/LinkedIn profile
Ask what does the candidate know about the role
Highlight/prescribe key areas to focus during interview
Be honest, open, and upfront about any potential changes in the role
ROLE-BASED:①Understanding of the role②Case examples③Greatest success④Example of what he/she would do differently⑤Assign a homework assignment
BEHAVIORAL:①Ability to lead②Judgment & prioritization③Achievements④Work relationships⑤Accountability⑥Growth⑦Integrity⑧Collaboration
Job mismatch Lack work/life Poor compensation Feeling undervalued Stunted growth
Encourage and communicate work/life balance
Problem #2: Poor work/life balance
Job mismatch Lack work/life Poor compensation Feeling undervalued Stunted growth
1. Keep a pulse on
burnout2.
Embrace flextime & telecommuting
3. Bring home
to work
4. Promote health
initiatives
5. Lead by example
(e.g. stay to work hours, leave at reasonable hour)
CommunicateWork / Life Balance
Encourage and communicate work/life balance
Inspiration
Job mismatch Lack work/life Poor compensation Feeling undervalued Stunted growth
Sources: The Muse
Ascend HR Corp embraces flextime, telecommuting, and home to work
Encourage and communicate work/life balance
Inspiration
Job mismatch Lack work/life Poor compensation Feeling undervalued Stunted growth
Sources: The Muse
Fetch Robotics encourages time out for office play
Encourage and communicate work/life balance
Inspiration
Job mismatch Lack work/life Poor compensation Feeling undervalued Stunted growth
Sources: The Muse
Windsor balances work/play with community service (as a team)!
Encourage and communicate work/life balance
Inspiration
Job mismatch Lack work/life Poor compensation Feeling undervalued Stunted growth
Sources: The Muse
Plated fosters a health and wellbeing
Compensation can be more than just salary
Problem #3: Less than competitive compensation package
“Our strategy is to hit 75 percent of what the market is paying…”
Susan Strayer LaMotteFounder of Exaqueo.
Competitive salary:Includes salaries that are “at market” or above
Establish salary ranges to match open roles Research and analyze competitive salary ranges &
what your competition is doing Consider incentive pay (reward top performers),
bonuses, equity, sign-on bonus, and/or commissions
Job mismatch Lack work/life Poor compensation Feeling undervalued Stunted growth
Insurance benefits + 401K:Try to offer dental, vision, and medical insurance
Evaluate if company can cover 100% or a portion of costs or consider voluntary benefits
Consider covering employee or employee + family Consider add-on benefits like long-term disability, 401K, etc. Employers can deduct contributions made to employees’ 401(k) accounts
Compensation can be more than just salary
Problem #3: Less than competitive compensation package
Paid time off:Average employer provides 9 paid holidays
Consider reserving all major holidays with buffer days Allow 1+ “floating holiday each year Some companies have Discretionary Time Off
Indirect compensation benefits:•Flexible working schedules•Elder / child care•Moving expenses •Tickets to events (ball games, concerts)•Office food/snacks•Recognition and rewards for performance•Annual trips•Office toys / games (ping pong table)•Amenities
Job mismatch Lack work/life Poor compensation Feeling undervalued Stunted growth
Compensation can be more than just salary
Inspiration
Job mismatch Lack work/life Poor compensation Feeling undervalued Stunted growth
AddThis gains benefits from free food/drinks in more ways than one
Sources: The Muse
Omnigon plans monthly outings and hosts happy hours
Compensation can be more than just salary
Inspiration
Job mismatch Lack work/life Poor compensation Feeling undervalued Stunted growth
Elevate and celebrate your team members
Problem #4: Feeling undervalued
Job mismatch Lack work/life Poor compensation Feeling undervalued Stunted growth
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Be sincereOffering your sincere gratitude for their efforts.
Publicize achievementsSpread the word about the individual / team’s accomplishments in meetings or to the entire company
Highlight work towards the bigger pictureShare information about the business and how their standout efforts impacts the company’s overall goals
Treat your team members every once in awhileWhether it be an individual or team effort, treat them to dinner, lunch, an outing
5Management alignment on workplace environmentOffice culture has a big impact on feeling valued. Managers can set the style for a culture of appreciation and elevating/celebrating their team
Elevate and celebrate your team members
Inspiration
Job mismatch Lack work/life Poor compensation Feeling undervalued Stunted growth
UC Davis Medical Center Uber
Celebrate career achievements
Elevate and celebrate your team members
Inspiration
Job mismatch Lack work/life Poor compensation Feeling undervalued Stunted growth
Google Act-on Software
Show public displays of appreciation Allow employees to announce big wins
Elevate and celebrate your team members
Inspiration
Job mismatch Lack work/life Poor compensation Feeling undervalued Stunted growth
Facebook Starbucks, PlayStation
Honor work anniversaries Create award programs
Encourage growth with your supportProblem #5: Lack of growth, coaching, guidance, and leadership
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Regular employee pulse check-insCollect feedback from the employee on how he/she is feeling, what is needed, questions, etc.
Career developmentConduct bi-annual career development sessions to discuss and detail career growth plans and development needs
Support employee goalsBuilding new skills and experience can motivate teams. Consider organizing training and development opportunities, paying for Lynda subscriptions, have a ½ day for learning
Mentorship programsSenior staff can share their experience to help junior employees gain new leanings / skills and it also helps make senior staff feel valued
Job mismatch Lack work/life Poor compensation Feeling undervalued Stunted growth
Encourage growth with your supportInspiration
Job mismatch Lack work/life Poor compensation Feeling undervalued Stunted growth
① Think of team members as allies on a tour of duty
② Have courage to discuss that someday your team may decide to work outside of the company
③ Discuss how you can work together to transform their career and the company while they’re with you
④ Model honesty by communicating your own dreams and aspirations
⑤ Ensure your team is building their skillset on their tour of duty
Summary
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5 areas to focus onSummary
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Prevent any misalignment between job to hire Be specific about the job role and responsibilities and open / honest about any changes that could happen
Encourage work / life cultureUnhappy and burnt out employees result in a continuous revolving door that costs more money and time
Attractive compensation packagesOffer above industry average OR add creative benefits to sweeten the package
Make employee recognition a priorityElevate and celebrate your employees which makes them feel valued and helps prolongs their tenure at the company
Stay consistent with coaching, guidance, and leadershipEncourage career growth and development with consistent coaching, guidance, and open communication
LinkedIn Talent Solutions offers a full suite of tools to help you find, attract, and hire top candidates. Contact us to learn more.
Call 855-655-5653
or visit bit.ly/contacttalentsolutions
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